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Old 15-06-2009, 19:04   #1
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'Contract Before Boarding Boat!' - ?

I recently enquired about having my surveyor coming to view a boat to see if it is worth doing a full survey. I was told now you must submit a contract prior to boarding the boat. This is through a brokage firm out of Calif. I am new to this, but I have booked appointments and viewed boats on many occassions. I have never heard of this. They are tell me of Liab. issues. I told them I was out of state and told them who the surveyor was, they knew him. What's up with this? I don't understand.
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Old 15-06-2009, 19:23   #2
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Bad sign. 1st impression, if they're being that careful it may be because they have a lot to fear. Why should they have so much to fear?
It's a buyer's market, buy from someone reasonable.
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Old 15-06-2009, 19:28   #3
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I hadn't thought it was fear, but, I do find it very very odd. But I am inclined to agree.
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Old 15-06-2009, 19:34   #4
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Contract before survey is right.But not to show a boat.
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Old 15-06-2009, 19:34   #5
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Maybe not personal fear but they're going a long way to protect themselves from something. The contract is to protect them or to give them some advantage. Either way...
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Old 15-06-2009, 19:41   #6
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They asked for a contract to be signed but no monies needed to be exchanged until I order the survey. All I ask was to have my representive view the boat on my behalf to see if I might want to make and offer. The gentleman told me not to submit anything lower than the list as the owner (a boat yard would not accept any other offer). In addition, he said "I am not trying to kill the deal but that is how we do things here.

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Old 15-06-2009, 20:08   #7
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If a boat yard is the owner, they probably own the boat because of unpaid yard bill. They may be unwilling to accept less than the value of the work they performed. If it's really a good deal, make them an offer and have your guy look at it. If it's not a good price, walkaway.

One of my dockmates recently bought a Catalina 36 for around $30,000 from a boatyard. Owner bought the boat in SoCal and had it shipped to SF to the yard. He then had the yard do a ton of work to the boat, new rigging, canvas, new mast, engine work, etc, etc. and then walked away. Apparently the economy tubed his business and he ended up with no income and no reserves. The yard got title to the boat on a mechanics lien and sold it for the work done.
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Old 15-06-2009, 20:15   #8
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I guess I take issue with the process, and with a broker telling me the amount I must submit to even view the boat. I know the yard owns the boat it was as much said. But, if I offer the asking price and I don't think that is what it is worth, can I lower the offer???
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Old 15-06-2009, 20:17   #9
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They may not be hiding anything, I don't think it is unusual. That is the norm. If you didn't tell them or if they didn't know it was a surveyor then it might work, but he would not be allowed to go through the boat like a survey. Also, I am surprised the surveyor agreed to do this. The key is to send someone to look at the boat friend etc, take pics, if you like it make a contract, then have the sea trial and surveyor pre survey(if you want). I am also surprised the brokerage would allow a any kind of survey without earnest money, they are supposed to be protecting the boat owner.

BTW- this process protect you, you do not have to buy the boat-the contract will be pending you inspection, sea trial and survey.


What kind of boat?
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Old 15-06-2009, 20:19   #10
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What does the contract say? Does it include an offer price?

Depending on what is in the contract, I would be fine with it. No monies change hands. The contract has an initial offer with a caveat to lower the offer based on survey findings. You don't like the boat or the findings you walk away.

The contract probably has a liability waiver to protect if you or your agent are injured as a part of the process of buying the boat. Especially if the boat is actually owned by the business. Someone falls off the boat or injures themself while acting as your agent someone will get sued.

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Old 15-06-2009, 20:21   #11
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I didn't realize that the brokerage house wanted money to just "view" the boat, that is unusual. unless this is a million dollar boat---Run.
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Old 15-06-2009, 20:30   #12
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It is a 1981 41' Lord Nelson. No they don't want any money they just want the contract. I haven't recieved the contract so I'm not sure about the verbage.
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Old 15-06-2009, 20:55   #13
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I was a yacht broker many years ago and never heard of requiring a contract before allowing a prospective buyer to view a boat. Sounds like a great way to drive away customers.

Could be a naive seller who thinks it will eliminate tire kickers but I would look very carefully at whatever they asked me to sign. Make sure you have a clear, easy, no cost, no liability bail out clause.
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Old 15-06-2009, 21:08   #14
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I agree with skipmac, You could also go to your broker house (you said you had someone) and ask for the big honcho and see what he thinks about it, if he has ever needed to do this etc. If you don't have anyone, I can get someone PM me if you need anything.


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Old 15-06-2009, 21:17   #15
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That's insane. That would be like a real estate agent charging money to see an open home. I would not do it. Its a buyers market. If anything, they should be paying you to look at their boat.
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