The Free Boating Encyclopedia


Participate TranslateAbout

--- WikiTags ---

Boat Closing Settlements - Blog
Boat Closing Settlement - Gudelnes



The nation's premier boat history report with a full compliment of title search resources. Includes eight maritime databases all rolled into one convenient interface. A must-have service for any prospective buyer, marine lender, or maritime professional.

Visit Now


Owner Background Search

Criminal Records
Assets - Properties
Personal Details

Know your seller!

Sponsored by


Boat Closing


BoatWiki - Definitions


In boating terms, a closing can be defined as the process of finalizing a boat purchase and sale arrangement. This typically involves a third party closing agent that gathers all of the necessary funds, documents and other considerations from both parties to be exchanged at the time of a final settlement.


The term "closing" is analogous to an "escrow" and sometimes equated to a "settlement" or an "exchange". These terms may however take on different meanings according to the context in which invoked. The term "escrow" is not in fact, a term commonly used by professionals within the marine industry.


A boat closing is often viewed by the layperson as an escrow in keeping with the same vernacular you would find in a real-estate transaction. In the marine industry however, you will not find licensed and bonded escrow agencies that specialize or are willing to become involved in boat transactions. This is mostly due to the mystique surrounding boat titling, registration, and vessel documentation. There is furthermore no such thing as boat title insurance in the marine industry. Maritime closings are on the other hand, typically effected by a yacht broker, boat titling agent, lender, or perhaps an attorney.


Boat purchasers and sellers should exercise a considerable amount of due diligence in selecting a closing agent. The same procedures, safeguards and standards are not coincidental with those of a bona fide real estate escrow company. Parties that choose to close directly between themselves, should at least seek the consultation of a reputable boat titling professional or a qualified attorney.

Credits and References

3/1/2022 - Page initiated by Team BoatWiki.



Float Your BoatWiki

Learn about the role you can play
in supporting the internet's most reliable
source of free boating information.


Stay informed about urgent matters of
boater fraud and the latest changes in
 boat registration or safety regulations.



A Division of Maritime Partners, LLC
State of Washington  USA
© Copyright 1998 - 2024 All rights reserved.

boatwiki boatwiki