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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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Old 11-09-2006
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Buying a boat in the winter

How does one handle the purchase of a vessel if you cannot do a sea trial or engine survey for 4-5 months after the offer is accepted or the on-land survey, especially if the sale is a private sale?

Who handles the deposit and how much is a safe amount from both sides? Is a deposit needed? What other problems should I expect?
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Old 11-09-2006
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Why not do an escrow account for the deposit, pending the sea trial and engine survey.
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Old 11-09-2006
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Have a good contract in hand when you go to look at the boat! A bit too late, I found quite a few good templates on the web when we bought a boat last winter. Because of the special circumstances in your case, write clauses that are acceptable to both you and the seller into the contract before you hand him a check. Our story is told in a thread here started last January. You really can't put too much into a contract. I would also suggest escrow for the deposit - check to see if your bank or the seller's can set up an account.

Sailingfool said it best:

"good luck...

... is helped by good contracts!"
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Old 11-09-2006
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Do an escrow with the broker. Write a contract with the contingencies you and the seller wish to have. Usual amount is 10% down.
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Old 11-10-2006
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I'm in the same boat (I punned). I've found that because this is the very begining of the winter season, many of the owners of the boats I've seen are almost willing to give them away than to worry about winterizing. Is this typical or is it an indicator of how crappy the boat condition really is?
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Quote:
Originally Posted by deckhanddave
many of the owners of the boats I've seen are almost willing to give them away than to worry about winterizing. Is this typical or is it an indicator of how crappy the boat condition really is?
I suppose it depends on white how much they are prepared to 'give the boat away'. A seller at this time of year (assuming northern hemisphere ) will be looking at 4-5 months of storage costs and insurance. Neither of these are insignificant - especially storage at a fashionable marina. There is also the risk associated with the winter layup - they may come back to sell the boat in the spring and discover all sorts of minor problems: seized blocks, torn spray hoods etc which then need to either be fixed at their cost or will make the boat harder to sell. As such, many owners (if they are being realistic) will be prepared to knock a few hundred or even thousand (depending on the expected lay-up and storage costs - which will as with most thngs be proportionate to the size of the boat) off the price for a quick sale.

Of course, if the buyer wants to make it all conditional on a sea trial etc in the spring there's no real advantage to the seller of signing a contract now as he would normally remain responsible for storage and mooring costs and 'risk' in the mean time.
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Old 11-10-2006
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Can anyone point me toward one of the online contracts?
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