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- First, when signing a Contract to Purchase a Vessel, if you are not quite sure how you will be taking ownership,
have the Contract made out with your “name(s)
and/or assigns”. That way, if you decide to place the vessel in a name other than yours, the contract will not have to be re-written.
Before deciding on placing the vessel into an LLC , Corporation or Trust, be sure to check with your lender.
More Info:
- Have Insurance
arranged prior to your closing.
- Get pre-approved if you are financing
- Get a Survey, Do a Sea Trial, and maybe get an Engine Survey.
- Wire Transfers are better than Cashier’s Checks for closing day…the money is cleared and the seller can receive his funds immediately, which means you can get on board on your closing date.
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