So you have found the boat of your dreams! What is the process to purchase it? The following notes will hopefully unravel the mystery.
Contact us by phone, mail or e-mail to determine whether this boat is as you expect and if so make an appointment to inspect the vesel. Due to the nature of our business we are often out of the office so to avoid any disappointment make an appointment.
Your initial inspection should really be an overview. Does it look as expected from outside? Does it feel like your style of boat on the inside? Has it been properly looked after? Remember if it has a bargain price there will be reasons for the price. Ask yourself if the obvious work needed doing warrants the low price.
If all appears to be suitable to your desires and your offer has been accepted you need to secure the boat by placing a 10% holding deposit. The offer is subject to you getting a satisfactory survey (out of water inspection) and satisfactory sea trial. The deposit should be refundable to you if you are not satisfied (expect to pay for the slipping, survey and admin. costs).
All inspection costs will be paid by you. Surveyors charge between $20 and $25 per foot of boat length, engine inspections are from $100 per hour. These inspections are worth doing since most insurance companies won’t insure the boat without a survey if the vessel is more than ten years old . And there is no warranty on used boats.
The sea trial is primarily to:
1. Ensure that motors start and run normally, go ahead and astern, and don’t overheat on the test.
2. See if instruments function normally.
3. Make sure the steering systems function normally.
4. Ensure that sails, where applicable, hoist properly and all sailing aids (winch handles, sheets, shackles, running rigging etc) are aboard.
We will negotiate with the vendor to allow for or make good any discrepancies discovered during the above inspections. Bear in mind that you are not buying a new boat and further price negotiation’s will depend on the sale price.
At this stage the we will prepare a selling agreement which will set out all details of the sale (buyer and seller’s name, a detailed description of the boat and equipment, the agreed purchase price and a settlement date) for the buyer and seller to accept and sign.
If you want to take possession of the boat on settlement, you will need to settle with cleared funds. If not you should allow 3 days for clearance.
You now own the boat of your dreams!
There are a few other things to take note of:
1. You will receive an invoice and registration paper for the boat, take these to your nearest NSW Maritime office to transfer the boat registration into your name. There is a fee of $24 for this transfer.
2. There is no stamp duty payable on the transaction.
3. It is recommended you take out a comprehensive insurance policy at time of settlement, we broker will give you a quote for this and arrange a cover note for you.