Purchase Contract, boat slip

[SutnNC]

Property to convey with a boat slip, not noted anywhere on the contract. On MLS, confirmed with agent, slip is off site, different ownership than the subdivision, community marina, etc.

Not noted on the deed for the primary parcel. I pulled a "boat slip license" of ownership from public records made from the prior owner to the current owner/seller (noted as "part of" the marina parcel ID, or slip 13).

Question may be to those with broker experience but am I pushing buttons by requesting a contract recognizing the slip (other "part of PID")? Only the primary PID and legal are in the OPC.

Past experience says yes but this is a new one and I am not getting a good response from the listing agent. Thoughts on this?

 

[hglenbetts]

It sounds like the slip is simply being conveyed outside of the transaction. This isn't something I've had to work with yet, but what do you do if the lakefront seller includes the pontoon boat, or the '57 Chevy in the garage was thrown in as a sweetener? Or a quit claim deed is written at closing for the extra lot across the street?

Aren't we to review the contract and comment on our findings. More than that, and you're treading thin without a lawyer's license.

I'd disclose in the report what your research on the transaction has uncovered and let the lender decide if they need it in the contract.

 

[Kevin A. Spellman]

What is customary for the market is the question. Could a buyer in the same neighborhood buy a property then acquire a boat slip for the same price or less than your subject. Does a knowledgeable buyer have expectations to have a boat slip transferred with the property? Do your indicators of value have only the property on the deed and “not a boat slip”?

What is a boat slip worth? Does the length of a boat create additional costs? Is the use seasonal? Is there a market to sub-lease a boat slip?

It is not the presence of the boat slip in a sales contract, it is how the real estate industry customarily handle the transfer of the boat slip license with the sale of real estate.

 

[Lee Lansford]

Property to convey with a boat slip, not noted anywhere on the contract. On MLS, confirmed with agent, slip is off site, different ownership than the subdivision, community marina, etc.

Not noted on the deed for the primary parcel.

...

Thoughts on this?

Have you discussed this situation with your client? That would be my first thing I would do based upon what you have shared.

 

[Lee Lansford]

Property to convey with a boat slip, not noted anywhere on the contract. On MLS, confirmed with agent, slip is off site, different ownership than the subdivision, community marina, etc.

...

Not noted on the deed for the primary parcel.

...

Thoughts on this?

Have you discussed this situation with your client? That would be my first thing I would do based upon what you have shared.

 

[SutnNC]

Put into the contract, amended, signed and resent to me. No ability to be resold or transferred outside of ownership to the subject parcel. Thanks for the input.