Originally Posted by CaryG
............We want to be fair and decent so my question is do we make a formal offer now or after the survey is completed & reviewed with the surveyor?
Purchasing protocol calls for the following steps:
1. You to see the boat
2. Make a formal offer (it might be countered)
3. Both parties sign a purchase and sale agreement based on the offer
4. Conduct a sea trial (seller pays for captain
, if required) and surveys(s) (buyer pays)
5. Both parities sign Conditional Acceptance with Survey Allowance OR accept boat "as is"
6. Initiate title transfer
7. Both parties sign a final sales agreement with seller signature notorized.
8. Simultaneously with 7 Sign Insurance
Compliance Letter and obtain insurance
binder and receive title (local registration
OR Traveling Letter)
In the process inquire insurance early and have that ready to go before the final sales agreement. Insurance company will likely require a copy of the marine
survey and you will likely be required to sign an Insurance Compliance Letter to acknowledge that you will complete the marine
survey recommendations by a specific date.