OK, we've settled on the boat, had the survey and post-survey repairs are complete. The home-equity line is done and the money is in my e-trade money market account, we're all set to go.
The boat is a couple of hundred miles away and the broker wants to do closing via fed-ex. Instead of mailing a check, he says we can simply wire the money to the broker's account and he'll pay off the current note and give the balance to the seller. Also, we're holding back a small sum to verify the repairs are as expected and all is good at a final walk through with the seller...we'll pay him the balance direct.
Obviously, me and the wife are nervous about simply wiring the money. I have a P&S agreement, have seen the boat a few times, did a very comprehensive survey (Al Prisco our moderator) and have the name/address of the seller.
Is this crazy or simply business in the 21st century when buying online via yacthworld? BTW - the broker is Yacht Management, Stoheham, MA...although of course, I've never been there, we met at the boat.
Should I do a title search on the boat? If so, how is that done (boat is registered in RI). I have the HIN and reg#s available from the survey.
Also, how do I handle the insurance/title issue? Can I get insurance on a boat that is not registered in NY and register it after I bring her home? Or, do I need to get the title, register and insure before taking delivery?
Thanks in advance
The boat is a couple of hundred miles away and the broker wants to do closing via fed-ex. Instead of mailing a check, he says we can simply wire the money to the broker's account and he'll pay off the current note and give the balance to the seller. Also, we're holding back a small sum to verify the repairs are as expected and all is good at a final walk through with the seller...we'll pay him the balance direct.
Obviously, me and the wife are nervous about simply wiring the money. I have a P&S agreement, have seen the boat a few times, did a very comprehensive survey (Al Prisco our moderator) and have the name/address of the seller.
Is this crazy or simply business in the 21st century when buying online via yacthworld? BTW - the broker is Yacht Management, Stoheham, MA...although of course, I've never been there, we met at the boat.
Should I do a title search on the boat? If so, how is that done (boat is registered in RI). I have the HIN and reg#s available from the survey.
Also, how do I handle the insurance/title issue? Can I get insurance on a boat that is not registered in NY and register it after I bring her home? Or, do I need to get the title, register and insure before taking delivery?
Thanks in advance