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Standard Time


harleyj

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What is the standard time taken from the time an agreement on price is made between the buyer and seller and the actual settlement of the sale. I realize that a survey usually will take some time but would just like to know how quickly the transaction can be completed. Also are there standard bill of sale documents that deal with the sale of boats?

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How long is a piece of string?

 

We saw the boat we bought on the 19th of May, made an offer and had it accepted subject to survey. The survey took place on the 31st of May and we picked the boat up on the 11th of June.

 

However, talking to others I now believe this was an exceptionally quick process.

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What is the standard time taken from the time an agreement on price is made between the buyer and seller and the actual settlement of the sale. I realize that a survey usually will take some time but would just like to know how quickly the transaction can be completed. Also are there standard bill of sale documents that deal with the sale of boats?

I don't think there is a standard form as such but I used this : http://www.rya.org.uk/sitecollectiondocuments/legal/Web%20Documents/Legal%20Leaflets/Members%20Advice/Bill%20of%20Sale/BILL%20OF%20SALE.pdf

 

The buyer has most of the control time wise. For example you might find a boat which has just had a recent hull survey and chose to accept that rather than having your own organised.

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There is no standard time, I suggest, nor probably any sensible average anybody might suggest.

 

If you are having a survey, often getting a dock/crane/slipway booking that coincides with surveyor availabily will be far the lonest part - could easily be a month in some cases.

 

We just went from offer to cash in our bank within 2 weeks, I think, but the broker has their own crane, so there was noi delay on getting the boat out of the water.

 

The boat we have just bought without survey went through completely in about a week, from memory.

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Bodmin took 2 to 3 weeks

 

Banstead all money transferred within 24 hours of offer, paperwork signed 4 days later!!! It can be quicker than you are ready for, but better that than months and ,months of waiting

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Its completely possible a buyer would be expected to stump up the rest of the money and "complete" the day after a survey. For example, if you paid a deposit and arranged a survey, then it had one and nothing significant was found, the seller would rightly say that you've agreed to buy so they want the balance. And depending on where it is, you might get booked into a dry dock for a survey in a day or two (ie if its a broker with a boat yard too).

 

On the other hand, it could drag out for months.

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Last boat I bought, viewed it saturday morning, I'm an engineer, she was out of the water, so trusted my own opinion on condition and didn't have a survey (although I wouldn't recommend this course of action to anyone!), paid cash and collected her 6 days later.

But please.........if you are not sure, pay for a survey!!!

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