If you were buying a new sailboat would you get a lawyer involved to go over the contract with you?
Sigbear
Sigbear
If Buying A New Boat, Would You Get A Lawyer?
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I would not, but I am sure that there are people who do.
Sigbear, you may also want to consider a surveyor to inspect the boat before taking delivery.
Sigbear, you may also want to consider a surveyor to inspect the boat before taking delivery.
Depending on the price... if the price was hundreds of thousands, yes I probably would (but then again if I had that sort of disposable income, I'd already know several lawyers... probably even be one
)Otherwise, it's not unlike buying a car. Except they're not going to pressure you to buy an extended warranty or rustproofing.
preferred ship mortgage
Sigbear,
Just one consideration comes to mind. I don't know if you're purchasing a boat that is already constructed or if you're having it constructed for you. I have a friend who purchased a boat that was being constructed for him and the boatbuilder went bankrupt while it was being constructed. When he made his deposit and subsequent payments he insisted that the hull be identified in the contract and that his payments were attached to the specific hull under a preferred ship mortgage. When the company went bankrupt he was a secured creditor and first in line on that hull. He ended up losing nothing, and getting the boat without any monetary loss. If you have ANY concerns about the manufacturer's solvency, that might be a consideration.
Sigbear,
Just one consideration comes to mind. I don't know if you're purchasing a boat that is already constructed or if you're having it constructed for you. I have a friend who purchased a boat that was being constructed for him and the boatbuilder went bankrupt while it was being constructed. When he made his deposit and subsequent payments he insisted that the hull be identified in the contract and that his payments were attached to the specific hull under a preferred ship mortgage. When the company went bankrupt he was a secured creditor and first in line on that hull. He ended up losing nothing, and getting the boat without any monetary loss. If you have ANY concerns about the manufacturer's solvency, that might be a consideration.
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