Contact us on +64 9 376 4006

... where every sale results in a happy buyer and a happy seller

Buying a Used Boat - The Process

To us it matters that you end up buying the used boat which suits you the best. 

Buying a boat is a huge decision - one that should not be taken lightly and we cannot recommend strongly enough that you do your research before taking action. It is a very personal choice and what suits one person or family may well not suit another even given similar requirements.
Try and narrow down your choices and think about what you want to do with you boat – cruise or race, fish or dive, slow cruise around the bay or fast motor across to the next island. And then how many people you envisage onboard – family and/or friends. Just for the day or weekend or extended trips onboard? 
And your budget. Obviously this will very much affect the boat that you choose so try and reach a budget range and not look too far beyond that. There will always be bigger, better yachts out there if money is not an option but unfortunately for most of us it is.
Still unsure of what boat would work best for you then come and talk to us – with years of experience and knowledge of boats we can really help you find the right one.
 
So now you have seen the yacht which fits most closely to what you are looking for what is the next step.

Our brokers are on hand to guide you through every stage of buying your yacht.
  1. Make an Offer
  2. The Yacht Sale Agreement & Deposit
  3. Choosing a Surveyor
  4. Survey & Sea Trial
  5. Settlement
  6. The Paperwork
  7. Insurance


1. Make an Offer
The first step is to ask us to make an offer to the seller of the yacht on your behalf. We recommend that an offer should be made subject to a survey and/or sea trial in writing on a NZ Marine Industry approved contract. Our job as brokers is to try to find a price agreement in a manner where both the buyer and seller are happy with the amount and at the end of the process there is harmony between the parties involved. It is our responsibility to prepare the Sale and Purchase Agreement, which will then be signed by both parties.
 


2.The Yacht Sale Agreement & Deposit
When an agreement has been reached between a buyer and a seller the sale is considered conditional and should have the signatures of both purchaser and vendor on the document. Once this is done the purchaser pays 10% of the agreed figure to us which we hold in our trust account, while the conditions of the contract are worked through.  
This deposit is refundable under the terms of the Agreement if the yacht proves to be seriously defective or unsound on survey or is unsatisfactory for your purposes on sea trial.



3.Choosing a Surveyor
The purchase of a yacht is a commitment and a professional surveyor's report is the best way for you to establish the yacht's structural integrity and her ability to go to sea in safety.
It is up to the buyer to satisfy themselves of the structural integrity and correctness of the yacht for their purposes. The use of a professional surveyor is the best way for you to establish this so that you are sure about what you are buying. You should select a surveyor who is properly qualified to ensure that you receive the best possible advice. We will happily provide you with a list of surveyors from which you can make a choice, or it may be that you already know of a surveyor. Your selected surveyor will be working for you, so you should take the time to talk with him about the plans you have for your vessel along with any particular areas of concern to you, if you have any.


4. Survey & Sea Trial
Once you have signed the contract and the deposit payment is made, to comply with the conditional contract, a survey/sea trial is carried out. The cost of the haul-out is the responsibility of the seller while the surveyor’s costs are borne by the buyer. If the survey reveals serious defects you have the option of asking the vendor to remedy the defect or cancel the agreement. It is now the broker’s job to work through any issues with both parties and in most cases a fair compromise can be reached and the sale will then be completed. If not, your deposit will be returned in full to you.  



5.Settlement
On successful completion of the survey and sea trial and any other conditions, the sale will be unconditional under the terms of the Agreement and the purchaser has to proceed to purchase. At this stage, your deposit becomes part-payment for the vessel, and is forfeit if you fail to complete settlement. The time period for when this balance of payment would be due is stated in the contract.




6. The Paperwork
Most New Zealand boats do not have full registration and therefore we recommend that the buyer contacts the Personal Property Security Register (PPSR) to ensure that the seller has clear title to the vessel. For foreign flagged vessels we will help you through the process including preparing a Bill of Sale and the de-registration of the vessel from its current Register.



7. Insurance
It is important that you consider the insurance of the yacht early in the purchase procedure as once settlement is completed you will need to already have your insurance in place. We work with a number of different insurers and would be happy to put you in touch with them.
 

At Busfield Marine Brokers we endeavour to make your vessel purchase an enjoyable experience. We are here to help you avoid any potential problems and are always available to give you advice.

If you have any other questions at all please do not hesitate to be in contact and we will try to provide accurate, clear and concise answers for you. As one of New Zealand’s most established brokerages, we offer unequalled knowledge and experience in this field. Not only does it cost you no more to use our services it may in fact save you money and will certainly add to the experience of buying your vessel.

 
And our service doesn’t stop when you’ve bought the boat  – we will always be available should you require any advice or assistance at any stage of you boat ownership.
 
Contact us for further information or advice regarding buying a boat.
 

Contact Us

Phone: +64 9 376 4006 | Email: boats@busfieldmarine.co.nz | Address: 103 Westhaven Drive Auckland, New Zealand    

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