A few questions before making an offer

[riki]

Hi folks.
I am ready to make an offer for a cat in Turkey but i am not sure about a few things being my first boat:

- i am going without broker responding to a broker add. In case we manage to get a deal, broker commission is paid 100% by seller, right?

-before purchase i will get a full survey of the boat, i know that i have to pay the surveyor, but is it normal/common taht seller pays haul out?

-payment: of course i will use an escrow service, any recomendation on this one? Is it seller obligation to pay the price of the escrow service?

Thank you.

[Dieselmech]

Where I am from the final bill is payed before the boat is put back in the water. So if the survey fails the boat is left with the current owner meaning he pays the cost of haul out... if the boat passes then that would be the new owner paying the cost or final bill in the boatyard.

[B_Hunter45]

Hi,
1. Survey is on the buyer.
2. Escrow is on the buyer
3. The buyer has to bring the boat back to the condition it was before the survey, if the boat was in the water you have to put her back in the water, if the boat was on the hard you have to bring her back to where it was. Usually you do the survey in two stages, one on the boat as is, if passes then you take her out of the water or do a sea trail.
4. Broker commission: paid by the seller.

Under which flag is the boat? Personally, I don't do business with people from countries I do not know the law. The boat might have a lien or other legal complications, make sure you understand the legal system you work with.

[riki]

Thanx for the answers.

Originally Posted by B_Hunter45

Hi,
1. Survey is on the buyer.
2. Escrow is on the buyer
3. The buyer has to bring the boat back to the condition it was before the survey, if the boat was in the water you have to put her back in the water, if the boat was on the hard you have to bring her back to where it was. Usually you do the survey in two stages, one on the boat as is, if passes then you take her out of the water or do a sea trail.
4. Broker commission: paid by the seller.

Under which flag is the boat? Personally, I don't do business with people from countries I do not know the law. The boat might have a lien or other legal complications, make sure you understand the legal system you work with.

Good. Any tip regarding the escrow service?
The boat has a EU country flag. Might be useful a lawyer to check any kind of hidden aspects (debts)?

[john61ct]

And tax issues

[Emerald Sea]

Originally Posted by riki

Thanx for the answers.







Good. Any tip regarding the escrow service?

The boat has a EU country flag. Might be useful a lawyer to check any kind of hidden aspects (debts)?

www.escrow.com

The escrow fees would normally be to the buyer.

You’d be wise to use a local notary, of where the boat is flagged or purchased from, for the final sales agreement.

[Scaramanga F25]

Do yourself a favour and go SEE the boat for yourself.

[rosatte]

There is a u tube channel called sailing mermaid he tried to buy a cat failed survey and he still wanted boat broker promised to get all repairs done which didn’t happen so he walked away good info to see what can happen threw the buying process overseas and all the crooked brokers that are out there buyer beware

[David Mark]

There is always a story , this one goes like this , My friend was looking at buying a motorhome far away , the seller said it was in excellent condition , my friend told him " if I come all the way over there and it is a P O S I am going to beat the S--t out of you " the seller said " well its a little rough . He didn't go , Moral of this story " Go see it your self !!! with YOUR surveyor .

[grantmc]

If you need to ask such basic questions are you really sure you're ready to be buying a boat this big and complex, let alone a boat in another country?
There are all sorts of potential issues like VAT, liens, mortgage obligations etc. And of course if you do buy it, then (re)flagging, mooring, voltage? and insurance become your issue too.
Presumably the boat is ex charter, so set up very differently than required for a family, or even for sailing.
Sorry, just saying what is obvious.

[Dolphin460]

First time boat buyer buying without a broker; NOT SMART. The commission is cheap if you find the right cat broker and only a broker that deals in lots of cat sales, because they will know all the things that can save you a lot of expense after the purchase. But having said that, not all cat brokers are the same. I am 73, owned a marina that repaired boats, have owned a dozen boats of different kinds, and I have always hired the surveyor of my choice. My last purchase was a newly built cat and I used a broker that I picked after talking to dozens of people in the business to find the best cat broker out there in my opinion. You must always remember that it is really easy to buy a boat, but very difficult to sell one. STOP, don’t be in a hurry. There are many hundreds of cat for sale. As for where you are buying, I have been cruising the Med for just over 10 years and love it. Good luck and hope to see you on the water.

[thinwater]

Originally Posted by Dieselmech

Where I am from the final bill is payed before the boat is put back in the water. So if the survey fails the boat is left with the current owner meaning he pays the cost of haul out... if the boat passes then that would be the new owner paying the cost or final bill in the boatyard.

No, I don't think so. The buyer pays the survey and the haul out, unless you reach a different arrangement. One obvious problem is that there is not fixed definition of "failing" a survey, unless one was settled upon ahead of time. There are always faults, even in new boats; it is simply a matter of degree.

I've always see escrow as part of the closing package, paid by the seller.

A buyers broker is generally free, in the sense that the commission is split. Like real estate.

[Catapault]

Use a Buyers broker. Yes it costs a bit more, but they generally will get you a better deal, and know the pitfalls.

I did when buying in Turkey, worked out very well.
I used Sarp Gunnes of Evo Yachting in Bodrum, and he was excellent.


Regards

Mark.

[john61ct]

Buyer's broker usually paid out of seller commission, be careful about trustworthiness in this biz

[Dolphin460]

I wish to add to my earlier post. Are you buying this cat to cruise, i.e. live on most, or all of the year? Cats that are not owner designed cats are very hard to sell. The secondary market doesn’t like charter configured cats. Just my opinion.