Help Buying Used Boat

[Eric]

Hello

I am in the process of buying a used boat, which is a private sale. I am unsure of the steps I need to take to complete the sale as this is my first boat. If there is anyone with experience in buying a used boat from a private seller, could you please help me?

 

The boat is about four hours away from my current location, and I would like to get everything done in one trip. I tried looking up information on the MTO website but still am unclear on the process, and I am afraid to get ripped off.

 

Thank you all in advance

Eric

[bigbuck]

TAKE IT FOR A WATER TEST!!!! That's #1. If it runs and performs to your satisfaction then you can worry about the other things. As far as I know, MTO to transfer ownership of the trailer and Service Canada to register the hull I'd to you.

[DanD]

Ask for separate bills of sale for the boat, motor and trailer; use realistic values for each.

You’ll be charged tax on the trailer value, when you transfer it into your name. Then eventually RevCan will be looking for tax on the boat; after the registration has filtered to their level. You don’t have to pay tax on the motor being it’s a private sale.

KEEP ALL YOUR RECITES it could be a couple of years before RevCan comes knocking.

 

Dan.

[NAW]

Congrets on the boat!

 

What are the details of the boat? Are we talking a $30,000 bass boat, of a $1000 tin lizy? Makes a bit of a difference.

[Roy]

Is it a Canadian or a US boat?

[Eric]

It is Ranger 621 and a Canadian boat. So I do not pay tax on it right away?

 

Thank you all for walking me through this

[NAW]

If you are buying private you do not pay tax. Once tax man gets wind that you have registered a boat, they will inquire as to how much you paid, and will come after you for the tax. If you do not have a receipt, they will come and inspect the boat, and charge you whatever they think it's worth (basically).

 

So as mentioned before, keep your receipts.

 

Make sure you get the ownership for the trailer, and a bill of sale so you can get it put in your name.

 

The Bill of sale should include details about the boat, motor and trailer. (boat make + model, motor make + model, trailer make+model, etc..)

 

If the bill just says "bought a boat, motor and trailer for $xx" then people at the DMV might throw it out. That's what they tried to do to me. They need specidics acording the woman I talked talked to.

 

As far as the other details, I can't really help. I havn't bought a boat worth more then $1000...

Edited August 21, 2012 by N.A.W

[misfish]

Is there a lean on the boat? is it owned out right? No payments on it still?

[Eric]

Is there a lean on the boat? is it owned out right? No payments on it still?

 

I'm not sure about that

[davey buoy]

I'm not sure about that

 

Need to know all this!,looks like you came to the right place!.

[Eric]

Need to know all this!,looks like you came to the right place!.

 

I sure did

 

Is there anyway to check if there is anything owed on the boat? or just asking and taking the sellers word on it.

[G.mech]

Here's a link to Pat's Boating in Canada. It explains all the ins and outs of transferring the boat & trailer as well as the differences between "Registration" & "Licensing" of boats which is important because they are two totally separate things and handled very differently (small pleasure craft a almost always licensed not registered which is where a lot of confusion starts). There is lots of other good info on this site as well...

 

 

 

http://boating.ncf.ca/license.html

[smally21]

most of your boat licensing questions should be answered here..

 

http://www.tc.gc.ca/eng/marinesafety/debs-obs-paperwork-paperwork_boat_licence-3211.htm

[Eric]

Just wanted to thank everyone for taking the time to help. I Got the boat on Thursday, now just need to get some time off from work to actually use it

 

I have been sitting in it quite a bit, now if only the pool was closer to the driveway so I had something to cast into.

 

Thanks Again