If you are buying a boat for the first time, you are probably curious about the process. This is especially so when buying a pre-owned vessel. How do you know it is in good condition? That the owner did not hide vital details? The answer is a boat survey. The duty of marine surveyors Palm Beach trusts is to evaluate every inch of a vessel and compile a detailed report on their findings. But what is involved in the process? That is what we are here to discuss.
Although there are several major differences, buying a boat is the same as buying a car or a house. There are steps you have to follow in order to achieve desirable outcomes. One of those steps is hiring marine surveyors Palm Beach believes in. There are several things you have to do before getting to this step.
Choose a boat
The first step in the boat survey process is deciding on the boat to buy. It is not the job of a surveyor to show you which boat to buy. The job of a surveyor is to help you understand the precise condition the boat is in as well as its fair market value. Compile a list of things your ideal boat should have then shop around for the perfect boat. After finding the right boat and viewing it in person, you need to sign a contract with the seller. You then need to pay a deposit so that the seller can allow you to organize a boat survey and mechanical inspection.
Contract
The terms in the sale contract must be reviewed carefully. Make sure you understand every clause and ensure all the clauses are in place before you proceed with paying the deposit. Ensure there is a clause that states you will only proceed with the sale if the survey report is satisfactory to you. There should also be a sufficient settlement period for the balance. This is typically between 2 to 4 weeks. If the settlement period is short, you may not have ample time for a thorough boat survey and due diligence.
Deposit
The seller wants to be certain that you are a serious buyer with the financial means to buy their boat. As a result, they will request a deposit of 5 to 10 percent. You don’t want to be halfway through the survey only for the broker to tell you the boat has been sold to someone else, do you? Paying a deposit keeps the seller/broker from selling the boat to someone else.
After these three steps, you can go ahead and reach out to marine surveyors in Palm Beach. Whenever possible, find a surveyor that has experience inspecting vessels that are the same size and brand as the boat you are targeting.