OCEANSIDE — The Elizabeth Hospice Charity Regatta celebrates its 13-year run Aug. 8, complete with two days of sailboat races.
My 35-foot motoryacht has been listed for sale for almost a year and I finally have a solid offer. Unfortunately the buyer cannot qualify for conventional financing and he has asked me to loan him the funds for a year, at which time he expects to be able to pay off the purchase. My yacht broker has offered to hold my signed bill of sale in trust pending the payoff of the loan by the buyer, but this seems pretty informal. How should we structure this type of transaction?