Advice on buying a boat

 

Hi all 

I am about to buy my 1st ever boat off Gumtree (the dealer at the boatyard was not helpful) , I know nothing about boating but have friends who are pro-fishermen and know their boats to help me. Finally settled on the one we want, marine mechanic has inspected and given the all clear. 

Have a boat lifter organized and have someone to take us fishing whenever we want (the other 360 days of the year when we don't use it he can take the boat out and will drop us off fish/crays in return)

I will be paying by bank cheque but the boat has 3 registered owners.

My question is presuming there are transfer papers, do all 3 owners have to sign?

Also my banker has stated that I need to ensure that none of the owners has a mortgage or other loan linked to their share of the boat? (ie if they default then the boat could be re-possessed?) Anyone aware of this and what steps I need to take to protect my investment

Thnaks  for any advice, sorry if its a dumb question but I am a novice at this

Regards

 


Posts: 474

Date Joined: 09/11/06

Sounds complicated

Wed, 2015-12-02 12:57

Have never gone through this situation myself , but having said that . I would be asking them to transfer ownership into one name before I bought it . Would assume its only a matter of paperwork and a small fee . That way you are buying off one owner and it would be easier to check on encumberment (spelling)

Grey Ghost's picture

Posts: 183

Date Joined: 12/10/15

PPSR check

Wed, 2015-12-02 13:36

https://www.boatfacts.com.au/ to work out whether boat used for security on other loans

Also, as all 3 are owners of the boat, all 3 owners need to sign, unless you wish to allow some of them to remain part-owners.

____________________________________________________________________________

 "Grey Ghost",  670HT Barcrusher with 150 Yamaha, based at Cockburn PBC.

z00m's picture

Posts: 1086

Date Joined: 10/05/14

Helping

Wed, 2015-12-02 13:46

As shown above the 3 owners need to sign. It's not difficult. Get the correct boat transfer papers from DOT in Hillarys or wherever is closest to you.

If you need help keeping the boat running for any of the other 360 days it will be sat idle then let me know!

If it is a sizeable investment you could also engage your own independant broker to act on your behalf. This is another way to try and ensure a clear title.

Posts: 60

Date Joined: 22/05/14

 Thanks, how do I get an

Wed, 2015-12-02 14:39

 Thanks, how do I get an independent broker as it is easier for me to just pay someone to do it all

Not being arrogant but work too busy for me to sort out and  I got no idea and don't want to get ripped off

Big boat close to 30 foot, want to do FADs, deep drops etc , my pro fishermen mates have all the marks

Maybe if someone helps me broker wise I can take out fishing just you have to drive the boat

Regards

R