Buying a boat advice: Payment

Once you have decided to buy a boat its time to pay.

• Used boat sales

If using a broker, you will pay them and sign a sales contract. Once the monies are cleared the boat is yours and you should receive all the relevant documentation and proof of title.

• Private sales

The key here is to agree on and draw up a clear contract between you, detailing the parties involved, the boat and hull number and them sums involved. If and when you come to sell the boat on this paperwork will be vital.

• New boat sales

Many new boat sales will be made up of a simple deposit and then the balance upon delivery. Others will be made up of stage payments, an example being a 10% deposit and then three payments of 30% as the boat’s build progresses.

You should expect a hand over and demo on the boat prior to the final payment being made.

• Client accounts

If working with a broker or dealer, you should ask whether monies paid will be placed in a client account, rather than a trading account.