There are lots of important steps to march through. I’m in the midst of them all.
1. Visit lots of boats and get the feel. Ori visits interesting boats.
2. Make sure you can get insurance for the particular vessel and/or loan. Find out if there are any survey requirements beyond the standard.
3. Make an offer using a standard Purchase and Sale agreement. Broker supplies document (5.jan.22)
10% deposit is made with the offer. It’s necessary to establish an EFT from my investment account to the broker. In progress…
4. Arrange survey (18.jan.22)
5. If there are serious deficits found in the survey either reject the vessel or negotiate to have seller make the repairs or provide some discount to handle the repairs after closing
6. Test sail.
7. Call marine title company to prepare paperwork regarding transfer and obtaining an abstract of title (particularly to see if there are outstanding liens beyond a loan).
8. Submit balance of payment due to title company.
9. Open champagne.
10. Provision boat.
11. Sail away.