Vessel Purchase and Sale Consulting

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 to buy the boat?
  • The purchase of the existing corporate 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 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. Or, we can represent you as your yacht or workboat brokers, under our unique Buyer's Yacht Brokerage Program which may allow a buyer to use our service at no cost.