You have to be prepared to dedicate both time and patience to find the right boat. The ideal boat should suit your needs and fit your budget. Once you find the boat you are looking for, there are a couple of steps you must take before making the final offer. In addition to finding the right boat surveyor Annapolis, here are the additional steps you should take when buying a boat.
More often than not, you will find the boat you want online or on other advertising platforms. Go through the details to make sure the boat ticks all your boxes. If you are convinced the boat is perfect for you, the next step you should take is to contact the seller to arrange a viewing. It is after arranging viewings that negotiations start. Start by asking the seller what will be included such as the safety equipment, tenders or sails and so on. If you are still convinced this is the boat for you, you can go ahead and make arrangements for a boat surveyor Annapolis trusts to come in.
Check the title documents
While a boat surveyor can help confirm the accuracy of the title documents, it is good to check them yourself to make sure the seller owns the boat 100%. You don’t want to pay for a boat survey only for the deal to fall through because the seller doesn’t own the boat 100%, do you? You also need to ask if the boat has a marine mortgage and ensure it is free from charges, debts, liens or encumbrances. You should ask to see any document that is related to the boat. Ask for evidence that the boat has VAT paid or is VAT exempt.
Sign the contract and pay a deposit
If everything is in order, it is time to sign the Sale and Purchase Agreement or any other contract. The contract must capture everything you agreed on. Keep in mind that the contract is legally binding and must be signed by both parties. Ensure a pre-agreed inventory is attached to the contract. You should then pay a deposit in order to be allowed to perform a marine survey. The deposit is usually 10% of the selling price.
Get it surveyed
Irrespective of how good a boat seems to be, never take it home without getting a marine survey done. This is more so if you are targeting a used boat. A marine survey will reveal any issues the boat may have and help you understand its fair market value. A sea trial will also be done to know how well the boat performs. If the survey report is satisfactory, you can go ahead and pay the balance. However, if the boat has too many issues and you don’t wish to proceed with the sale, the seller will refund the deposit.