Ask the Experts | Financial Security Tips When Buying or Selling A Boat

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[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]YOU FOUND IT![/FONT]
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[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]It's perfect. It's beautiful. You've searched high and low for it.[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]It's got everything you want and more. You've made an intelligent and informed decision on what you've wanted and now it can be yours.[/FONT]



[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]You've negotiated the price with the Seller - now it's time to make this transaction a reality.[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]On the other hand - YOU'VE SOLD IT![/FONT]

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[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]You've babied it. You've admired it as any proud parent would. You've nurtured it over the years and now it's time to say goodbye. You've negotiated with the Buyer and now it's time to make this transaction happen.[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]So now what?[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]To begin with, unless both parties know each other very, very well, and in many cases even if they do, the next step would be to use a trusted third-party escrow service to facilitate the transaction. Yet, this is complicated by the fact that online escrow rip-offs are indeed one of the most common methods scammers use to defraud both Buyers and Sellers.[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]What can you do to protect yourself when buying or selling a boat online? The answer is simple, do your due diligence and find a licensed, bonded, accredited, audited online escrow company to act as trusted third-party that collects, holds and only disperses funds when both Buyers and Sellers are satisfied.[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]And how does an online escrow transaction work? In most cases, an online escrow transaction can be completed in 5 simple steps, for example;[/FONT]

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[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]So, putting all the emotions aside, to avoid a nightmare when buying or selling the boat of your dreams just remember these three things;[/FONT]

[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]1. As a Seller, any sale is a gift until payment is received,
2. As a Buyer, any payment in advance is a donation until the item arrives, and
3. Always use a licensed online escrow service![/FONT]

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[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]Author: Andrew K. Sokol, General Manager of Emerging Markets, Escrow.com[/FONT]
[FONT=Trebuchet MS, Lucida Grande, Arial, sans-serif]Footnote on licensing requirements: Government agencies perform regular audits of independently licensed escrow companies. The audit examinations serve to protect public funds, determine safety and soundness of operations and determine compliance with escrow statutes and regulations. For example, the California Department of Business Oversight (DBO) in California conducts the most stringent examination of all government agencies. And, there are only three online escrow services (Escrow.com, Agreed.com, and Elance.com) licensed by the State to conduct business. (More information can be found here - DBO - Online Escrow Companies). However, if you reside in California and your Buyer (or Seller) lives out of state, the online escrow company you choose must be properly licensed as required by that particular state. So, no matter which State you are in, make sure the escrow service you choose is properly licensed.[/FONT]