Boat Closing Statement
BoatWiki - Definitions
Definition
A boat closing statement can be defined as a form that displays all of the exchange, funding and distribution values of a boat purchase and sale arrangement. It is also known as a closing settlement statement.
Meaning
A professional boat closing statement is similar to that found in a typical real estate escrow transaction. It gathers all of the funding and distribution elements into one place for review and authorization by the participating parties.
Context
Closings in the boating industry can fall upon agents such as brokers, documentation companies, lenders, or attorneys. Unfortunately, there are no standard methods by which these occur and they frequently happen directly between a buyer and seller. Although not always utilized, the design of a boat closing statements appear in various different formats depending on the respective closing agent's election.
Conclusion
A closing statement should be an integral part of any boat closing regardless of the manner in which handled. It goes a long way in eliminating confusion and subsequent disputes over the funding and distribution aspects of such transactions.
Credits and References
6/27/2022 - Page initiated by Team BoatWiki.
