You can’t beat a new boat or yacht purchase, but remember there are a few things you should check off before you sail off into the sunset. First of all... Take a step back, take a look at your new pride and joy and congratulate yourself.
If it is a brand new boat from a dealer, there’s not much you need to do, short of planning your first road trip. The list is a little longer if you’ve purchased privately.
Here are a few things to consider once you’ve purchased a boat.
Make sure your transfer paperwork is in order
Boat/hull Transfer, Change of Ownership or Notice of Disposal forms need to be completed (signed by both the buyer and seller) when a boat or yacht is sold.
In some states, the responsibility of processing the transfer lies with the seller. In others, it’s up to the buyer. Either way, it’s important that both parties keeps a copy of the form as a record of transfer and date of sale.
Ask for a receipt of sale
While this document is not legally binding, it’s a good way of keeping a record of the sale and all relevant details. Ask for a printout or email of the receipt of sale document.
In some states where the transfer is the buyer’s responsibility and a Roadworthy Certificate is required, make sure you have it before you drive away.
As added peace of mind, ask for a copy of the PPSR report which you have already sighted as part of the purchase process. If you’ve paid for the boat or yacht in full, ensure any pecuniary interest has been cleared.
Insure your new boat before you sail it
If you have an existing relationship with an insurer, the chances are it will happily issue a cover note ahead of you negotiating your permanent policy.
Remember to finalise your insurance choice ASAP – cover notes only last for a limited time.
Wash your new boat
This is a great way to check out your new boat or yacht in detail. If it is a brand-new boat or yacht it’s a sure way of finding any nick or marks you may not have picked up at the dealership. If you do find anything ensure you flag it with the dealer immediately.