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  1. #1
    PRH is offline Registered User
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    Default Selling Boat Privately - How Does It Work

    If I sold my boat privately how does the whole deposit and exchange of money and boat thing work without the use of a broker's account?

  2. #2
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    You could use a solicitors escrow account.

    Or you could simply take the risk on yourself.

    Check paperwork very thoroughly too.

  3. #3

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    Quote Originally Posted by PRH View Post
    If I sold my boat privately how does the whole deposit and exchange of money and boat thing work without the use of a broker's account?
    You agree it with the buyer. I've never taken a deposit as a private seller, and I wouldn't pay one as a buyer from a private seller. Instead i've always agreed a shortish timescale for the survey and sea trial, and worked on the basis that paying a surveyor demonstrates genuine intent. This also removes nearly all of the legal documentation required, because you accept that no contract exists at this stage, but it only needs to take a couple of weeks, so what have you really lost? The buyer risks the cost of the survey.

    The exchange of funds itself is not a big issue, it can be done by electronic bank transfer, the important bit is for the buyer to satisfy himself that the seller owns the boat and has not used it as security for any form of loan, and that it hasn't been illegally imported. As a seller the best thing you can do is to make all the documentation available for the buyer to reassure himself that this is the case. Immediately the funds are received you hand the keys and docs to the seller, and go and buy your next boat.

    You could use a solicitor to complete the sale, or a broker on a reduced fee because you have found the buyer so you don't need to pay that part of their fee.
    Last edited by Nick_H; 06-05-12 at 11:47. Reason: clarification

  4. #4
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    I am hoping to sell my Bav29 privately and would endorse everything the previous poster has said. Dont underestimate the time and effort required - there are a few joyriders out there. Fortunately I am retired and am time rich, but there is no way i could undertake a private sale if i still had a high pressure job.

    Advertise all over the place. Boat and OutBoards, Appollo Duck, Ebay ,Gumtree

    Good luck and let us know if you achieve a sale.

  5. #5
    PRH is offline Registered User
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    All, thanks for the info. Question - I assume that the buyer pays for the lift for the survey?

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    Quote Originally Posted by PRH View Post
    All, thanks for the info. Question - I assume that the buyer pays for the lift for the survey?
    I think you already know the answer to that question If you pay if they pull out for any reason you would be out of pocket.

    I must admit when I come to sell our boat if a buyer pulled out after a survey I would ask to see it to see what I need to have fixed.
    Last edited by Seahope; 06-05-12 at 21:30.

  7. #7
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    Quote Originally Posted by Seahope View Post
    I think you already know the answer to that question If you pay if they pull out for any reason you would be out of pocket.

    I must admit when I come to sell our boat if a buyer pulled out after a survey I would ask to see it to see what I need to have fixed.
    Steve, when your boats finished by whoever I'd have a survey to make sure the work is good before they are paid and you sign it off for payment from the insurer.

  8. #8
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    Quote Originally Posted by volvopaul View Post
    Steve, when your boats finished by whoever I'd have a survey to make sure the work is good before they are paid and you sign it off for payment from the insurer.
    That is a good idea and probably worth the cost for my peace of mind. If we decide to sell the boat then it may also reassure future buyers too. I expect I will need to have one survey for the boat itself and one for the engines. Especially because I will no longer have any form of warranty for the rebuilt engines now the company that rebuilt them is no more
    Last edited by Seahope; 06-05-12 at 23:59.

  9. #9
    PRH is offline Registered User
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    Quote Originally Posted by Seahope View Post
    I think you already know the answer to that question If you pay if they pull out for any reason you would be out of pocket.
    Yep thought so but always better to ask if unsure.

    Agree about the survey, there is often a deal that can be done......

  10. #10
    PRH is offline Registered User
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    Quote Originally Posted by beejay190 View Post
    Dont underestimate the time and effort required - there are a few joyriders out there.
    Good point, I don't want to take all and sundry out for a trip around the bay. When you buy through a broker there is normally a deposit before you take a sea trial - any way around this for a private sale?

    I was thinking that I wouldn't use a broker because anyone can take some good pictures and put adds on the internet - perhaps I better think it out again . .

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