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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum
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  #21  
Old 06-17-2007
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Quote:
Originally Posted by xort
Check out...
Buying A Boat
Bill has done loads of research on many, many aspects of buying, cruising, etc.
This page has a lot of links to various other pages with info you are looking for among much more stuff.
Worth a look.
Already had that link, xort, but thanks just the same.
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  #22  
Old 06-17-2007
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Yikes...Bad stuff.

[quote=Moonfish]Jim -

I just bought a boat from a private party. Well, he accepted my offer and I gave him earnest money as a deposit to take it off the market. Survey and sea trial next. Anyway, I did some searching for a private party purchase agreement and found one that I tailored to my circumstances. It's simple, but covers the basic. Both myself and the seller thought it sufficient and used it. I hope it pastes below OK...
......quote]
Moonfish, its great if this text ends up working for you, good luck because you will need it.

This text is an absolute disaster waiting to happen from a number of regards, I would advise any readers not to touch it with a ten foot pole...

For example, if your insurance company doesn't REQUIRE a survey, the Buyer doesn't have a right to one...

Also, the Buyer cannot simply terminate the purchase if the survey is not satisfactory to his eye, it "may" be renegoiated - does may mean "must" or "will" or what (time for the lawyers), but only based on "major structural deficiencies or safety issues " - there's a post on the board from a month ago of some guy whose survey said the boat was only worth half what he had offerred, fortunately his contract wording allowed him to walk away, which he did....

The Owner holds the deposit!

What happens if the boat falls off the stands after the survey is written, or sinks, it seems you will still end up owning it...the Owner may not even have to repair it..
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  #23  
Old 06-17-2007
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[QUOTE=sailingfool]
Quote:
Originally Posted by Moonfish
Jim -

I just bought a boat from a private party. Well, he accepted my offer and I gave him earnest money as a deposit to take it off the market. Survey and sea trial next. Anyway, I did some searching for a private party purchase agreement and found one that I tailored to my circumstances. It's simple, but covers the basic. Both myself and the seller thought it sufficient and used it. I hope it pastes below OK...
......quote]
Moonfish, its great if this text ends up working for you, good luck because you will need it.

This text is an absolute disaster waiting to happen from a number of regards, I would advise any readers not to touch it with a ten foot pole...

For example, if your insurance company doesn't REQUIRE a survey, the Buyer doesn't have a right to one...
I noticed that, myself. I would amend that.

Quote:
Originally Posted by sailingfool
Also, the Buyer cannot simply terminate the purchase if the survey is not satisfactory to his eye, it "may" be renegoiated - does may mean "must" or "will" or what (time for the lawyers), but only based on "major structural deficiencies or safety issues " - there's a post on the board from a month ago of some guy whose survey said the boat was only worth half what he had offerred, fortunately his contract wording allowed him to walk away, which he did....
Yeah, I would've re-worked that bit, too.

Quote:
Originally Posted by sailingfool
The Owner holds the deposit!
Isn't that normal? Isn't that the point of an earnest money deposit?

Quote:
Originally Posted by sailingfool
What happens if the boat falls off the stands after the survey is written, or sinks, it seems you will still end up owning it...the Owner may not even have to repair it..
Hmmm... "Subject to final inspection at closing," just like a home purchase?

Maybe I oughtta haul out the PA from my home purchase, type it in, edit it, and... It was only about 14 pages long, as I recall.
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  #24  
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The YBAA P&S has suitable provisions for the issues that I mentioned - just cut out the stuff about the broker fees.

I'd never give the deposit to the Owner, give it to your lwayer (or maybe his), or better yet, don't hand over a deposit until after the survey is completed and no longer a contingency. A survey costs many hundreds of dollars abnd that cost ensure that the Buyer is not a tire-kicker.
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  #25  
Old 06-17-2007
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OK, I worried about posting that purchase agreement. Even though I found it searching on this site, and evidently it had been used by others. I also said it was tailored to my circumstances, which includes the offer being half of what the boat is worth (it requires a lot of work which I have already gone over extensively). In addition, I know someone who knows both the boat and the owner quite well. And my insurance company does require a survey, however I was going to buy it anyway as the owner showed me his insurance survey from a year and a half ago after the installation of a new Vetus engine (boy are people going to jump all over that sentence, too - "gasp! You were going to buy a boat WITHOUT a survey?!" I wouldn't recommend that to anyone - including myself - unless you are A, getting a hell of a deal, and B, you know exactly what you are getting into). In my case, should the boat indeed have any "structural defeciencies or safety issues" beyond what I already know, I can either negotiate a lower price or back out of the deal and get my deposit back - which isn't even 10% of the purchase price. And, beyond that, even if I did end up losing the deposit due to my naivete or foolishness (something I sincerely doubt will happen, but being a realist, I know that it still could), it wouldn't hurt that much. I was willing to "bet" that deposit on my own knowledge and experience in order to get the boat before some other lucky guy did.

Lastly, my fault for not saying what I thought was abundantly clear: what I posted is not a 100%, bullet-proof document (are there any these days?). I mean, for Pete's sake people, I found it on the Internet for free! When I said it was simple and basic, um, that meant it was SIMPLE and BASIC. It was the best thing I could find that I tailored TO MY CIRCUMSTANCES.

I'll let you know how it turns out... :-)
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