Q: Why do I need a lawyer to help me buy or sell a boat?
A: Take a few moments to read this web page.
Your next boat may cost more than your house. Have you considered these legal questions?
- Does the seller have clear title?
- Will a maritime lien stay with the boat after it is sold?
- What is a maritime lien? What is a “secret” maritime lien?
- What does the fine print mean in the purchase contract or mortgage?
- Should the buyer take title in the name of a corporation? A partnership?
- Do you need to pay sales tax? What about property tax?
- Is the boat “For Sale By Owner,” without involving a broker?
- Are you considering an unusual ownership structure?
- A Charter / Purchase Option?
- A “Wrap” around an existing loan?
- The formation of a corporation or LLC to buy the boat?
- The purchase of the existing corporate or LLC owner of a boat?
As your attorneys, we will
- Help you to understand the language and legal effect of your purchase agreement and mortgage.
- Draft or review all documents relating to the transaction, including stock or LLC purchase agreements, corporate formation documents, or charter agreements if applicable.
- Help you to understand issues that may “cloud” a vessel’s title.
- Provide an opinion regarding vessel ownership and clear title.
- Review the sales, property, and income tax issues that relate to your purchase, and consult with marine tax professionals on
- your behalf. If specialized tax advice is necessary, we will refer you to CPA’s that are expert in major asset purchases.
- Refer you to a marine surveyor whose reputation and skills are well suited to your prospective yacht.
- Refer you to experts in title insurance, lending, and marine insurance who offer products that are well suited to your prospective vessel.
Weil & Associates will represent you in your purchase or sale under a conventional legal fee arrangement, and we can frequently provide you with a “flat rate” quote for services.