What should I ask about long-term or sold slips before buying a marina?

Some marina owners have sold slips outright, taken payment for many seasons in advance or signed long leases. Each of those choices follows the marina to its next owner. A buyer who sees only a full dock may miss that the slips are already spoken for on terms set years ago. These are the questions to put to the seller before you go further.

Which slips are already committed

Ask for a slip-by-slip list: who holds each one, for how long, and on what terms. Ask for the agreements themselves, not a summary. Slips on long or prepaid terms may bring little new money, which changes what the marina earns going forward. A page like how to keep slip holders after buying a marina picks up from closing.

What it does to control of the docks

Ask whether holders with long agreements have any say in repairs, rebuilds or layout changes. Ask whether the agreements limit moving slips, changing the dock plan, selling the property or raising fees. Ask what rights the holders have if the marina changes hands. Your lawyer is the person to explain the legal structure behind each arrangement.

Who pays for dock upkeep

Docks, pilings and walkways wear out, and someone pays to replace them. Ask whether holders contribute to upkeep, whether those payments are fixed in the agreements, and whether the seller has set money aside. A buyer may inherit the cost of repairs that the earlier payments were meant to cover.

• A complete list of slips and their holders
• Copies of every sale, prepayment or long-lease agreement
• Records of money received in advance
• Dock repair and replacement history
• Any promises the seller made to holders