Precautions in Buying a Boat

Sailing yachts and power boats are complicated pieces of machinery and at the same time they are both costly to purchase and maintain.

If the vessel you are considering to purchase has had little or no regular maintenance you could find it costly to repair.

Apart from the inherent safety considerations of your family and crew there may also be insurance ramifications.

Depending on the age of the vessel it may also adversely effect your ability to obtain insurance if you do have a current survey.

A marine surveyor will be able to help steer a safe course through the various pitfalls of buying a previously owned vessel.

A surveyor will be able to draw on considerable experience and understanding of the marine industry this combined with many years of hands on experience will help to identify any problem areas that could save both lives and considerable sums in maintenance costs.

Before you place a deposit on a boat you must be assured that the purchase is correct for you in all material respects. Do as much research as you can first and do not merely make a deposit on a whim or as is often the case when the sun is shining on the water!

When you find the correct boat for you and have made an offer which has been accepted at an agreed price then you would normally pay a deposit which would be made "Subject to Survey".

If the survey proves to be satisfactory and reveals no material faults then the onus will obviously fall on you the buyer to complete the purchase and if you do not then you probably will forfeit your deposit.

The majority of Yacht brokers will usually provide a draft sales and purchase agreement which the buyer would sign at the time he makes the deposit.

The agreement should contain a reasonable time frame to allow for the survey to be completed and should specify the conditions where the deposit may be refunded.

If one merely changes one mind and decide to buy another boat that has recently come on the market then you will undoubtedly forfeit the deposit and be considered a time waster if you withdraw from the sale.

Should a material defect be revealed which you could not reasonably of been aware of at the time of making your offer then the deposit should be refunded less any lift out costs or related expenses which have been incurred on your behalf.

Quite often the buyer will arrange and pay the boat yard directly for any lift out. Usually this is arranged with the vessel being held in slings during the lunch time of the boat yard.

Where a private seller requests a deposit (which is reasonable) one should make a similar agreement with them.

You then as the potential buyer will have an exclusive right to arrange to have the boat independently surveyed in order that you can complete the purchase within a reasonable time frame and be assured that the vessel has no material defects.

It is very good advice before purchasing a used vessel to use the services of a marine surveyor.