Title paperwork for boats – potentially a problem and certainly worth checking.
We have recently been asked to finance a used boat, via private sale, where sadly the previous vendor had died before signing the sale document.
These things do happen and the solicitor dealing with the vendors estate can easily pass on title using the “power of attorney.”
However in our case the manager of the marina where the boat was berthed signed the boat sales contract without any authority to do so. Neither the marina manager or the current vendor saw a problem with this.
It is obvious that good title to this boat cannot be established without “reaching” back to the estate of the previous vendor. the current vendor saw no need to take this action and the sale has fallen through.
In this instance we advised the purchaser to look for another boat and they have now found a boat via an established broker.
An established reputable broker should establish good title to the boat and assist the vendor and purchaser throughout and beyond the sale process. #finance #documentation #checks #marinefinance #canalboat