BUYING A BOAT
Boat Purchase Process
Prior to making an offer on a vessel, the buyer can look at the vessel all he/she wants, but cannot turn on any systems. The buyer cannot ask the seller to take the boat out for a spin to see how it handles.
STEP ONE
We work with the buyer to determine if a vessel is one that the buyer feels he/she would like to own “if all the systems check out okay.” Using the Purchase Agreement, the buyer makes a formal offer. A price is negotiated with the seller and the agreement is signed by both parties.
Within this agreement are contingencies that state that the buyer has the right to a sea trial, perform a marine survey and a mechanical survey. A financing contingency can be included as well. Furthermore, the buyer has the right to step out of the deal upon completion of any of these contingencies. If the buyer does feel the need to do that, the buyer receives his/her full deposit back.
During the sea trial, the buyer can test all systems and of course observe how the vessel handles underway. Upon completion of the sea trial, the buyer will have a good sense of whether the boat is what they expected it to be.
When the buyer decides to move forward with the purchase, you will move forward with a marine survey . We should point out that a marine survey will almost certainly be required by whomever you choose to finance your boat loan as well as the insurer.
THE MARINE SURVEY
A marine survey, in its simplest form, is an appraisal similar to that performed on real estate or other items. The survey normally provides a complete report on the subject vessel and references complete identification of the boat (including year, make, model, hull-identification numbers, engine information and so on).
The report also gives detailed information about the vessel including description of the superstructure, fittings, and equipment, electronics and safety equipment, galley (if applicable), engines, electrical system, firefighting equipment, and fuel systems.
Part of the marine survey is having the vessel hauled out of the water so the surveyor can survey the bottom of the boat.
COMPLETING THE PURCHASE
You’ve approved the sea trial and accepted the surveys. Your financing is complete. You’ve arranged for insurance and a slip in which to keep your new boat. You are ready to complete the boat purchase. Funds are transferred to the seller and you become the owner of your new boat.
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