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Old 09-08-2009, 02:12 AM   #1
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Just had a request to lay out the steps in buying a boat - so here goes. Not complete by any means and not necessarily in the order given. Another factor is that the process may differ in different countries. So please, let us have corrections and additions that we can use to complete a fact sheet.

What are the steps when buying the boat ? When you have found a boat that meets your dreams, your plans, your budget :-

THE boat has been Identified

1st Step :- establish what is being sold

#1. Obtain detailed inventory of what is being included in the sale of the Sailing Boat model

432, "SV Sunshine Forever" Singapore registry # SZ175293

#1a. Ask to see copy of Registry Extract.

#1b Ask the Owner to specify what is not included in the sale of "Sunshine Forever"

#1c Ask the Owner to confirm in writing that there is no legal or civil impediment which would preclude the sale of the boat to you.

#1c.1 It may be necessary to satisfy yourself through a due diligence process re. #1c

#1d Ask the Owner if all taxes, fees and any costs relative to this boat have been paid.

2nd Step :- Conditional Offer

Once you satisfied with written answers given to the requirements set down in section #1 above, then proceed to the 2nd Step.

#2 . Make an initial offer (in the currency of your choice) subject to a satisfactory out of the water 'condition and valuation survey' by a surveyor of your choice, #2a. Ask the Owner to consider that offer and respond to it, in order that you may take the purchase further or not, as the case may be.

#2b. If the Owner agrees on an amount being offered for the purchase and to the terms of that offer for the Sailing Boat model 432, "SV Sunshine Forever" Singapore registry # SZ175293.

#2c. Then a brief agreement should be written up and signed by both parties.

3rd Step:- Appointment of Surveyor

#3. Contact a Surveyor - Ask him if can do the survey - at a place, on a date.

#3a. Establish what exactly what you want him to survey , in terms of condition and valuation..

#3b Ask the Surveyorto confirm what his report will contain.

#3c. Obtain an quotation from the Surveyor in writing - which includes all other expenses related to travel, accommodation etcetera.

3d. Ask the Surveyor if he will join a sea trial of the boat as part of the survey if the initial survey is satisfactory.

4th Step:- Sea Trial

#4. Once the survey findings and recommendations have been accepted by the owner, and his written agreement to either pay for the costs that may be incurred to make good any deficiencies found or reduce the agreed price of the boat commensurately, then

#4a.. Obtain agreement from the Owner to conduct a Sea Trial of the boat from a agreed place and time - the Owner sailing the boat in the presence of the buyer and/or his agent/s.

5th Step :- Completion of Sale



#5. Once all the above are completed to the satisfaction of both parties, then

#5a A bill of sale is made by the owner for the buyer - (Your Surveyor should advise on what it should contain.)

#5b. The Owner is paid in accordance with the joint understanding.

#5c Take possession.

6th Step :- Register Boat in a Port of Registry

#6. It may be necessary to first cancel the Singapore Registration (the owner should be able to advise)

#6a Once you have all documentation complete - re-register in a port of your choice.

What's been left out ?? Ask for all equipment manuals . It is possible that the fuel tank will have to be emptied and thoroughly cleaned, ask Surveyor.

Shaft seals on engine, gearbox and generator made need replacing as they may have hardened and will leak - hoses - etcc.
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Old 09-08-2009, 08:45 AM   #2
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That is a great start to compiling a good list. Thank you.
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