Private Purchase - Australia. Advice Needed

[HGR]

Finally ready to get my first proper boat, been lurking and reading for a while now. Covid has delayed plans somewhat and has added some complexity to my purchase. I am currently based in New Zealand but had committed to moving to Oz before C19. Got stuck back here during the transition. All of my belongings are there and have completely sold up here. I now have my visas sorted and tickets confirmed for a November move. 4 months behind schedule.......

Here is where the (primary) issue lies. I was negotiating a boat prior to the delays and had planned on being there in person for the survey and haul out. I'm likely not going to have that opportunity now as the boat that I was looking at, according to the owner, is gaining interest. I do believe this to some extent as I've just seen 2 similar models that were on the market for close to 12 months both clear within 3 weeks.

We're not talking huge value here, approx $70k all up. I actually don't mind buying it sight unseen once the survey is done as I have extensive photos and the survey would only confirm condition. I've bought sight unseen in the past with good results.

What I am very nervous about, is transfering funds and having something go awry and the whole situation getting very messy.

So, the $70,000 dollar question, is there a tool or legal instrument in Australia that would allow me to confidently purchase this vessel? Open to ideas.

[olaf hart]

If there is a broker involved, they usually have an escrow account, ask them what the story is.
If it’s a private sale, you are largely on your own, I used an escrow broker in the US, but haven’t seen one here in Oz..
Could be wrong though.
Do you know anyone here you can ask to be your agent?

[HGR]

Thanks mate. Yeah buying out of the US via a broker has been my previous experience. They're pedantic but dot all of the I's etc. As far as having someone on the ground, I do have a mate over there who could likely help but would be a bit of a mission organising logistics to get him there and the boat back, he's nautically challenged. It's about 1000kms from just north of Sydney to Mooloolaba. Debating doing something like 20% down post survey and 80% on delivery +airfare for the owner. I could have my mate transact it that way. Saves mucking around trying to drive across state lines as well.

[Fore and Aft]

Here in Queensland I have seen a few private deals go south then the seller refuse to return the deposit. Good luck getting your mate across the border unless he is a Footballer or doesn't mind two weeks in quarentine.
What sort of yacht are you looking at?
Cheers

[HGR]

Cheers mate, I was a bit curious about anyone traveling around. The boat is located a few hours north of Sydney so not a hotspot but didn't realize it was still completely shut. Just had a look.

I'm looking at an older Bertram. Not exactly a trawler but the fam and I like our weekend cruises and when I get the opportunity I load up the game gear and head offshore. Generally speaking though, our trips are weekends away doing a bit of fishing and island hopping.

[boden36]

You may need to work through a solicitor and a trust account, similar to a house purchase.

Regards,
Richard

[Macsea]

Relax, good boats come up for sale every week, save yourself the stress, get your move sorted first then go shopping in person when you are here and enjoy the experience.

[Bundyon]

Hey mate, is this boat a 28 Berty in Coffs? If it is, I looked at that boat for my son, it is a beauty. My son's wife changed his mind and they bought land instead!
I'm berthed in Coffs Marina. I would suggest using a solicitor for transfer of funds during purchase. Might cost a few extra dollars, but definitely peace of mind.
If I can help in any way, let me know!

[KiwiKen]

Originally Posted by boden36

You may need to work through a solicitor and a trust account, similar to a house purchase.

Regards,
Richard

Sound Advice, a good lawyer should keep you safe against a vendor with Ned Kelly's ethics. At $400 per hour plus GST it could be money well spent.


The Queensland Law Society runs a find a solicitor service.



https://www.qls.com.au/For_the_commu...nd_a_solicitor

[HGR]

Cheers for the advice guys. I would have to agree on going through the solicitor. Spoke to one today and also spoke to the owner. All falling in the too hard basket for everyone on that end so looks like I may have to play the waiting game.

[KiwiKen]

Covid.19 has slowed the market right down, primarily because most people are not prepared to buy sight unseen, and i suspect that many potential sellers can't be bothered listing when there is a very low level of market activity. Even trying to sell second household items that normally have a good second hand market is fraught thanks to Covid.19 .


Buying a boat can be a bit like getting married - marry in haste and repent at leisure.


Good luck with your quest, with patience you'll find what you want, and it should be at the right price, it will be a buyers market for some time.


Queensland borders have been shut for an eternity, go outside the state, and you have to Hotel quarantine at your own expense, unless you are extremely wealthy or are an AFL player or official - sorry forgot a well known A list film star from the list.
Doubt that Queensland borders will reopen before the State Parliament elections

[Djarraluda]

Originally Posted by olaf hart

If there is a broker involved, they usually have an escrow account, ask them what the story is.
If it’s a private sale, you are largely on your own, I used an escrow broker in the US, but haven’t seen one here in Oz..
Could be wrong though.
Do you know anyone here you can ask to be your agent?

I had an agent name of "Colin Plant" at Mooloolaba some 3.5 yers ago when I bought the Farr, he was excellent to me as the purchaser and very keen to help all he could, went way beyond what a selling agent would do for most purchasers. Totally trustworthy and highly recommended. He can help you to find all surveyors etc needed, then you just need a solicitor for the money as they all have the equivalent of an escrow account - mind you, so do real estate agents, but that is another story again.

"Colin Plant <colinp60@hotmail.com> " it has to be worth an email to ask him.

Roger