Buying a boat

[Camplet]

As a new sailor I would appreciate some advice about buying my first yacht. I am looking at a boat being privately sold as opposed to through a broker, what should I do about a holding deposit prior to a survey? What kind of wording should be in the contract and what if the survey reveals a list of horrors, am I entitled to my deposit back?
Any advice would be really appreciated, thanks

 

[rob2]

The RYA offer quite a bit of good advice on their website. They also offer draft copies of standard contracts and bill of sale. Even if you were to go another route, reading these will give you an insight into how the whole business works.

 

[jcmmarine]

Use the RYA documentation.
But nothing beats having someone with you who has been through it before.
If you have not got a friend with experience, get a good surveyor, a good surveyor saves you more than their fees

 

[Severnman]

At the very least - ask to see a copy of the last survey. Note its date and determine if any defects identified have been corrected. Many insurance companies will insist on periodical valuations particularly if the boat is over 20 years old. If making an offer and you are shedding out serious dosh - get a survey done and make offer subject to survey! Good luck.

 

[gjgm]

be sensible. Thats all there is to it. Dont get carried away, and dont do any financial transaction that you wouldnt feel comfortable with.
For example, yes, a deposit is normal through a broker.. but are you comfortable with paying money over to someone you dont know?
He wants a sale, you want the boat;work together. If you are going to have a survey, get it done really quickly so you can complete promply.If, for example, you can do so in 7-10 days, I think its reasonable to say no deposit, but get a contract signed at the beginning, and be clear what the contract agrees.
Yes, there are clever con men about, but I m not convinced they are all sailors. Do you trust the guy, and should he trust you? Does it smell honest and above board, or dodgy and evasive. Disagreements start when its not clear in writing.. even down to fenders and warps.
The most important aspects are ownership,outstanding finance, full documentation. If selling privately, he should have this all prepared and be not only able but willing to put your mind at ease.

 

[Camplet]

OK, thanks, I'll take your advice. I think I can get most of the info from him, but how can I check if the boat has any outstanding finance against it?

I will get a survey done I think. It does have one, but it's about 6 years old, so I think I'll get a new one done.

 

[gjgm]

finanace.. well any mortgage company will hold the boats documents, for a start, and the mortgage will be registered on Part 1.
Bank finance is harder, but its possible that any loan doesnt hold any claim on the boat. Make sure the contract states the seller has no outstandings or lien on the boat- at least you could sue him retrospectively.
A broker would have the same issues as you on this one, anyway.
One point.. a sale is more likely to go smoothly if both parties feel its a fair deal. If one feels he is being given a raw deal, dont be surprised if he isnt very helpful. Just human nature.