Independent account

[Sneaky Pete]

When buying a boat through a broker the deposit is normally placed into an independent account. If buying a boat privately is an independent account still used so as to protect buyer and seller, if so how is this set up.

 

[Tranona]

No, unless you use a broker to handle the paperwork and payment in which case he will use his client account. Alternatively you could use a solicitor who will also use a client account.

Dealing direct with a private individual you are on your own and if you pay him a deposit your money is not secure. One of the advantages of dealing through a broker - you avoid that risk.

 

[Sticky Fingers]

Some brokers offer this as an intermediary service, also document checks and the like. Which presumably costs a few quid but might well be worth it for peace of mind.

 

[PaulRainbow]

It's called a "client account". Not commonly used on a private sale i'd have thought, unless big sums are involved. If such a thing is needed, you could use an escrow company. Google for details.

 

[Daydream believer]

Direct sales can be risky without expert advice. A friend of mine bought a boat & 6 months later a finance company for the original owner reposessed it. The original chap had disappeared abroad so my friend had to pay of the loan to get the boat back. Using brokers or solicitors would have had their professional indemnity to fall back on i would expect

 

[rotrax]

Some brokers offer this as an intermediary service, also document checks and the like. Which presumably costs a few quid but might well be worth it for peace of mind.

We used John Rodrigues Yachts to do the conveyancing of our current boat-jonic of this forum.

His charges were modest compared to the price of the vessel which was not purchased through a broker but direct from the owner.

His services meant we were furnished with the proper paperwork so that when we sell in the future there will be no issues. His client account was used to hold the monies untill he had what he required from the vendor in the way of paperwork and had checked it was kosher, then the boat and paperwork came to us and the money went to the vendor.

I would not have been comfortable purchasing a vessel at the price we paid without a similar service-as A1GSS says, it was worth it for the peace of mind.

 

[[70521]]

When buying a boat through a broker the deposit is normally placed into an independent account. If buying a boat privately is an independent account still used so as to protect buyer and seller, if so how is this set up.

No.

It's just like buying a second hand car privately.

 

[Sticky Fingers]

We used John Rodrigues Yachts to do the conveyancing of our current boat-jonic of this forum.

His charges were modest compared to the price of the vessel which was not purchased through a broker but direct from the owner.

His services meant we were furnished with the proper paperwork so that when we sell in the future there will be no issues. His client account was used to hold the monies untill he had what he required from the vendor in the way of paperwork and had checked it was kosher, then the boat and paperwork came to us and the money went to the vendor.

I would not have been comfortable purchasing a vessel at the price we paid without a similar service-as A1GSS says, it was worth it for the peace of mind.

Yes that's exactly what I was thinking of thanks, knew I'd seen it somewhere!

 

[[3889]]

When I did the conveyancing on a house sale I set up a joint bank account with the buyer, which required both signatories for withdrawals. This was in the days when opening a bank account was less complex but it is still possible today.