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Five tips for navigating a boat or vessel purchase

On Behalf of | Jul 22, 2024 | Maritime Law |

Purchasing a boat, whether for business or leisure purposes, is a major transaction. And given that most people don’t buy vessels on a regular basis, the process can be mystifying. You can’t navigate your transaction with blinders on, either, otherwise you could end up with a ship that doesn’t meet your needs, thereby costing you far more money than you anticipated. Given the stakes involved, you can’t afford a misstep in your transaction.

So, what can you do to protect your interests and ensure that you get a fair deal? Let’s take a closer look at some of the steps you can utilize in purchasing your boat.

Tips for reducing the risk in purchasing a seafaring vessel

Buying a boat can be exciting, but it can also be nerve-wracking. You want to make sure you navigate the process appropriately so that you’re not cheated out of your hard-earned money, and, if you’re looking to buy for a business purpose, you don’t want your operations to suffer on account of a bad business deal. Therefore, before moving forward with the purchase of a boat, you should consider doing the following:

  1. Researching the seller: You want to buy from a reputable seller. If you buy from someone who has a bad reputation or even no reputation, then you put yourself at risk of purchasing a problematic boat. It could also be hard to get your money back from a disreputable seller if issues arise with the boat.
  2. Conducting a thorough inspection: This seems obvious, but it bears mentioning. You need to comprehensively inspect the vessel to ensure that it’s operational and that needed repairs are taken into account when negotiating the purchase price. Be sure to review inspection and repair history, too, so that you know what’s already been taken care of and what may need repairing or replacing in the years to come.
  3. Negotiating a break in period: You might be able to negotiate a period of time during which you take possession of the vessel and use it to see if it’s operational and suits your needs. Only if you’re fully satisfied will the purchase then be made final. This period of time can give you peace of mind before finalizing the purchase agreement.
  4. Drafting a detailed contract: Buying a boat is like buying a house. You want to make sure that everything is covered by your contractual agreement to purchase the boat, as leaving out key terms could put you at legal risk.
  5. Understanding licensing and regulations: There’s a lot that goes into vessel ownership. Various issues pertaining to licensing, registration, and regulations can come into play that you have to competently navigate, otherwise you could be fined or even prohibited from operating your vessel. You don’t want to spend the amount of money you’re about to on a boat only to find that you can’t use it as you see fit. So, make sure you have a strong understanding of the rules and regulations that’ll be applicable to you prior to finalizing your purchase.

Proceed with your boat purchase with confidence

It can be stressful to navigate the purchasing process. But you can cut through the confusion and protect your interests as fully as possible by acquiring an understanding of what the process entails and what you can do to reduce risk and acquire the outcome you want.

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