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Possible new boat on the K & A


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Broker has not sent me bill of sale yet. Funds only transferred this week. Assume he needs vendor to complete this, saying it is free of debt and unencumbered etc.  Other posts on here appear to suggest this is the norm. 

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2 minutes ago, Norm55 said:

Broker has not sent me bill of sale yet. Funds only transferred this week. Assume he needs vendor to complete this, saying it is free of debt and unencumbered etc.  Other posts on here appear to suggest this is the norm. 

 

So currently you have no money and no boat !

 

A broker normally has all the paperwork done by the seller ready for when you pay, then he can hand it over immediately your payment clears.

 

BMF Contract Conditions :

 

1.      Completion

1.1. Completion shall take place within [7] days of Acceptance at a location mutually convenient to the parties and preferably in close proximity to the Vessel.  It shall be a condition precedent to Completion that the Broker is in receipt of the full Purchase Price as detailed in Clause 1 and the properly executed original documentation detailed in Clause 7.2.  Immediately upon completion the Seller will give delivery of the Vessel to the Purchaser and will hand over to the Purchaser the Delivery Documents described in Clause 7.2. The parties shall record the time at which Completion occurs by means of a Protocol of Delivery and Acceptance for the purpose of notifying their respective insurers.

1.2. The following original Documents shall be prepared by the Seller and held by the Broker in advance of Completion and shall be delivered to the Purchaser on Completion;

1.2.1. The Builders Certificate and Bill of Sale and all subsequent Bills of Sale in the Seller’s possession relating to the Vessel;

1.2.2. A properly executed Bill of Sale relevant to the Purchaser in favour of the Purchaser or his nominee;

1.2.3. The Certificate of Registry in respect of the Vessel, if applicable;

1.2.4. Evidence by way of original or true copy documents, which have been certified as a true copy by practising lawyer, regarding the VAT status of the Vessel including Builder’s invoices, evidence of VAT payment and dates of arrival in the European Community;

1.2.5. Evidence of compliance with the Recreational Craft Directive;

1.2.6. An express written declaration by the Seller that at the moment of Completion and delivery to the Purchaser the Vessel is free of all debts, claims and charges of every kind;

1.2.7. Where the Seller is a company, certified true copies of the corporate authorities approving this Agreement and appointing the signatories for the Bill of Sale;

1.2.8. Any delivery order or authority necessary to enable the Purchaser to take immediate possession of the Vessel; and

1.2.9. Where applicable, an undertaking shall be given by the Seller to the Buyer to delete any Registry entry pertaining to the Vessel

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4 hours ago, Norm55 said:

But you dont get that until you have paid your money . Seems an odd way to do business 

Really? Don't you find that every time you buy anything in a shop you pay first, and then they give you the receipt?

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On 13/02/2021 at 16:31, Norm55 said:

 Other posts on here appear to suggest this is the norm. 

I thought you were the norm.

 

I have heard of a broker really struggling to get a boat builder to sign a bill of sale correctly recently.

1st one came back with both bits signed by the same person, so new blank one sent off, 2nd attempt came back on the original one with one of the signatures crossed out and another one underneath....3rd attempt was successful.

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