Question about Boat Surveys

[liveaboard60]

Originally Posted by skipmac

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If you plan to sell a boat with the option to take another offer at any time, even after a valid buyer has put down a deposit and spent a good deal of money on a haul, survey and sea trial I think you will have trouble finding anyone that will accept those terms. If a seller insisted on that option in a sales contract I would then insist that the contract also include a clause giving me a full refund for any expenses I had incurred in the process.
<snip>

I can't think of any reason I would ever consider providing a deposit and signing a contract to purchase a boat if the seller had the option to back out of the deal.

And yes, I would never consider providing a deposit and signing a contract to purchase a boat unless I had the option to back out based on trail and a surveyor's finding.

flk k

[reed1v]

Its a buyer's market for boats so a seller can not demand much unless they have a real chump on the hook.

[skipmac]

Originally Posted by reed1v

Its a buyer's market for boats so a seller can not demand much unless they have a real chump on the hook.

Well, they say there's a sucker born every minute so anything is possible. After all, how many people fall for the Nigerian prince with $10,000,000 scam?

[Teknishn]

Jesus! I asked a simple question, had some informative feedback on the first page of this thread. Now here we are..4 pages later discussing the need for contracts, buyer's rights, seller's rights, etc., ad nauseum. Am done here...please continue to debate amongst yourselves.

[Cheechako]

One thing to keep in mind is you are the Buyer, you are in control. Never give that up. Write anything you want into the contract, or cross it out and negotiate.

[denverd0n]

Originally Posted by Teknishn

Jesus! I asked a simple question, had some informative feedback on the first page of this thread. Now here we are..4 pages later discussing the need for contracts, buyer's rights, seller's rights, etc., ad nauseum.

Well, of course. You do know that this is how pretty much EVERY internet discussion goes, don't you?

[reed1v]

Originally Posted by skipmac

Well, they say there's a sucker born every minute so anything is possible. After all, how many people fall for the Nigerian prince with $10,000,000 scam?

That was a scam??

[skipmac]

Originally Posted by reed1v

That was a scam??

Don't tell me that you really collected your 10% fee?

Boy am I kicking myself now for passing it up.

[reed1v]

Originally Posted by skipmac

Don't tell me that you really collected your 10% fee?

Boy am I kicking myself now for passing it up.

Gee, why are folks down on Nigerians? Just because they have lots of money to give away? Now about that bridge for sale....

[cards26]

Originally Posted by skipmac

Well, they say there's a sucker born every minute so anything is possible. After all, how many people fall for the Nigerian prince with $10,000,000 scam?

You mean I'm not going to get the $10,000,000?

[skipmac]

Originally Posted by reed1v

Gee, why are folks down on Nigerians? Just because they have lots of money to give away? Now about that bridge for sale....

I'll trade you my south Florida real estate for your bridge. I'm pretty sure the property is no more that 6-12" under water, at least during the dry season.

[skipmac]

Originally Posted by cards26

You mean I'm not going to get the $10,000,000?

Of course not. You only get a 10% fee for helping him smuggle the money out of the country.

[wavestimulus]

Originally Posted by Fishman_Tx

There is no "one way" to do it. A broker or an association of brokers may have a standard contract they prefer to employ, but there is not necessarily law or other that specifies "required" contingencies.

Our contract was "30 days, no deposit, purchase based on boat condition and acceptable result of a marine survey and sea trial".
JMHO

Meaning : for 30 days the seller cannot accept another offer or change the offer price ? And the buyer has 30 days to accept or refuse or ask for a revised price based on the survey results ?

Any example of a contract (with the necessary legal terms to protect the buyer) ?
And, about the survey, once the transaction is done, would most insurances require to see the survey ?

[skipmac]

Originally Posted by wavestimulus

And, about the survey, once the transaction is done, would most insurances require to see the survey ?

A survey is generally required for insurance so yes.

[Teknishn]

All,
Somewhere along the way in this thread things got lost along the way. As I stated over a couple of my posts here, I am repatriating to the States after living abroad for 19 years (last visit to the States was in 2007). I also stated that the boat is a 27-year old pocket cruiser that is really not worth the cost of a survey (It's priced under $10K). This will be my home for 6-months to a year after I return to the States for reasons given in my earlier posts. Am doing the survey before I book a flight back so that I know that I have a place to go to upon my return to the States which is a functional vessel to whatever degree the survey the results provide. The REAL purpose of the survey is to know what condition the hull, sails and running rigging, engine and steering systems are in. Everything inside the boat is something that would require maintenance at sometime anyway....so not particularly worried about most of that (except electrical systems of course).

And no, no contract. The seller has already dropped his asking price by the amount required to purchase a new mainsail and an autopilot. E-mails over the past couple of months indicate that the owner, who is upgrading to a larger boat, just wants to offload the boat. Contracts have not been discussed and it will be a cash purchase. Am having the survey done for my own peace of mind before I jump. Would rather pay a few hundred for a survey now than pay a few thousand for a boat only to find out that, despite the pristine condition advertised, there's a cracked diesel head, stretched sails, massive delamination, and no toilet.

With all of that being said...When I buy a bigger boat (notice that I did not say "IF" I buy a bigger boat), A lot of the advice provided in ya'lls posts will be taken into account. And that's me saying Thanks BTW.....