subject: Ideas On Buying A Motor Boat [print this page] Ideas On Buying A Motor Boat
Yachts and power boats are extremely involved pieces of machinery and at the same time they are both costly to buy and maintain to a good standard.If the vessel you are considering to purchase has had little or no regular maintenance you could find it costly to maintain.Apart from the considerable safety considerations of your own life, family and crew there will also be insurance ramifications in having a marine survey.Depending on the age, make and type of construction of the vessel it will adversely effect your ability to get insurance cover if you do not have a recent survey.A yacht surveyor will be able to help steer you through the potential pitfalls of buying a previously owned vessel.A marine surveyor will be able to draw on very many years of real life hands on experience which would help to identify any problem areas that could save not only lives and considerable sums in repair costs.Before you make a deposit on a boat you must be assured that the potential purchase is totally correct for you in all material respects. Do as much research as you can first and do not simply make a deposit on a whim or as is often the case when the sun is shining on the water!If you find the correct vessell for you and have made an offer which has been accepted at an agreed price then you would normally make a deposit which would be made "Subject to Survey" very similar to someone purchasing a house.If the independent survey is satisfactory and displays no important faults then the onus will naturally fall on you the buyer to proceed with the purchase and if you do not go ahead undoubtedly you will lose your deposit.Most boat brokers will be able to provide a draft sales and purchase agreement which the purchaser would complete at the time that he makes the deposit.The agreement should contain a reasonable time frame to allow for the survey to be completed and should specify the conditions umder which the deposit may be refunded.If one simply changes ones mind and decide to buy another boat that has just come on the market then you will undoubtedly lose the deposit and be considered a tyre kicker if you walk away from the proposed purchase.Should a material defect be identified which you could not reasonably of been aware of at the time of making your original offer then your deposit should be paid back less any costs or related expenses which have been incurred on your behalf.More often than not the potential purchaser will arrange and pay the boat yard directly for the lift out costs. Usually this is arranged with the vessel being held in slings during the lunch time of the boat yard.When a private seller asks for a deposit (which is reasonable) one should make a similar agreement with them.You then as the buyer will have an exclusive right to arrange to have the boat independently surveyed in order that you can complete the purchase within a reasonable time frame and be assured that the vessel has no material defects.That ever so well well known phrase "Caveat Emptor" buyer beware comes to mind and the more detailed information you have will leave you better prepared before any considerable outlay.It could be very sound advice before agreeing to buy a used vessel to employ the services of an independent boat surveyor.
welcome to Insurances.net (https://www.insurances.net)
