When buying a pre-owned boat, it is always wise to get a professional Annapolis marine survey done. The purpose of the survey is to reveal any issues the boat might have. The survey will also help you understand the fair market value of the boat thus keeping you from paying too much for it.
There are four key reasons why you might need a marine survey in Annapolis:
- To get assurance on the true condition of a boat.
- Document all the issues a boat has and get an estimate of how much the repairs will cost.
- Understand the market value of the vessel
- For insurance and for lending.
The above are the main reasons why you might need a boat survey to be done. A boat survey can be requested by either a boat owner or a boat buyer. They both benefit from the service. But who typically pays for a boat survey?
Who pays for the survey?
In almost all instances, the buyer of a boat is the person that hires and pays a boat surveyor. This is because when buying a used boat, you want to get as much information about it as possible. It is only by working with an experienced marine surveyor that you will be able to get all the details including those that might have been missed or concealed by the seller.
The person that needs the services of a marine surveyor is the one that pays for the survey. However, there are unique situations where the seller might try to entice you to buy their boat by offering to pay for the survey services. When this option is offered, refrain from using the surveyor provided by the seller. You should get an independent surveyor to conduct the survey for you.
A pre-purchase survey involves more than just walking around the boat and documenting the condition of the boat. When you need a more detailed survey, the boat may need to be slipped. This means it will be removed from the water so that the surveyor can inspect the bottom part of the hull. When this happens, the person that requests this service will be the one to pay for the slipping and cleaning of the boat. In this case, you, the buyer, will be footing the bills. Another expense to prepare for is the cost of a sea trial.
Now that you know who typically pays for a boat survey, the next step is to find the best surveyor in the business. Keep in mind that not every surveyor will do a good job. Hire someone that is not only experienced but has a great track record.