BOAT SALE - How does it work.

[lanason]

I am now in the final stages of my boat purchase. I have paid a deposit, had a survey done and agreed the final price.
What usually happens now - The broker has asked for the balance and then I'll get sent the "Bill of Sale" is this normal or should I ask for an invoice detailing what I am buying.
Whats the normal practise.

Adrian

Don't call me "Ian"
Cleopatra - yellow hull called Court Jester. Have you seen her ?

 

[ccscott49]

The bill of sale, will dictate exactly what you are buyiong, it is normally a common form, used by everybody, it will have all the relevant details on it, or should.

 

[lanason]

Should I get the "Bill of Sale" before or AFTER parting with my dosh ????
Do I just pay up and hope the B-O-S is OK ??

Adrian

Don't call me "Ian"
Cleopatra - yellow hull called Court Jester. Have you seen her ?

 

[ToMo]

You are worried about the trailer, aren't you?...is it or isn't it 'IN'
TôMö

 

[ccscott49]

Cash handover and bill of sale normally take place at the same time, thats the way it's normally done, with old owner, new owner and broker, all there, traditional like hand shakes and all that, beer afterwards, however if you trust the broker? then you can pay and then get the bill of sale.

 

[lanason]

Yup - sounds good if we are all together but thats quite difficult - So if buying at a distance ??? Is it still safe to send the money ??
Adrian

Don't call me "Ian"
Cleopatra - yellow hull called Court Jester. Have you seen her ?

 

[ccscott49]

As I said, do you trust the broker, sorry are you dealing through a broker? If not, I would want the bill of sale and money handover at the same time, who's got the boat at the moment? In fact I wouldn't send the money to anybody, without a bill of sale changing hands at the same time, mind you I'm a very untrusting soul, bneen caught like that before, never again!

 

[lanason]

Yes - I am dealing with a broker. But "cash" maybe not. a cheque needs time to clear,
I think I'll ask him for an "invoice" detailing what I'm buying, then send the cheque then collect the BOS.
What do you think ???
Adrian

Don't call me "Ian"
Cleopatra - yellow hull called Court Jester. Have you seen her ?

 

[ccscott49]

No! The invoice is no proof you paid anything. If he is a reputable broker, I think you'll have no problem, just pay him and all will be OK. Pay by cheque, and ask the bank to retain that cheque after it has cleared, then you have proof you paid him. That should cover my suspicious nature. Its nice to keep the cheque you paid for your boat anyway, I have all mine!

 

[burgundyben]

If broker is reputable he should have a bonded 'client account' so your money is safe. He should also be a member of BMIF or similar and hence will use they're standard T and C's and BOS etc. Will they accept a bankers draft rather than a personal cheque? Should not have to wait for bank draft to clear, thats how I sold the 911 :-( and bought the huntress

Hope this helps, I lost £500 on a survey due to a lying, low down, fork tongued snake in the grass of a broker.

......girls, girls, get back, please, one at a time......

 

[Trevethan]

I think what you mean when you say invoice, is inventory?

Basically this lists all teh equipment and bits and opieces that are to go with the boat when you buy her. If you haven't agreed upon an inventory yet, I'd ask the broker to provide you with one. Then if trailer or expensive nav gear is missing you can clearly point out it was part of the sale agreement.

As pointed out. Make sure your money goes to the broker's client account. That means should he go bust your money is seen as not part of the company and will eiother be returned to you or get paid to vendor as appropriate.

Best to hand over money and pick up BOS face to face. I didn't do this and so wasn't able to complain about the tonnes useless junk the previous owner left on board.... enough to fill 30 rubble sacks and still going strong... an no it isn't ballast!

Nick

 

[tcm]

the bill of sale is indeed an important document - essentially shows ownership of the boat. You want th bill of sale. But of course tyhe broker can't give the bill of sale till he has the cleared funds, otherwise you'll have a opiece of paper saying the boats yours and migh not cough up. Difficult eh? Turning up with bank drafts or cash can solve this, but he won't be a broker for too long if he tries anything on.

 

[Guest]

Ditto everybody..I got my Bill of Sale from Nationwide after I'd transferred funds over internet.
What have you bought??
Maxwell

 

[Deleted User YDKXO]

What you are buying should have been detailed on the sale particulars document prepared by the broker and which you presumably got when you enquired about the boat so make sure everything is on the boat AND it should work. The Bill of Sale is an important document in order to prove title but, more important, in my view, is to take possession of the boat, particularly a trailer boat which can easily dissapear however much you trust the broker and vendor, not to mention the fact that although the broker is supposed to put your money into a secure client account, I would be prepared to bet that many dont. In legal terms, the broker is the vendor's agent and, theoretically, when you pay the broker, the boat is yours but, if the broker didnt hand the money over to the vendor, then quite possibly the vendor would attempt to retain possession of the boat and then you'd be into a legal wrangle
So I would reccomend that you meet the broker at the boat with a bank draft, exchange it for the BoS, take possession of the boat immediately and remove it

 

[psvpilot59]

When I bought my boat from 'Nationwide' I arranged the Survey and went down personally on the day. I had already transferred the money into my 'Debit Card' account. Followed the surveyer round, noting any pointers etc. Job done! Boat OK! Swipe 'Debit Card'! Received from 'Nationwide' Invoice (For the sale and purchase of used craft) duly signed - 'Paid in Full' containing all necessary details etc. A few days later, I received by Post, 4 year BSC, Full Survey Report and the proper BOS duly signed by the Vendor and 2 witnesses!! In the meantime, I arranged to have the boat towed up to Yorkshire!!! All very smooth with no hitches!!!! As has already been said, if it's a reputable Broker, you shouldn't have any problems. After all, they want you to recommend them to your friends, don't they? Good luck with it.

PS: Mines a Fairline Holiday!!!

LM

 

[mtb]

Re: who owns the boat

Yes total agreement re pay dosh get boat end of so to speak but , what checks have you done re the ownership of the boat plus, what about if the boat has charges against it .
I had this sort of situation re a vessel which the owner at first stated it had no dept,however on contacting the local BWB office things were very different and nearly £2000. was needed to pay out standing costs
Its easy for cars re HPI and so on but for boats .
Is this a market thats not tapped !!
Mick

http://homepage.ntlworld.com/boats
I want a big steel ex trawler / tug v / cheap or swap for tug