How to close a boat sale
Follow these steps whether you're buying or selling. Requirements vary by state, so check with your state agency or an attorney.
- Agree on price and termsPut the price, trade, what's included and any contingencies in writing.
- Get a marine surveyHire an independent surveyor. Insurers and lenders often ask for one on used boats.
- Take a sea trialRun the boat at full throttle and check the engines, steering and electronics on the water.
- Check title and liensMatch the hull number (HIN) to the title or documentation and confirm that no loans remain on the boat.
- Line up insurance and financingGet both confirmed before money changes hands.
- Pay safelyUse a licensed marine escrow company or a bank-to-bank transfer. Be wary of pressure to wire money quickly.
- Sign and transferComplete a bill of sale and the title or Coast Guard documentation paperwork your state requires.
- Register and pay taxRegister the boat in your state and pay any sales or use tax that's due.
OnlineBoatDealer.com doesn't hold funds or act as an escrow agent, lender, broker or legal adviser. This guide is general information, not legal advice.