Boat purchase agreement

MapisM

MapisM

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I've just completed a boat hunting trip in the UK, and made an offer on a boat which was accepted (but please don't ask, more to follow about her in due course.... /forums/images/graemlins/grin.gif)
My only problem now is, how to finalize/formalize the deal, considering that the boat is not SSR registered and I'm purchasing her from a private individual (UK citizen)?
I mean, how should a proper and safe paperwork and payment agreement be structured in this case?
I do have a fair competence on legal issues (so, feel free to throw in also somewhat complicated suggestions), but I'm not aware of UK principles and practices.
Thanks in advance!
 
You could arrange for a UK broker to handle the transaction for a fee. I had a deal like this worked out when I was selling my boat recently in the event I sold it myself.
 
Congratulations. I sold my Targa 37 privately and I used a marine solicitor (Tyler Law, as was) to draw up the contract. In terms of security of title, I think the standard advice in the absence of a part 1 registration is to contact the big lenders and give them the hin, and ask them if they have any interest in the vessel.

Cheers
Jimmy
 
If you are an RYA member (though I'm guessing you're not), they provide a very good template agreement for the private purchase of used boats. Look in the Legal section on the website.
 
No; that's effectively the title document, though still needed for thwn the deal completes. The RYA agreement sets out who has to do what by when so the deal completes in a timely manner without arguement.
 
Even if not a member you can buy the book.

However, if a large sum involved then may be worth paying either a broker or a marine solicitor to handle it.
 
I'll email you a reasonably standard contract in Word, so you can amend.

You say it is not SSR, but it's not very interesting to know where it isn't registered; tell us where is IS registered /forums/images/graemlins/grin.gif

The normal format in UK is pay 10% deposit, then survey/seatrial, then you can price haggle for minor defects or can walk away for large defects, then pay the 90% and take ownership

The risk you have with no broker is that you will be giving a deposit to the seller, who is in quite a different legal position from a broker regarding his duties to you as holder of the deposit money. you're in a weaker position. For that reason you need to feel you can trust the seller with the deposit, or better still pay no deposit (other than perhaps £1000 to pay for the crane to have the boat surveyed). The final payment is easier becuase you come to UK on the day you wire the money and you take physical position there and then

If the boat is big it is unlikely to be pledged to a bank and have no part 1 reg declaring the mortgage. But it is possible - GE finance boats sans mortgage, for example. Also, how do you know it is not p1 registered? The owner could be being untruthful on that to conceal the mortgage.

As for paperwork you must get with the boat (builder's certif, prior BoS, etc) that is more driven by the rules and practice of the Italian registry, assuming you will flag the boat in Italy
 
[ QUOTE ]
I'll email you a reasonably standard contract in Word, so you can amend.

[/ QUOTE ]Many many thanks J, I really appreciate. I'll rather email you re. your question, I prefer not to further discuss the matter in an open webpage for the moment.
Thanks for the other recommendations either - also to other posters of course.
 
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