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  #1  
Old 02-04-2007
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Buying without a Broker

We are considering buying a $100,000 boat from a private party.

I have read some things here about buying without a Broker but can't seem to find them.

Any suggestions?
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Old 02-04-2007
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While you don't need a broker for a private sale, they are more familar with the process. Buying a boat though is a fairly straight forward proposition though.

As you already have a boat in mind, the first step is to make an offer (there are generic offer sheets on this site) based on what you think the boat is worth, or are willing to pay. It should be less than the asking price though. How much less would depend on your barginning skills.

Once a price has been accepted (they will most likely counter-offer and you meet in the middle), it is usual to place 10% of purchase price in escrow (this is usually the selling broker's commision, so may not be necessary since this is a private sale.) but expect it.

Now comes the important part, survey and sea trial, on which your offer should be contingent. In writing.

If you still wish to purchase after the survey and sea trial, a final price is negotiated based on those results.
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Old 02-04-2007
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Can't find offer sheet!

Have searched this site for a "generic offer sheet" and can't seem to find one.

Does anyone have one they'd like to share?
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Old 02-04-2007
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Here's a couple of links you can check out.

http://www.moorings.com/Brokerage/Ab...yingaBoat.aspx

http://www.ays.com/offer.htm
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Old 02-04-2007
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Lawyer

Quote:
Originally Posted by PBzeer
larryLinda,

I advise you to hire a lawyer to handle your purchase. If you have difficulty finding one familiar with boat closings, try calling an area boat dealer for a recommendation. Even though my last boat purchase involved a broker, I had a lawyer review all the paperwork and the money for his hours of work was very well spent. I think this particularly important if you haven't been through the boat buying process 3-4 times already - if the seller has, he/she will stack the agreement deck in their favor...and a good idea even if you have...

For example the broker offer agreement link above is an example of an offer prepared by a broker to load the dice in their (the broker's) favor. Do not use it as is. (no offense meant to John...) The biggest issue is it doesn't permit you to cancel the sale based on the survey...You're going to have to spend $4-800 for the survey, that's your good faith, you need the absolute freedom to terminate the purchase if the survey is not satisfactory to you, no explanation needed to the seller...It also doesn't address the risk of damage to the boat before completion of the sale.

There are some other threads on this subject (I know I've said the above previously). Here is a link to a YBAA form which would be a better starting point:
http://www.oceanmarinellc.com/broker...sale%20form%22
But better yet, your new lawyer should have a form for you to use...

Last edited by sailingfool; 02-04-2007 at 05:20 PM.
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Old 02-04-2007
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Good point sailingfool, I forgot to point out that was only an example.
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Old 02-04-2007
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I would second hiring an attorney to help with the purchase. You probably wouldn't buy a house without an attorney, and this is much in the same. Make the purchase contingent on the survey, and get a good survey and an engine survey. Also, you will probably want a lawyer familiar with the marine industry, to make sure that the title to the boat is free of any liens. If the boat is currently USCG documented, the USCG should have a listing of any liens... if it is state-registered, I don't think there is a standard place you can check for liens.
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Old 02-06-2007
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Get lawyer - and the farther away from brokers you stay the better - a once honorable profession seems to have been taken over by folks too unethical to get jobs selling used cars...make sure your lawyer can establish clear title, God forbid you should buy a boat from Mr. Jones that actually belongs to Mr. Smith. Try to contact the builder to trace the history....
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