A Guide on How to Buy a Used Boat
Buying a used boat can be a daunting process. Though there are plenty of resources on-line and off-line to find used boats, it is advisable to use a recognized yacht and ship broker to help you.
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Finding the Boat
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A licensed yacht and ship broker will have access to many contacts who are selling boats and may also provide finance and insurance brokerage services. Be specific about your requirements so they can help you find what you are looking for.
Offer
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Once your financing and insurance are in place and you have found your boat, you may make an offer to purchase. A deposit of 10 percent of the boat's value is usually required. The deposit is held in an account which the broker administers. The money cannot be paid without your written authorization.
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Payment
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The owner will give you a sea trial so you can see how the boat handles on the water. Hire an independent marine surveyor to inspect the boat to ensure there is no hidden damage. This is separate from the sea trial. The California Department of Boating and Waterways recommends that you be present to ask any questions while the survey is occurring. Assuming all is well, complete the payment through the broker, along with the necessary paperwork and contracts.
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References
Resources
- Photo Credit boat image by pearlguy from Fotolia.com
