Scubadoo
Well-Known Member
So you transfers your money by e.g. Chaps, how do you ensure you have title over the boat, couldn't the seller just walk away once they have received your money.
Best Way to Make a Payment When Buying a Boat?
- Thread starter Baddox
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jwilson
Well-Known Member
I'm sure the OP would not use a fake bankers draft, but they do exist, and from the sellers point of view they don't know it's fake until several days later (UK banks) or several weeks later (foreign banks). Money can show as "cleared" but it actually hasn't, and can be taken back if the draft turns out to be fake.
CHAPS transfer is the safest way these days, or several "Faster Payments" transactions if the buyer's bank puts a limit (often £10,000 per day) on it. We (brokers) can do £100,000 in a single "Faster Payments" transaction, by special arrangement, but above £100,000 we pay £20 to use CHAPS, which is actually slower, though normally within 24 hours.
Kukri
Well-Known Member
A very interesting thread, as I am in the middle of buying a boat.
As a young man, I carried half a million in cash from one City solicitor's office to another. Our Greek client was buying a ship.
I was, exceptionally, allowed to flag a taxi, as the suitcase was quite heavy.
As a young man, I carried half a million in cash from one City solicitor's office to another. Our Greek client was buying a ship.
I was, exceptionally, allowed to flag a taxi, as the suitcase was quite heavy.
AntarcticPilot
Well-Known Member
And I recall carrying a banker's draft for the deposit for my first house to the solicitors - the bank was in London, the solicitor in Cambridge! Nowhere like the same amount of money, but it was the largest amount I'd ever had to handle in a negotiable form, and I was quite nervous.
Resolution
Well-Known Member
As a young man working in a third world country (tropical, with excellent sailing) part of my education was watching a client bring in a slim briefcase filled with US$100 notes. Total value a round US$1 million. A couple of hours later we met with a senior government official, who smiled a lot and signed a big contract with our client. When we left, the briefcase stayed beside his desk.
Maybe your Greek client should have had higher denomination notes?
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Have you checked if you and the vendor bank with same institution. If you do there is no limit on inter-account transfer.
If for some reason you want to use a bank draft then draw it in the presence of the vendor so they know it is genuine.
If for some reason you want to use a bank draft then draw it in the presence of the vendor so they know it is genuine.
Yngmar
Well-Known Member
Talk to your bank. They will have something in place for this, but it won't be online due to the (reasonable) desire for additional identity verification. Mine (HSBC) involved going to a branch, seeing someone, being led to some back office room and filling out a form, verifying my identity and paying a small fee.
Be aware that any transfer above £10k will trigger the banks fraud prevention (money laundering) scheme, which means the transfer has to pass additional approval and can take significantly longer (explain this to the seller up front) and you may get a phone call with odd questions to answer, which you should answer to the best of your knowledge (helpful to have the boats registration and specs to hand).
polhoff
New Member
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Kukri
Well-Known Member
This is how we do it with ships:
We use a contract called the Norwegian Saleform.* The YBDSA/RYA yacht form is a simplified version of this.
There is a closing meeting, at which the buyer and the seller, with their lawyers and brokers and with representatives from each bank, are present. There are mobile phones now but in the old days we had phone links to the two registers, to the sellers’ bank and to the ship.
1. The documents (Bill of Sale, Transcript of Register, Certificate of Class Maintained and the trading certificates) are inspected by the buyer and his lawyer and/or broker.
2. A call to the ship is made to make sure the buyer’s crew are all on board and are all happy and ready to go. (It is not unknown for the sellers to nick stuff off the inventory, etc.)
3. The money transfer is initiated.
4. A call to the Seller’s bank is made to confirm that the money has arrived.
5. A call to the Seller’s Register is made instructing then to delete the registry of the ship and to furnish a Certificate of Deletion.
6. Seller hands over the pre-checked, agreed, documents
7. A call is put in to the ship to tell the Seller’s crew that they can disembark and to tell the Buyer’s crew that she is theirs.
8. Calls are made to the respective insurers to tell them that they are on risk and off risk.
9. A call to the buyer’s Register to say that the ship is now with them and the original Bill of Sale will be provided to them with the Certificate of Deletion.
10. There may be other documents, eg I once handed over $40M for a big tanker and received, in addition to the above, detailed instructions on the care of the pot plants in the wheelhouse and the tropical fish in the aquarium in the officer’s bar.
* Link to .pdf of the Norwegian Saleform:
https://www.fff-legal.com/wp-content/uploads/2017/02/saleform_2012.pdf
** complete with pot plants and aquarium:
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burgundyben
Well-Known Member
I just sold privately. £45k. I took a £5k deposit. Then 4 payments made online from hus direct banking of £10k each. Make sure you know who you are dealing with. Uk address and bank account.
coopec
N/A
If the seller is naive are you sure he is the legal owner? He hasn't had a "shifty" put over him has he? (You don't want the true owner demanding his boat back some time in the future)
Kukri
Well-Known Member
To repeat what I have said before, if the boat is on the Part One Register, you must - I repeat - you must - receive a very recent Transcript of the Register* for the boat and the name (s) of the owner (s) on it must match the names of the seller(s) on the Bill of Sale. Reputable brokers will do this automatically; if yours doesn’t, remind them to do it otherwise no deal.
* Transcript of Registry
* Transcript of Registry
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