Used vessel purchase checklist

The purchasing of used vessels as opposed to new ships and yachts is commonplace in today’s society. However, before committing to a contract of sale for a used vessel, it is important that the buyer is fully aware of the various factors that influence and determine a successful purchase. When deciding to buy a yacht or ship from another party, it is advised that you enlist the professional advice from a consultancy firm.

For more information on used vessel purchase checklists, please click on the following link to view our Purchase Checklist guide page, or Contact Us.

Used vessel purchase checklist analyzed

There are a number of factors to take into consideration when purchasing a used vessel, including the age of the boat, its condition and the sale price. If you are purchasing from a yacht broker, it is also prudent to research the credibility of the broker; a professional consultancy firm can oftentimes act as an introducer to reputable yacht brokers on your behalf. It is important to find out whether the dealership is a member of any marine federation or marine association. This will give you an idea of their ability and standards they impose.

Below are some examples of factors you should consider when purchasing a used vessel:

  • Check the used vessel’s ownership documents and titles, VAT invoice and Registration Certificate
  • Enlist the services of a professional marine surveyor to check the condition and certification of the vessel to ensure it is as the dealer is describing in terms of condition and good standards
  • Establish what is included in the sale in terms of the equipment on the used vessel
  • Find out if you can obtain the necessary marine insurance for the used vessel
  • Ask if the used vessel has recently been repaired or if it requires any repairs
  • Enquire whether the vessel is still under mortgage and if so, find out when the mortgage be paid off

Once you have selected the yacht dealership you intend to purchase a vessel from, it is important that you establish whether they have yachts for sale that meet your specific requirements and financial restrictions. When you have located your desired vessel, you should be prepared to investigate fully with regards to the condition of the vessel, its onboard and accompanying equipment, warranties and available finance plans.