Owner financing agreement

[YoloSF]

Does anyone have a copy of an agreement between a boat owner/buyer for owner financing they could share?
Thanks

[muttskie]

I would like something like this, also. Or suggestions where this might be found?

[RichinBoca]

You should be able to find something on legal zoom. It is basically a note broken down into monthly payments.
You can stipulate( if you need to that if you miss or are late on x number of payments he may repossess the boat. ...


Sent from my iPhone using Cruisers Sailing Forum

[RichinBoca]

You should be able to find something on legal zoom. It is basically a note broken down into monthly payments.
You can stipulate( if you need to that if you miss or are late on x number of payments he may repossess the boat. ...


Best,
Rich
Sent from my iPhone using Cruisers Sailing Forum

[Sam_Plan_B]

Why would a person finance the sale of their own boat? 1) If it is older than 10 years it may be impossible for the buyer to find conventional financing. 2) If the buyer has nothing in the way of collateral against which to borrow, mutual funds, for example, financing is a problem. 3) Obviously, the buyer does not or cannot pay cash. So, you are left as the lender of last resort. Odds are the following will happen. The buyer will make two payments and disappear. Find a buyer who satisfies 1), 2) or 3).

[Capt. Greg]

I would wait for a buyer who can obtain financing. There are institutions that are made for lending money, if they won't lend to this buyer, there is probably a good reason...

[belizesailor]

Financed the sale of a previous boat many years ago, but no longer have an electronic copy of the agreement. Also lending laws, and repo laws, vary by venue so best to get a local attorney rather than playing attorney yourself.

Get a background/credit check as part of the process...you may be surprised what pops up...better before than after. The attorney can also do this for you.

Worked out OK for me, but financing a crusing boat could obviously be problematic if its half way around the world when you need to repo.

If you go down this path, and there are plenty of good reasons not to, then maintain a good relationship with the buyer. In my case the buyer fell on hard times a few years into it. Rather than bailing on me and/or dumping the boat, he called me up and explained the situation. I worked with him to help get the boat sold and it worked out fine for both of us.

[Stumble]

Get in touch with a maritime attorney. Laws regarding loans on boats can be vastly different than for a car. It isn't complicated, but it isn't something most attorneys will be familure with. And frankly LegalZoom is something of a joke, I make a good bit of money fixing people's mistakes from there.