First Time Boat Owner

[Russell James F]

Hi there, I am about to buy a second hand catamaran privately and need some buying advice. I have paid a deposit and take ownership on 1st Sept. How do I go about this and what are the correct procedures?

[Neo]

If you're a first time boat buyer, hire a marine surveyor to survey the boat before you make the purchase. Your deposit should be refundable if you find something you don't like and want to back out of the deal.

If she is on the hard, leave a portion of the purchase price in escrow to pay for problems discovered during the sea trials after the purchase .

When we purchased a boat we submitted a standard purchase a sales agreement from the yacht brokers association of america along with the deposit. After the boat was surveyed, we signed an "Acceptance of vessel" form and received a bill of sale from the previous owner.

[S/V Illusion]

Originally Posted by Russell James F

Hi there, I am about to buy a second hand catamaran privately and need some buying advice. I have paid a deposit and take ownership on 1st Sept. How do I go about this and what are the correct procedures?

WAY too little info here. Is this a 50 ft boat or a 15 ft boat for $300? The difference in buying procedures is huge depending on the size.

[denverd0n]

If you've paid a deposit then I would assume you must have some sort of contract. What does it say? Are you dealing with a broker, or directly with the seller?

[Russell James F]

Originally Posted by Neo

If you're a first time boat buyer, hire a marine surveyor to survey the boat before you make the purchase. Your deposit should be refundable if you find something you don't like and want to back out of the deal.

If she is on the hard, leave a portion of the purchase price in escrow to pay for problems discovered during the sea trials after the purchase .

When we purchased a boat we submitted a standard purchase a sales agreement from the yacht brokers association of america along with the deposit. After the boat was surveyed, we signed an "Acceptance of vessel" form and received a bill of sale from the previous owner.

Thanx for the prompt reply, much appreciated. We did complete the offer to purchase form which was accepted and we paid the 10% deposit. She is a 40ft cat with dual registration ( SA and Grenadines ). She comes out of the water on 26th Aug - this is when I will have her surveyed and thereafter pay the money over .... should all go well that is! I will then do the 'acceptance of vessel form' and finally the bill of sale. Many Thanx!

[Russell James F]

Originally Posted by S/V Illusion

WAY too little info here. Is this a 50 ft boat or a 15 ft boat for $300? The difference in buying procedures is huge depending on the size.

Thnx for the quick reply....much appreciated. She is a 40ft cat 2006 model. We have completed the offer to purchase form and on acceptance thereof we paid 10% deposit. She will be slipped on 26th Aug for hull inspection and thereafter acceptance certificate and bill of sale issued on final payment! I hope that is the correct course of action! Many thnx!

[Russell James F]

Originally Posted by denverd0n

If you've paid a deposit then I would assume you must have some sort of contract. What does it say? Are you dealing with a broker, or directly with the seller?

Thanx for the prompt reply. It is a private sale between seller and me. We signed an offer to purchase contract and paid the 10% deposit on acceptance thereof. She is a 40ft cat. She will be slipped on 26th Aug and the hull inspection done - if all is satisfactory then we will sign the acceptance certificate and thereafter get the bill of sale, apon final payment. Is that the correct way forward? Thanx again for your input - much appreciated!

[denverd0n]

That's pretty much the normal way it is done in the USA.

You use the word "slipped" to refer to what we here usually call hauling the boat out. As such, I'm guessing you are not in the USA. Correct? If so, the usual procedures where you are (or where the boat is) may be different.

Because this is an international forum, it is best for questions like this to be as specific as possible. So where are you, and where is the boat?

[Russell James F]

Originally Posted by denverd0n

That's pretty much the normal way it is done in the USA.

You use the word "slipped" to refer to what we here usually call hauling the boat out. As such, I'm guessing you are not in the USA. Correct? If so, the usual procedures where you are (or where the boat is) may be different.

Because this is an international forum, it is best for questions like this to be as specific as possible. So where are you, and where is the boat?

Apologies, first time on the forum....thought everyone new I am in South Africa ( as per subscription form ). Boat is also here. It seems to be internationally standard procedure. Thnx again!