Hi all,
I'm looking for advice on closing on my first sailboat. After doing about a year's worth of research on which boat is right for my purposes, reading Don Casey's books, and seeing dozens of boats in my area, I've found one that seems like a good fit.
About me and the plan:
My partner and I are very adventurous and handy. Our plan is to spend a year cruising the Caribbean in about 3 years time. Our budget is tight, our combined annual income is ~$70k, so we are in the market for an older, project boat that we can work on ourselves over the next 3 years.
The boat:
We are ready to make an offer on a 1979 C&C 38. The boat has a suspect Atomic 4 gas inboard and virtually no electronics. However, the rigging is relatively new, has a new Rocna 20kg, with rode and chain and electric windlass. The deck is solid and in really good shape. The hull also appears in great shape. The listing says "C&C smile repaired by previous owners" and I can find no evidence of cracking. Keel bolts are also in good shape. The interior is very clean and has newer upholstery. The wiring was also recently redone. Main sail is in good shape. Needs a new head sail. The boat has been on the hard for the last 4 years. The yard has another Atomic 4 in good condition should we decide to go that route (although I'm leaning toward electric propulsion, although that is not what this thread is about!). The rudder has some signs of water ingress. The boat is now owned by the marina and they are motivated to sell.
My offer:
My plan is to offer $8k in full, conditional upon survey. Basically, if the survey finds any major structural damage in the hull or rig, I'm out. A little water in the hull here and there will not sink the deal for me. We are not planning to cross oceans and will restrict our sailing to weather window opportunities so the boat does not need to be 100% solid. No 40-year boat will be anyway.
My questions:
How should I go about the closing process? Should I just hand the marina a check for the full offer price with the "contingent upon survey" statement? Do I need to draw up some kind of contract for the contingency? Any advice or anecdote from similar experience would be very helpful.
Thanks in advance,
I'm looking for advice on closing on my first sailboat. After doing about a year's worth of research on which boat is right for my purposes, reading Don Casey's books, and seeing dozens of boats in my area, I've found one that seems like a good fit.
About me and the plan:
My partner and I are very adventurous and handy. Our plan is to spend a year cruising the Caribbean in about 3 years time. Our budget is tight, our combined annual income is ~$70k, so we are in the market for an older, project boat that we can work on ourselves over the next 3 years.
The boat:
We are ready to make an offer on a 1979 C&C 38. The boat has a suspect Atomic 4 gas inboard and virtually no electronics. However, the rigging is relatively new, has a new Rocna 20kg, with rode and chain and electric windlass. The deck is solid and in really good shape. The hull also appears in great shape. The listing says "C&C smile repaired by previous owners" and I can find no evidence of cracking. Keel bolts are also in good shape. The interior is very clean and has newer upholstery. The wiring was also recently redone. Main sail is in good shape. Needs a new head sail. The boat has been on the hard for the last 4 years. The yard has another Atomic 4 in good condition should we decide to go that route (although I'm leaning toward electric propulsion, although that is not what this thread is about!). The rudder has some signs of water ingress. The boat is now owned by the marina and they are motivated to sell.
My offer:
My plan is to offer $8k in full, conditional upon survey. Basically, if the survey finds any major structural damage in the hull or rig, I'm out. A little water in the hull here and there will not sink the deal for me. We are not planning to cross oceans and will restrict our sailing to weather window opportunities so the boat does not need to be 100% solid. No 40-year boat will be anyway.
My questions:
How should I go about the closing process? Should I just hand the marina a check for the full offer price with the "contingent upon survey" statement? Do I need to draw up some kind of contract for the contingency? Any advice or anecdote from similar experience would be very helpful.
Thanks in advance,