buying boat process
- Thread starter dlewis812
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It is customary for the buyer to either approve of the sellers contract, or write one up, or make one together if that luxury is available, based on your observations you may make a reasonable offer but try to include language in your contract including dates for retun of deposits, final date of payment for boat, and things like upon suitable survey, and suitable financing,and proven operation of...ect...equipment you think is critical to your offering price. try to protect yourself as much as possable, yet still provide the seller with some protection that you are serious about the vessel and if what theysay is right and wrong with the boat proves true that you will meet your end of bargain. Love is a two way street and selling a boat/buying, is alot like a divorce and shotgun wedding at the same time haha
You typically should agree on a sales price contingent on the results of your survey. You also should give the seller a down payment of 10-20 per cent of the sales price at that time. The contract you agree on prior to the survey should stipulate that you may cancel the contract and have your deposit returned if the survey produces results not acceptable to you. Every survey produces items that either do not work correctly or are in need of repair (even for new boats). Don't expect the seller to reduce the price for everything. Rather, you and he should agree beforehand on how such items may be handled. In many cases, they become "shared costs" of both the buyer and seller.
Contract then survey
The seller can correct survey issues, or you are out of the contract. You probably need the survey for your insurance, and they are a great start on your maintenance list. Our survey cost $300, and the seller reduced his price by $500.
The key is that you reduce the chance of costly surprises. The negotiation comes if you still want the boat, and many survey items were evident.
The seller can correct survey issues, or you are out of the contract. You probably need the survey for your insurance, and they are a great start on your maintenance list. Our survey cost $300, and the seller reduced his price by $500.
The key is that you reduce the chance of costly surprises. The negotiation comes if you still want the boat, and many survey items were evident.
The survey should be the last step before signing papers and any reputable broker expects the sale to be contingent on the survey.
Warren is spot on about what the survey will produce. There will be a bunch of little stuff and one should not expect the seller to correct most of them. My last survey hit stuff like spots needing varnish, wiring that needed to be secured better, a minor leak at the grounding plate - all things I was easily able to fix at minimal price. You are looking for major problems that would cost serious money. Cracked rudder, damaged rigging, delamination, etc. It also depends on what your willing to take on yourself and how good the price is. This is not like buying a new car where you can expect everything to be perfect.
Warren is spot on about what the survey will produce. There will be a bunch of little stuff and one should not expect the seller to correct most of them. My last survey hit stuff like spots needing varnish, wiring that needed to be secured better, a minor leak at the grounding plate - all things I was easily able to fix at minimal price. You are looking for major problems that would cost serious money. Cracked rudder, damaged rigging, delamination, etc. It also depends on what your willing to take on yourself and how good the price is. This is not like buying a new car where you can expect everything to be perfect.
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