Step by step process of boat purchase?

Agree with the above (aside from broker recommendations only bc I have no experience with this broker—no reason to doubt the above recommendations), but I would add that the single most important item from a contractual standpoint is to make sure you have the unilateral right to reject and get your money back, and that the default is you are deemed to reject absent express acceptance. This is how the typical form reads but I wouldn’t rely on that being the standard. Make 100% sure by reading yourself and if you’re not good with contracts either have a trusted broker confirm in writing or get a trusted lawyer to look at it.

Also make sure the contract gives you plenty of time to do your surveys. Add extra time beyond what you think it will take. The surveyor you want may be busy and you don’t want a deadline to force you into using another surveyor if you can avoid it.

Also agree with the above re the money going into an escrow. And I’d be cautious about wiring money to any old broker’s escrow account. If the seller’s broker is not a respected outfit try to find another way to deal with the deposit.

Best of luck!

Documentations services/title agents often can serve as escrow agents if you're not comfortable with the broker.

The thing I don't like about the above process is that the typical process of sea trial starts with surveyor, engine surveyor and haul out all on the same day. If the engines for example do not make loaded rpm and the seller does not want to make adjustments then the buyer is out several thousand dollars for a boat that is not going to be purchased. Do you handle this issue in the purchased agreement i. e. the seller pays for the surveyor if the boat does not perform certain requirements or do you have a buyer's sea trial prior to the hired surveyor sea trial?

Would having a short pre-sea trial ( paid for by the potential buyer ) help ?

It's interesting to think of this. I've always spoken of the traditional way. Contract, surveys, sea trials but I've never sold and bought many used boats. I ask myself now are there better ways. I do think there is benefit to the advance sea trials. In fact, we've taken a couple on boats on the market that we had no intent of buying. Now, that was fully acknowledged as we gave a non-returnable deposit for a three day option and a three hour sea trial. Basically, we wanted to compare different propulsion on the same model. We made sure the payment went primarily to the owner with some to the broker. Broker actually went along on one just to see how it really performed.

So, is there a place for unconventional? Or to change the convention?

Well, when in NC, we always traded or let the dealer handle the sale, knew little about any details. Since moving to the coast, have only sold one boat. Now it happened not because it was for sale but when it was docked on Pickwick and our crew checking on it, an older couple loved it and kept inquiring. Finally, from their home in the Stuart area they contacted one of our crew and insisted on trying to make an offer. Since we had bought it for the loop, had no real need for it until looping again many years later, we agreed under certain conditions. We were going to bring the boat home anyway so we got off in Apalachicola and came home while the buyer drove in and met our crew. They get a ride on the boat from there to Stuart with the ability to finish a purchase along the way. They transferred payment around Fort Myers.

That made me think of boats selling at docks to neighbors and friends who had been on the boats many times. They knew the boats, so just bought them.

Don't want to encourage free boat rides, disguised as sea trials, for every potential buyer. However, do think we should consider the value of a few hours on a boat being used in it's customary manner vs. current practices? Perhaps a one day charter with the seller's captain at very high rates?

Let me toss out a question for discussion. Would you feel more comfortable buying a boat if you reviewed it's maintenance history and then had a full day to use it in all the normal ways with whomever you wanted on or with current methods? We require surveys even on new boats, but what if we just used the boat for a day?

I agree with some of the discussion that an immediate extended sea trial could save a lot of time and money on all sides. If I don't like the ride, I'm not buying. If it won't reach maximum RPM, I'm not buying. If the engines run hot, I'm not buying. If I don't like how it turns at high speed, I'm not buying. If I don't like how it sits at anchor, I may not be buying. I see boats tied up for extended times waiting for surveyor, engine surveyor, haulout and more when a simple ride might make all that unnecessary. Perhaps same contract as today, but add an immediate pre-survey sea trial and attach a non refundable deposit about to that. The things that are deal killers should uncover themselves quickly.

The buyer of our loop boat never incurred a dime of expense as it was, got a free ride, but then he paid a premium price. Of course, he turned into a very happy owner and that year he took the boat on the loop.

Not as much experience as many here, but I have bought 3 boats over the past few years.

Hull survey covering all aspects of systems on the boat including haul out, inspection of underwater hull and running gear.

Engine survey by someone with credentials for the power plant being considered. They should be on the boat during sea trial with laptops hooked up for monitoring and collecting engine data. This is when engine surveyor pulls fluid samples of engines, transmissions, and genset. I want their input on interpreting results given their experience with the specific engines.

The last 2 boats I purchased, we started with the hull surveyor early in the morning. Engine surveyors arrived mid morning or so, got their stuff started. The whole group then traveled on the boat to the haul out location. After leaving haul out, with a power washed bottom, conducted performance tests.

Long day, didn't wrap up till latter part of afternoon.

Two items I have done which I think are important:

First, advance conversations with each survey team. Based on concerns that may have come up during my research on the specific model of the boat or concerns I noticed on previous visits to the boat I identified those areas and asked for specific feedback and their opinions during/after the survey. There is a fine line. I select a surveyor because I am comfortable that they know more than I do. I am not trying to tell them how to do their job, but if I have reason to suspect that this model of the boat has a market history of "a specific type of problems", I express my concern and share that after they survey the boat I will be asking their thoughts as to whether or not this will be an issue.

Second I am present during all aspects of the survey and engaged. I don't follow the surveyor around the boat, let them do their job. But I also ask them that if they see a problem area to point it out to me during the course of the day.

Last boat I purchased was New, put no money down, deal was dependent on a satisfied test drive, boat performed as per specs for boat handled sporty conditions well and liked how the boat performed overall. All was good put down deposit and had few issues fixed and closed the deal. Would never take delivery with out the punch list of issues resolved to my satisfaction. Other wise the dealer will always have an excuse not to fix issues, we dont have the time this week, guy on vacation what ever it is. Never had any issues with boat.

I love it when they say, "You can bring it back anytime. It's just a couple of hours work." I responded calmly and said, "Then we'll go on to lunch and you'll have no problem having it ready by 5:00 this afternoon." You get.."but.....they.....let me go talk to them" as he runs off and he returns a bit later and says it will be ready to close by five. "Just a day's worth" then I'd say "tomorrow." They minimize the work to be done, so do it now. Once we accepted and left, we never took the boat back. We've had virtually no warranty issues on boats themselves and all taken care of at our regular boatyard with agreement with the manufacturer.

On larger boats, we've always done shakedown cruise, then brought it back for a period for them to correct everything. Fortunately, the list has always been empty and all they did was routine work.