If you buy a slip...?

Lucy Goose · 02-01-2010, 02:13 PM

I'm reading a lot about marinas possibly going into foreclosure and/or closing etc. What happens if you buy a slip from them and they close?

Sue Doe-Nym · 02-01-2010, 03:03 PM

If you own the slip there is no commection with a marina unless they are obligated to perform upkeep, etc. If you lease/rent from a marina then you should check the terms of your lease/rental agreement. Most likely a sale is done subject to existing leases. If the marina files for bankruptcy you could have some problems. Foreclosure could be fun since you don't know if the landlord's responsibilities will be honored. You also want to make sure that the party/lender foreclosing has no claim on your boat.

tis · 02-01-2010, 05:38 PM

Anywhere where you put down a deposit you are taking a risk that you will likely not get your money back if they file bankruptcy. Be careful. I almost never make deposits.

jrc · 02-03-2010, 01:22 PM

If you buy (not rent) a slip, usually you are buying an interest in shared property, essentially a condominium. These are usually not financially connected to a marina business.

For example Irwin marine runs the marina at Mountain View Yacht Club. If Irwin went bankrupt, the slip owners still own their slips and the facilities. They just need to hire someone else to run the place.

Same thing with the Meredith Marina. The adjacent docks are mostly condo. If MM went under, the condo owners still own their slips.

02-01-2010, 02:13 PM	#1
Lucy Goose Senior Member Join Date: Jan 2010 Posts: 228 Thanks: 29 Thanked 108 Times in 29 Posts	If you buy a slip...? I'm reading a lot about marinas possibly going into foreclosure and/or closing etc. What happens if you buy a slip from them and they close?

02-01-2010, 03:03 PM	#2
Sue Doe-Nym Senior Member Join Date: Jul 2009 Posts: 1,372 Thanks: 710 Thanked 758 Times in 393 Posts	If you own the slip there is no commection with a marina unless they are obligated to perform upkeep, etc. If you lease/rent from a marina then you should check the terms of your lease/rental agreement. Most likely a sale is done subject to existing leases. If the marina files for bankruptcy you could have some problems. Foreclosure could be fun since you don't know if the landlord's responsibilities will be honored. You also want to make sure that the party/lender foreclosing has no claim on your boat.

02-01-2010, 05:38 PM	#3
tis Senior Member Join Date: Jan 2006 Posts: 6,410 Thanks: 719 Thanked 1,381 Times in 957 Posts	Anywhere where you put down a deposit you are taking a risk that you will likely not get your money back if they file bankruptcy. Be careful. I almost never make deposits.

02-03-2010, 01:22 PM	#4
jrc Senior Member Join Date: Apr 2004 Location: NH Posts: 2,689 Thanks: 33 Thanked 439 Times in 249 Posts	If you buy (not rent) a slip, usually you are buying an interest in shared property, essentially a condominium. These are usually not financially connected to a marina business. For example Irwin marine runs the marina at Mountain View Yacht Club. If Irwin went bankrupt, the slip owners still own their slips and the facilities. They just need to hire someone else to run the place. Same thing with the Meredith Marina. The adjacent docks are mostly condo. If MM went under, the condo owners still own their slips.

The Following User Says Thank You to jrc For This Useful Post:
Lucy Goose (02-22-2010)