Boat Closing Statement
BoatWiki - Forms
Use of this form may have legal and tax implications.
You should consult with an attorney or professional about any such concerns.
The boat closing statement form is intended for usage in purchase and sale transactions. It is a professional design that utilizes double entry layout for a high degree of accuracy in balancing the fundings and distributions. The statement displays the entire transaction from both a buyer's and seller's prospective.
This form can be easily altered to accommodate broker, third party, or buyer to seller direct transactions. These include the master vessel and any trade-ins. Ancillary vessels such as title dinghies and tenders can also be listed and/or valued separately. It also contains a signature section for the buyer, seller and broker when applicable.
The form can be downloaded from the BoatWiki repository in a Microsoft Word format that will allow for editing and re-configuration to suit your particular needs. It comes pre-loaded with sample data that offers a depiction of what a closing may entail. These can be deleted, replaced, and/or edited with items and amounts specific to your own transaction.
Vessel Description Box - This is where the boats involved in the transaction are identified. These may be the master boat, ancillary boats such as dinghies and tenders, and any trade boats. They should include descriptions along with all relevant identification, registration, and documentation numbers.
Buyer / Seller Boxes - List the respective parties names and addresses.
Items Column - Enter a brief description of the various considerations and distributions for both parties.
Buyer Debits / Credits - The debit column represents the value of all distributions from the buyers account at closing. This may include the purchase price and any other items such as taxes and registration fees as required by a lender. The credits column shows how the distributions are to be funded. This includes the value of any trade-ins. A deposit with the broker is considered as an advance to the seller which is settled outside of the closing. The buyer debit and credit column totals must balance.
Seller Debits / Credits - The debit column represents the value of all distributions from the seller's account at closing. This may include the value of any trade-ins, broker deposits, and lien-holder payoffs. The credits column reflects the sales price and any other items collected on behalf of the seller. The seller debit and credit column totals must balance.
Signatures - A final closing statement should be approved by the buyer, seller, and broker if applicable.
The settlement statement may require some evaluation in order to determine the logic and all column totals should be double checked for accuracy. Please WikiShare any comments you may have about the usage of this form.
Credits and References
06/26/2022 - Page initiated by Team BoatWiki.