OK, I've found the boat, I'm ready to make an offer .. so what happens next .. is there a purchase agreement "boiler plate" form to be followed? From a dealership I know it's a standard contract, but how does it work from an owner.... I will be financing about half so I'm sure the finance company will most likely need something ... Any fist time buyers advice would be appreciated... Thanks all gk
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Mark Johnson
My advise is...
make your offer contingent upon several different items...favorable financing, a sea trial, and perhaps most important a positive marine survey. DO NOT let the dealer or seller set you up with a surveyor. Do some research and YOU find your own surveyor who will be watching out for YOUR best interest. If any of these items don't work out in your best interest you can back out of the deal. Buying a boat is an exiting time...Good Luck Mark Johnson S/V Anthem
make your offer contingent upon several different items...favorable financing, a sea trial, and perhaps most important a positive marine survey. DO NOT let the dealer or seller set you up with a surveyor. Do some research and YOU find your own surveyor who will be watching out for YOUR best interest. If any of these items don't work out in your best interest you can back out of the deal. Buying a boat is an exiting time...Good Luck Mark Johnson S/V Anthem
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Lou Phillippi
Ditto
I second the first response. A boat is not a casual purchase unless you're rolling in money. In any case, the surveyer is critical. Your insurance company will agree.
I second the first response. A boat is not a casual purchase unless you're rolling in money. In any case, the surveyer is critical. Your insurance company will agree.
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Paul Akers
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GK
rephrasing the question
I should have asked for other than the survey, what esle do I need to do, or follow with buying from owners. How's the purchasing agreement phrased? and what is the customary holding fee till all paperwork and financing is done.... thanks again
I should have asked for other than the survey, what esle do I need to do, or follow with buying from owners. How's the purchasing agreement phrased? and what is the customary holding fee till all paperwork and financing is done.... thanks again
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Dennis
Paperwork
You don't need any fancy contracts. You can simply write on paper that seller agrees to sell XXXYY (list boat make, model and year, sell price, down payment, balance due) and state this includes amenities when you viewed it. The seller may want an end date on the contract in case you don't proceed with the closing in a timely manner. You will likely need a down payment but the amount is negotiable and depends on the value of the boat. Obviously, the less the better for you. Your bank will handle the deal, making sure you have a survey and all is in order. After the sail you will have to document the boat and probably obtain a state registration, but that is post purchase issue. Good Luck.
You don't need any fancy contracts. You can simply write on paper that seller agrees to sell XXXYY (list boat make, model and year, sell price, down payment, balance due) and state this includes amenities when you viewed it. The seller may want an end date on the contract in case you don't proceed with the closing in a timely manner. You will likely need a down payment but the amount is negotiable and depends on the value of the boat. Obviously, the less the better for you. Your bank will handle the deal, making sure you have a survey and all is in order. After the sail you will have to document the boat and probably obtain a state registration, but that is post purchase issue. Good Luck.
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Paul Akers
HIN
Make sure you include the Hull Identification Number on all the neessary paperwork. Otherwise, registration/documentation will be impossible.
Make sure you include the Hull Identification Number on all the neessary paperwork. Otherwise, registration/documentation will be impossible.
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Donna L
Get everything in writing
Be careful and GET EVERYTHING IN WRITING!! We took a broker's word on a few things and will probably end up in court over this whole ordeal. Also, try to get a surveyor recommended by someone, if buying in Ches Bay, there was an article last year on boat buying in Chesapeake Bay Magazine. Good Luck!
Be careful and GET EVERYTHING IN WRITING!! We took a broker's word on a few things and will probably end up in court over this whole ordeal. Also, try to get a surveyor recommended by someone, if buying in Ches Bay, there was an article last year on boat buying in Chesapeake Bay Magazine. Good Luck!
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Michael Cohn
Also
Make sure to get an out-of-water survey. It will cost a bit more, but I am always amazed at the nasty stuff that can be lurking under the waterline.. Also try to have someone inspect the rig. Your surveyor will probably not do this, but may know someone who will. MC
Make sure to get an out-of-water survey. It will cost a bit more, but I am always amazed at the nasty stuff that can be lurking under the waterline.. Also try to have someone inspect the rig. Your surveyor will probably not do this, but may know someone who will. MC
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