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Random Quote: He who dies with the most toys wins.
OK, looks like it's put up the cash time on the Vector deal I have been working on . Is anyone aware of a source of a "boilerplate" contract I can use for the offer and the purchase? I am in PA, but will be buying from and registering in New Jersey.
Also, I am told that I need to pay sales tax on this beauty when I register it in NJ... would it make sense to get separate bills of sale for the boat and the motor?
Not sure about the bills of sale, we always use 1, but regarding the contract:
1. Have both your and his name at the top with addresses (or the proper names of who appears on the title, and who is to appear on the new title)
2. Put the pertinant vessel info including Year/Make/Model/Size/HIN/Doc#/Boat Name/Location (this way we know what boat we are referencing)
3. Put the purchase price of the boat
4. Put the depsoit amount
5. Put the stipulations - acceptable sea trial, acceptable survey, etc.
6. Make the conditions of the deposit clear i.e. if any of the baove are not acceptable you get it back in FULL.
7. Makes some on or before dates. Allow 2 weeks for survey, one more week for your reply as to whether or not you want the boat, and one more week for closing. The agreement has a 4 week duration to allow this stuff to happen. It all usually happens much quicker but you never know what might pop up
8. Make it clear where delivery of the boat should happen (usually where it is currently sitting)
9. The seller will probably want something to the effect of "if the buyer decides to walk for reasons other than the stipulations above, or tries to delay the deal beyond a month I get to keep his deposit money"
10. Then sign it
This should keep you covered. The document I use spreads all this stuff out over three pages, but I have a lot of legal mumbo jumbo that covers my behind as well. If you include all of the above you should be A-OK.
not sure how the tax rules are up there, but do get two bills of sale (boat & motor) just in case. i was able to register (and pay taxes) on my boat w/o motor, so basically got the motor tax free
quote:Originally posted by fmTuna:
Also, I am told that I need to pay sales tax on this beauty when I register it in NJ... would it make sense to get separate bills of sale for the boat and the motor?
Don't know about the laws in New Jersey, but here in Maryland the boat is registered (and the taxes paid) thru the Department of Natural Resources (DNR), and the trailer is registered (and the taxes paid) to the Department of Motor Vehicles (DMV).
When I bought my boat, I got two bills of sale. One for the boat and motor, and one for the trailer. That way when I went to register both, each agency had their own bill of sale to work with.
Check the laws in Jersey... they might have a similar deal.
Re Bills of Sale--at least up here, and I suspect most places elsewhere, it does not matter how many you get as long as you itemize the $ amount allocated to boat, motor, trailer--then you only pay thre relevant tax for each item.
Cgrand is right...get a bill of sale for just the boat itself (minus motor, options, etc)....and low ball the $$$ you put on it. If its an I/O you may have a problem doing that especially if that has to go on the registration.
Also... I know in Connecticut if the boat is less than 8 yrs old they may(depending on who you get) use NADA values to do a double check....if you are way off base they may tax you on the low NADA. So you may want to be safe and use a value somewhat close to low nada without all the options. If the package has a trailer do the same for that. Those are the only two things the DMV needs to know about.
Also check the out of state rules...I live in New York and slip my boat in Connecticut...so I had to register it in Ct. However...if I used it in Ct for less than 60days / yr I could have registered it in NY. The days your boat is in a slip....used or not...counts towards the 60days. If PA. is cheaper maybe you can qualify to register it. I would have loved to register my boat in NY...not to save on sales tax...but to save on annual registration fees...CT is over $100/yr for my boat...NY you only register once every 3 yrs and 3yrs in NY would have been cheaper than 1yr in CT.
Typed a letter saying 'John Doe' sold me Scott.... a 1999 Bayliner model .... for $$$$$ on April 21, 2003. Boat hull #.... ..... .... . At bottom, signed by 'John Doe' and Scott...... Get it notorized, it will go smoother, I promise
They may bother you if boat is waaaay below book value, especially if it is a newer boat. Do not include motor and trailer cost if outboard powered.
make sure the liens are paid, check for ucc filings, my buddy bought a boat in jersey by skipping the broker that listed it and paying cash to the owner for a reduced price but there was a loan and owner never paid it off, bank eventually located the boat and took it and my buddy had to sue the seller but he couldnt find him....50k gone
Well, I spent about an hour on the NJ State website trying to figure out the best way to go about registering, prepping paperwork, getting Bills of sale, etc.... it is a freakin jigsaw puzzle that just does not fit together in any way, shape or form. So, I called an RFA buddy that is a lawyer in PA that recently bought a boat in Jersey. When he lays the whole thing out for me, I'll share it with you guys... thanks!
I recently bought a boat in Ohio, I live in PA, and keep the boat in Maryland. Registered the boat in MD, and trailer in PA. PA requires a title for all trailers and Ohio does not. It was kind of a hassle getting a new title for an un-titled trailer from Ohio. I had to use paper and pencil to get an "imprint" of the VIN# and GVW ratings and fill out a bunch of paperwork and have it notarized, etc. Actually I'm still waiting on the title, but they did give me tags. Check out the trailer title policy for New Jersey.
The trailer is going to be the next project, as the boat does not have one and I need one. Would be interested in the specs/model/prices on the ones you have for your boat...
Contract for Sale 
. Is anyone aware of a source of a "boilerplate" contract I can use for the offer and the purchase? I am in PA, but will be buying from and registering in New Jersey.
