When your Selling a Boat, regardless of size, carefully consideration should be given so that the right impression is presented to the purchaser from the start. Your approach in selling your boat may be through using a broker or doing it yourself. While you may want to sell your boat as soon as possible, it’s important that you get the right legal advice, prepare your boat and all the documents including a well drafted boat sales contract.
From the start you should consider the pros and cons between using a broker or DIY. In some cases the type of vessel will dictate the sales method. A fibre glass vessel may be easier to sell through a broker whereas your 1930’s timber classic may be better sold on-line through a wooden boat specific web-site. Either way prior to Selling a Boat you should consider what documents you need to make the process smooth sailing. A sales contract should be drafted and ready to supply to purchaser. A ‘pre-purchase survey’ will be required and having the names of independent marine surveyors on hand is always helpful as typically this is the purchaser’s responsibility. A surveyor must have recognised credentials and professional indemnity insurance. A survey report is used to check the seaworthiness and condition of the boat. It is also used to check the inventory against the list in the contract. It may also be worth considering a marine engineer report of the engine/s. These reports can also be used as a bargaining tool to lower the price or get some other concession. So it’s important to have your boat ship-shape and that the inventory is all present and accounted for.
You may have an enquiry from overseas and it’s understandable that you’re feeling uncertain about how to proceed. The purchaser will be potentially considering shipping the boat, its countries customs duty and export taxes will be the purchaser’s responsibility. However, as part of this transaction you will need to de-register your vessel so that the new owner can register the vessel. This may be daunting and we can assist you in this transaction to ensure a smooth sale.
Selling a Boat is not the same as selling a house. The potential problems you may face can be devastating such as failing to deliver the boat right. What you need is a well-drafted contract that addresses each specific issue.
On completion of the sale, the next steps are ownership transfer and de-registering the boat. Depending on your circumstances you may also require transfer of commercial registration.
Our Lawyers have specialised maritime skills and knowledge to understand your specific needs and the sales process. By using Vaarzon-Morel Maritime Lawyers your sale will be treated with respect, no matter how small or large your boat. The Lawyers who assist you have a complete understanding of the maritime world and it’s this experience that enables you to minimise costs and sell with confidence.