Credit For Boat Slip

[Tru Red]

I deal with boat slips on community piers and private boat docks at lake front homes all the time where I live. Pacific Gas and Electric (P G & E) owns Bass Lake which is surrounded by BLM forest land. A home sold with a slip on a community pier typically add's anywhere from $30,000 to $75,000 more. Appraiser's have always added/included "X" amount on the grid for the slip. In 100 appraisals, maybe 3 to 5 lenders question it. Recently one asked if the slip could be sold separate from the home. The answer is maybe. To purchase a slip on a community pier one has to own property at Bass Lake, per P G & E). At some community piers only certain homeowners in certain sub-areas can have a slip on a particular community pier. The slip is not recorded in the county records but it is assigned a contract by P G & E so it is effectively, attached to a certain house. So a few lenders have requested the value of the slip be removed from the opinion of value in the appraisal report. It can easily make the difference between the opinion of value matching/exceeding the sales contract or not. As far as I can tell, there is no definitive rule on this. It seems to be lender specific.

 

[Peter LeQuire]

What Denis says in #6.

To which I'd add: in this region, there are subdivision/community docking facilities that are owned by an HOA or POA, and which are on land leased from the agency that "owns" the lake (TVA or the Corps). The right to use these slips is restricted to owners in the developments: the right to use them is transferred by something other than a warranty deed - I've seen them transferred by quit claim deed, and by a lease agreement with the POA. The "owner" of the facility can only transfer what they own, which is the permit to install the docks.

 

[Howard Klahr]

ignoring the value of the available on water boat storage value would be highly misleading

It is not being ignored but rather separately identified.

I get the impression that the slip is not attached to the lands conveyed with the property.

Unclear based on the information provided to this point, but similar to JG's golf membership example, in many circumstances in order to own the dock permit/license or however it is formally conveyed ownership of a lot within the development is often required. If this ownership requirement does not exist then it is clearly personal property as opposed to real property.

 

[Gregory Beck]

Does the dock have it's own deed. If not then no value at all. Too bad so sad if not owned it worthless.
Bank doesn't care about it. Has to be deeded to claim it.

 

[gregb]

Some local boat docks are conveyed as an easement included in the real estate insterests transferred.

 

[Howard Klahr]

Does the dock have it's own deed. If not then no value at all. Too bad so sad if not owned it worthless. Bank doesn't care about it. Has to be deeded to claim it.

This is not accurate at all. a) a deed is not the only instrument that conveys ownership. b) ownership is not a requirement of value c) banks/other type of lenders can lien other collateral other than just real estate. i.e. does your car have value? lenders manage to place liens on those transactions. Your comment is just too broad and general

 

[Mike Garrett RAA]

Some people are so stupid! Of course it adds value and there is a way to prove it. Geeeze, use your head. Is a view part of the real estate? Is it deeded? Does it add value? Of course it does.

 

[Terrel L. Shields]

The lake is owned by the U. S Army Corp of Engineers and according to their office-YES, it can be sold off separately..

The dock is not connected to the lot and the C of E "owns" all Corp lakes, and unless an 'old' lake, they also own the shoreline up to the freeboard floodline of the lake. So the dock (which can be very valuable) is generally transferable but probably considered to be "personal property" since it is not connected to the subject lot...physically cannot be if the lake shore is owned by the Corp.

 

[residentialguy]

Some people are so stupid! Of course it adds value and there is a way to prove it. Geeeze, use your head. Is a view part of the real estate? Is it deeded? Does it add value? Of course it does.

Took the words out of my mouth. Anything that has contributory value must be taken into account.

 

[J Grant]

Is a view part of the real estate? Is it deeded? Does it add value? Of course it does.

A view is not deeded, but it is also not able to be severed from the property at time of sale.

If the boat dock is not part of deed and can be sold off separately, (severed), then any value it's availability offers as being possibly included with a sale of the property has to be clearly explained