Quote:
Originally Posted by Reverend Rufus
I have found out who the dealer was and they acted upon behalf of a government institution. A government institution that the present owner used top be with prior to purchasing the yacht. |
If the boat is on Part 1 (sounds like it is) then can get a full transcript of owners back to new as well as do the search that no debt secured on the boat.
Just to say that whilst Part 1 does have the capacity to register loans etc against a boat it is not compulsory to do so - although someone lending as a boat mortgage would be an idiot for not doing that, and in practice any
commercial lender would - but it is not 100% definative, nothing is! (a private lender might not be aware or simply not have bothered - or the Owner could have pledged all his assets to a bank). In practice 99% seems to
work ok, at least 99% of the time!
What is the norm is for the Bill of Sale to
record that the Vendor is selling the boat at £XXX
price, with VAT and all applicable
taxes paid and "free of all liens and encumberances". Of course just because someone signs a bit of paper does not guarantee it is true, but most folks are strangely honest - or at least unwilling to sign a lie! Plus it gives you half a leg to stand on if things turn out to be less than true - especially as time goes by.
Appreciate that time does appear to be of the essence, but usual MO is to initially sign a Sale Agreement (if no
broker involved can likely snaffle something off the internet) - whether a deposit is paid of 10% or £1 is largely irrelevant (and simply a matter of negotiation), but what it gives both sides is a certain time frame (usually a couple of weeks - but could be a month, but it's whatever works for both sides) to complete the deal, or not.
In practice enough wiggle room for a buyer to back out if the
Survey (or own later inspection) reveals something that affects either the value (and which can't be re-negotiated into the price) or simply the desire to own the boat because not as expected when valued, but nonetheless provides some certainty for the Vendor that, all things being equal, the boat will be sold by a certain date - which should take most of the time pressure off both sides. That does not automatically mean that the boat goes "Off the Market" (still listed and even viewings) but it will mean that you have first option to buy within the agreed timescale.
Not to say that you can't proceed on just a handshake and then close with a Bill of Sale and exchange of
money as soon as you want - just that if you are paying out for any expenses and putting time and effort in (Survey? /
Haul out? /
Marine Engineer? / Sea Trial?) before closing the deal that the Vendor could sell to someone else (with a higher offer?) and you would be out of pocket with no recourse (not to say that many ever go to court over a boat sale agreement even when the other side clearly breaks it - usually not worth the cost and hassle)......very likely all will go smoothly
, but forewarned is forearmed.
Interested in smart boat technology, networking and all things tech
Linear Mode
Recent Discussions