When it comes to buying a boat, there are a few common scams that buyers should be aware of. While most boat purchases go smoothly, it’s important to be aware of the potential for fraud and deception. Here are some of the most common scams when it comes to buying a boat:
Misrepresentation of the Boat’s Condition
One of the most common scams is misrepresenting the condition of the boat. The seller may claim that the boat is in excellent condition when in reality it has major issues that need to be addressed. It’s important to thoroughly inspect any boat you’re considering purchasing and have a qualified marine surveyor look at it as well.
Another common scam is failing to disclose any liens on the boat. A lien is a legal claim against property, such as a boat, and can prevent you from being able to register or insure your vessel until they are paid off. Make sure you ask about any liens before making an offer on a boat and get them cleared up before closing on the purchase.
Some sellers may try to pass off fake titles or documents for boats they don’t actually own or have rights to sell. Make sure you verify all documents with your state’s Department of Motor Vehicles before making any payments or signing any paperwork related to the purchase of a boat.
Be wary of sellers who try to tack on additional fees or charges that weren’t previously discussed during negotiations for the sale of a boat. Make sure you understand all costs associated with purchasing a vessel before signing any paperwork or making payments so you don’t get stuck with unexpected charges down the line.
By being aware of these common scams when buying a boat, you can protect yourself from becoming a victim and ensure that your purchase goes smoothly and without issue.