So you have found the boat of your dreams in the boating adverts. What is the process to purchase it? The following notes will hopefully unravel the mystery.
Contact the broker by phone, mail or e-mail to determine whether this boat is as you expect. Make an appointment with the broker to inspect (if you make an appointment you will receive more of the broker's attention).

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 you need to secure the boat by placing a holding deposit. Make sure the deposit is subject to you getting a satisfactory survey (out of water inspection) and satisfactory test sail/run. The deposit should be refundable to you if you are not satisfied (expect to pay for the slipping, test sail/run and admin. costs if you don't go ahead with the purchase), these costs will be paid by the vendor if you go ahead. Any inspection costs will be paid by you. Surveyors charge between $20 and $25 per foot of boat length, engine inspections are from $100.
These inspections are worth doing since most insurance companies won't insure the boat without a survey. And there is no warranty on used boats.

The test sail/run 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.

Your broker should 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 negotiation will depend on the sale price.

At this stage the broker 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, your broker will give you a quote for this and arrange a cover note for you.