Buying from a syndicate

[Memphis_Chung]

Hi Gang,

I am considering buying a 32 footer privately from a syndicate. I am dealing with one of the 3 owners and am interested in any advice re proving title, the individual's right to negotiate on behalf of the syndicate, things to bear in mind in the transaction - bill of sale differences etc. For instance, if there is an agrement - is it a reasonable request to ask to see it?

Any thoughts gratefully received!

M.C.

<hr width=100% size=1>Quit the job, sell the house, sell the kids, sell your wife, go sailing.......

 

[boatless]

Never actually achieved it, but have tried twice.

The first bunch were happy to show me the partnership agreement, and a detailed spreadsheet with all fixed costs, extras etc..

Snag with that one was that the info showed that the selling partner owed another partner a fair few quid, and while promises were made that it would be paid etc.. if I could just pay the debt for now ... I just wasn't happy. Then they told me that the 3 week slot had been swapped for that year, so I pulled out.

Next one didn't get that far. Once again, that year's slot had been swapped.

Got quite a lot of flack for not proceeding? Nobody seemed to understand that I wanted to buy a holiday on boat. They were more concerned about the prestige of owning (part of) a yacht.

So, yes, ask for evidence of everything - and if you don't like it, walk away. Don't fall for the boat.

<hr width=100% size=1>my opinion is complete rubbish, probably.

 

[Memphis_Chung]

Thanks. I am actually thinking of buying the whole boat outright. So any thoughts on that would be gratefully received!

Rgds,

M.C.

<hr width=100% size=1>Quit the job, sell the house, sell the kids, sell your wife, go sailing.......

 

[AndrewB]

Haven't bought from a syndicate but can't see why it would be different from any other type of purchase. Many yachts are owned by more than one person, typically husband and wife. You should of course get a witnessed bill of sale signed by all present owners: if one is handling the sale on behalf of the syndicate, this might take a little organising. If there are debts secured against the boat you have to make certain these will be settled; and be wary if there are any signs of disagreement among the syndicate about selling. The only reason I can think of for checking their agreement is to satisfy yourself that all owners are represented on the bill of sale.

The RYA booklet on Buying Secondhand has been highly recommended here and lays out a suggested contract for a sale which could be used.

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[Memphis_Chung]

Thanks Andrew!

<hr width=100% size=1>Quit the job, sell the house, sell the kids, sell your wife, go sailing.......