The first step when purchasing a boat is identifying the vessel that you want to buy. There are so many vessels on the market. Even as you match the vessels with your intended use, reviewing the service history is important to see whether the boat complies with the manufacturer’s guidelines. The deposit should be paid after this. If you don’t understand the paperwork on any other detail, you need to ask an expert in Ft Lauderdale Marine survey for clarification. Once everything is clear and satisfactory, it is time to sign a contract after you identify and inspect a boat in person. Once you receive the contract, you can go ahead and pay a deposit to arrange a mechanical inspection and boat survey.
What should be in the contract?
A contract of sale must be drafted and approved by the buyer and seller before the deposit is paid. It is customary to pay a deposit and include language in the contract stating that the remaining balance is due after a positive boat survey. The survey must be finished in a specific amount of time, and a sea trial must be conducted. The money is entirely refundable if problems with the boat survey arise and you and the seller cannot agree to solve them or negotiate a solution. Standard settlement times range from two to four weeks, allowing you enough time to perform your due diligence prior to handover. If your settlement term is brief, you might not give yourself enough time to schedule an appointment with a competent surveyor.
Who pays for the survey?
Now to the big question, who typically pays for a boat survey? The answer is the buyer. The person who hires a boat surveyor is the one that pays for the services. This means a boat owner can also hire a surveyor for the inspection of their own boat. In this case, the boat owner will be paying for the service. As a buyer, you should always hire your own independent surveyor. The last thing you want is to be misled by the surveyor that works for the seller.
In addition to being the one paying the surveyor, it is good to note that there are other costs you will have to pay. A common cost when you need a pre-purchase survey is the cost of slipping. This is the process of removing a boat from the water for an inspection or repair. You may also have to pay for the cleaning of the hull once the boat is slipped. You will also be responsible for the cost of a sea trial.
Now that you understand who typically pays for a boat survey, it is paramount that you be careful before hiring a surveyor. Not every surveyor will be right for the job. Take time to review a surveyor’s track record, experience, and how detailed their survey reports are. Only hire a surveyor that has worked on vessels similar to the one you are targeting.
Who Typically Pays for a Boat Survey