Yacht purchase query

[White_Lady]

We have now agreed a price on a secondhand yacht. She is on the hard and unmovable till April. Should i hold back a portion of the agreed price subject to her basically floating and starting. 1996 boat circa 80k

Thanks

 

[photodog]

unmovable till April

Why?

Have you had a full survey?

Seems to me that its unreasonable to not be able to have a test sail before completion.

 

[Poignard]

We have now agreed a price on a secondhand yacht. She is on the hard and unmovable till April. Should i hold back a portion of the agreed price subject to her basically floating and starting. 1996 boat circa 80k

Thanks

You can try and negotiate any conditions you like - whether or not the seller will accept them is up to him.

Personally I would not accept your proposal because I would be making myself liable for the condition of something I no longer owned, 6 months after I had sold it.

 

[oldsaltoz]

We have now agreed a price on a secondhand yacht. She is on the hard and unmovable till April. Should i hold back a portion of the agreed price subject to her basically floating and starting. 1996 boat circa 80k

Thanks

I would think the surveyor would have advised you of any major problems.
You don't say when you take ownership under the agreement. This could mean you have time to fit out any items on board you would like to change.

If you plan to take ownership till you see it float and hear it run, you should put a condition on the sale, "Subject to sea trials". This means no money changes hands till after you have taken her for a run; make sure you use every item on board to ensure it works, check the condition of sails and rig etc.

Any payments made prior to ownership should be paid into a trust account, needing both parties to agree on any withdrawal.

Hope this helps.

Avagoodweekend......

 

[ianat182]

yacht purchase query

I think you should also clarify the insurance position too,is it your responsibility or the seller's in the event of damage, loss etc?

ianat182

 

[Tranona]

Unlikely the seller would accept that. The price should reflect the fact that you can't get it afloat and the seller should also recognise that a sale now is likely to be at a lower price than in the spring.

 

[David_Jersey]

As said already, you & vendor can agree anything you want.

But the agreement you have just made does not allow you to withhold any cash. If the Vendor agreed to that he would negotiate a new price on those new sale terms. Although if he is desperate (or an idiot) he might agree at the original price...........

 

[Deleted member 36384]

We have now agreed a price on a secondhand yacht. She is on the hard and unmovable till April. Should I hold back a portion of the agreed price subject to her basically floating and starting. 1996 boat circa 80k

Thanks

No you should take ownership now after a comprehensive and satisfactory survey or don't buy. As a buyer or a seller I like to conclude a sale with a clean cut off at time of sale.

 

[carrswood]

If I was the owner why would I want to effectively hold the boat off the market and wait for you to satisfy your necessary requirements in the new year?

I suggest you do eveything you can to encourage a launch

BTW - If you choose not to accept after re-launch you are obliged to pay to re-instate the vessel back on the hard

 

[BruceDanforth]

It's only when you try and go anywhere that things will break.

 

[john_morris_uk]

I imagine that she is in a yard and so surrounded by other yachts that it is impracticable and/or not economically viable to launch her before the other boats are launched in the spring.

If you are really worried about some aspects of the boat, then it might have been prudent to with-hold a portion of the sale price against them being proved in sea-trials. 10% might be reasonable? However if you have already negotiated and concluded the deal, its a bit late. The vendor can quite reasonably counter any such suggestion by saying that you have had time to look at and assess the condition of the items on board. You have presumably also had a survey done, so it leaves you with little room for negotiation.

The outcome now will depend on whether money has changed hands and what contract you are using for the sale.

 

[wotayottie]

Seems to me that its unreasonable to not be able to have a test sail before completion.

In which case I'm unreasonable. Would never agree to launch just for a test sail.

 

[oldsaltoz]

Originally Posted by photodog View Post
Seems to me that its unreasonable to not be able to have a test sail before completion.


In which case I'm unreasonable. Would never agree to launch just for a test sail.


I would not request a 'test' but am sure I nor you would by without a sea trial, do you buy a used car without driving it first.

Avagoodweekend......