If you’ve never purchased a boat before, you’re definitely interested in learning about the process. Do you have to make a deposit? Should we slip the boat? Who covers this cost? Do I require a boat survey, and what steps are involved in it? Who typically pays for a boat survey? Buying a boat can seem intimidating if you’re new to boating. A boat purchase is different from other purchases. To accomplish the desired result, a specific process must be followed. There are several traps and rookie errors that may turn a fun boating adventure into a nightmare. In this post, we will be looking at the steps that are unavoidable.
Paying a deposit
As you get ready to buy a boat, it is important to note that you will have to pay a deposit. This must be paid long before you can bring in a professional for a Cape Coral marine survey. The majority of vendors and brokers will want a 5 to 10% deposit before the vessel is taken for a boat survey. The seller wants to know you are serious because it takes a lot of work to spend an entire day inspecting, testing, sliding, and sea-trialing a boat.
A 10% deposit for larger vessels, such as a $500,000 boat, would be $50,000. It’s crucial to pay a deposit because if you don’t want the broker to legally sell the boat to someone else after the boat survey procedure has begun. Having a deposit also enables the broker to persuade the seller that they have a serious buyer ready to buy in the event that problems with the survey necessitate a price drop.
Organizing a survey
Once the deposit has been paid and the contract has been signed, it will be your time to evaluate the condition of the vessel. For this part, you need an experienced marine surveyor in Cape Coral. But who typically pays for a boat survey? The answer is the person who hires a marine surveyor. Keep in mind that many surveyors do not include mechanical. This means if a further inspection is needed, you will be the one footing the bill of a mechanic or electrician.
For a thorough inspection, the boat may need to be slipped (removed from the water). You will be the person organizing and paying for the slipping and cleaning of the hull. The cost of slipping and cleaning varies. It mostly depends on where the boat is located and its size.
Last but not least, if you need a sea trial, you will be paying for that too. That is unless a seller offers an incentive by footing the bill of the sea trial.