Boat Closing Settlement Statement
Boat Closing Settlement form with examples and instructions.
The Boat Closing Statement form is intended for usage in boat purchase and sale transactions. It is a professional design that utilizes double entry layouts for a high degree of accuracy in balancing the contributions and distributions. The statement displays an entire transaction from both a buyer's and seller's prospective.
Usage Context
The Boat Closing Statement form is fashioned after those typically used in real estate transactions and can be utilized to accommodate broker, third party, or buyer to seller direct closings. This includes the master vessel and any trade-ins. Ancillary vessels such as title dinghies and tenders can also be listed and/or valued separately.
Form Examples and Conversion
Examples of the boat Closing Statement are available in Adobe PDF format from the Referrals for this page. They can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription internet services available that can provide such an accommodation.
Instructions
Vessel Description - Identify all boats
involved in the transaction. These may be the master boat, ancillary boats such as dinghies
and tenders, and any trade boats. They should include year, make and model descriptions along with all relevant
identification, registration, and documentation numbers.
Buyer / Seller
- List the respective parties names and addresses as they may appear on any
purchase and sale contracts.
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
debits and credits 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 debits and credits column
totals must balance.
Signatures - The closing statement should be approved
prior to finalization of the transaction by the buyer, seller,
and broker if applicable.
Conclusion
The boat Closing Settlement Statement may require some practice and evaluation in order to determine the logic. All column totals should be double checked for accuracy. Use of this form may have legal and tax implications, therefore, you should check with an attorney or accountant with any such concerns.
References and Referrals
Comments - Suggestions - Corrections