Thursday, May 27, 2010

The Waiting

The wait for the survey of this boat to happen was agonizing. It took us outside of the 18 days we gave ourselves to perform, according to the purchase agreement. Granted, the likelihood that the seller would drop out of the deal was slim, but you never know who could show up with a better offer.
Yes, the survey did finally happen last Thurday, a week ago today. Then we waited for the report...and waited for the report. We got the report yesterday and within hours made up our minds to move forward. The survey was comprehensive and there was little we did not anticipate. My 40-minute phone call with the surveyor in Mexico was affirming.
I took a deep breath and called the escrow folks in Annacortes, Washington to tell them we were moving forward, to ask how much money we should wire that evening to settle.
"Oh, that's good, we're glad you like the boat."
"Great, thank you. Do I just use the same wire information as before? What should I send in addition to the balance due? Are there settlement charges due you?"
"Oh, hold on a sec. I'll let Sonya know when she gets into the office later, she's handling your transaction. She'll start the title search and then get a settlement statement out to you."
"How long will that take?"
"Well...what's tomorrow...Thursday, yes. If she starts the title search tomorrow, we should hear back from the Coast Guard...oh, this is a holiday weekend coming up, isn't it?"
"Uh, she should probably hear back from the Coast Guard by late Tuesday. It shouldn't take her long to finish the settlement statement after that."
"And she'll email that to me?"
"She sure will. Now, she is going to send you other paperwork you need to sign and have notarized and send back, but you can scan it and email it."
"So, I could wire the money Wednesday."
"That's probably right."
"And when does the settlement happen?"

"Well, she's got to wait to hear back from the sellers, they can't send their notarized forms back electronically, we need the original hardcopies from them."

I remembered the broker telling me that the seller is living in Asia and plans to go to a US consulate to have her paperwork notarized. "But the seller is in Asia."
"Oh, well, they're going to have to get a US-registered notary to certify their signatures, probably at a consulate."
"Yeah, that is what the broker said. So the seller then has to overnight the hardcopies to your office?"
"Yes, that's right."
"Then what? We close?"
"Uh, yes. At that time, Sonya will send all of the paperwork to the Coast Guard for them to transfer the title. It takes about four to six weeks for that to happen, but we'll send you copies of the executed agreement so you have something. Are you going to change the name of the boat from Dream Catcher?"
"Yes. Del Viento. D-"

"As in David?"

"Yes. Delta Echo Lima, new word, Victor Igloo Echo November Tango Oscar."
"Del Vee-en-toe?"
"Okay, I'll pass this on to Sonya. Congratulations."
"Thank you very much. We'll really feel like toasting once all of the ink is dry."
"Yes you will. You have a good day now."

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