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Old 16-01-2014, 04:40   #1
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Private buying? Not getting ripped off due to theft of debt?

Just say I want to buy a 200K boat privately, how can I be sure that the boat I am buying is legit? Is the seller even allowed to sell the boat (say a divorce) or if its stolen? Or if money is owning etc?

How do I protect myself against fraud?
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Old 16-01-2014, 05:39   #2
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Re: Private buying? Not getting ripped off due to theft of debt?

Just as when buying property I'd recommend using a professional who will do the title searches.

In Oz you register your boat (Boat Registration - Maritime), and the title will show ownership. If you are worried that the titled owner is selling a boat that might be his or hers, then I'd recommend either walking away or getting a solicitor's professional opinion. If there is a lien on the boat it will be noted in the title.
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Old 16-01-2014, 15:06   #3
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Re: Private buying? Not getting ripped off due to theft of debt?

Find yourself a broker who'll work on your behalf. You're only fooling yourself if you think that you'll get a better deal working without a broker.
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Old 16-01-2014, 21:21   #4
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Re: Private buying? Not getting ripped off due to theft of debt?

I know CF is cheaper, but I think you should find and ask a local solicitor.

If you try to do your own title search, you'll still need to find out where and how to start it. If the results of a title search require verification, or an affidavit or something, the solicitor is the one who could best advise you, I would guess.

Good luck,

Ann
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Old 16-01-2014, 21:34   #5
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Re: Private buying? Not getting ripped off due to theft of debt?

Quote:
Originally Posted by Kenomac View Post
Find yourself a broker who'll work on your behalf. You're only fooling yourself if you think that you'll get a better deal working without a broker.
The way to get a better deal is to know the market and know how to negotiate, whether you have the support of a broker or not.

If you don't know those things, then you'd better have a good broker, as you are trusting them with your money.
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Old 16-01-2014, 21:45   #6
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Re: Private buying? Not getting ripped off due to theft of debt?

I am not using CF as a substitute for real legal advice. I just like to hear peoples various thoughts. I have spoken to Factor (a broker) who has given me some advice and may be able to help.

I will be leaving the negotiation to myself. The broker/solicitors job in this case would be to ensure the deal is legit. The boat is for sale privately, the owner is interstate and has friends showing the boat for them making the whole thing very complicated legality wise.
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Old 17-01-2014, 02:26   #7
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Re: Private buying? Not getting ripped off due to theft of debt?

Other than a yacht broker, what kind of solicitor/lawyer would I be looking for?
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Old 17-01-2014, 03:13   #8
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Re: Private buying? Not getting ripped off due to theft of debt?

If the vessel is registered as an Australian Ship, the legal title is clearly detailed on the register along with any liens or such like.

A search of the title details are available from the registrar for a fee.

This will tell you who owns the boat, then all you have to do is determine if the identity of the seller, matches the registered owner.

If the boat has not been placed on the Australian register, then your options are vastly diminished.
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Old 17-01-2014, 03:14   #9
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Re: Private buying? Not getting ripped off due to theft of debt?

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Originally Posted by dennisail View Post
Other than a yacht broker, what kind of solicitor/lawyer would I be looking for?
Maritime law...
Boatman61 knows a good one in Perth WA
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Old 17-01-2014, 03:17   #10
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Re: Private buying? Not getting ripped off due to theft of debt?

I don't believe the boat is Australian registered. Is a maritime law expert really necessary for something like this?
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Old 17-01-2014, 03:38   #11
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Re: Private buying? Not getting ripped off due to theft of debt?

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Originally Posted by dennisail View Post
I don't believe the boat is Australian registered. Is a maritime law expert really necessary for something like this?
Probably not but you did ask "what kind of solicitor/lawyer would I be looking for" and a maritime lawyer would know more than any other.

My extremely limited experience with Maritime lawyers is that they don't get involved with recreational boats that much unless your pockets are quite deep.

Presumably the vessel is state registered so that is a small start to determine if the seller is the owner but doesn't help to sort out if the owner has a clear title to sell it.

Good luck with the search.
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