Money owing check....?

[LBD 36]

Hi All... on our way home after having shook hands on a deal to buy a boat, my wife asked an astute question that I had not considered....and before any deposit is paid....  How do we know if the vendor is using the boat as collateral or that there may be another party with a financial interest in the boat? (after all it has no number plate or VIN number to search against.)

Does anybody have any insights?

[harrytom 574]

Thats the risk without a compulsory registration, their word no money owing. Even a trailered boat its the trailer only registered not the boat on the trailer.

Buying through a broker guaranteed ownership of a unencumbered vessel and covered for defects under CGA

How do you know the person selling is only owns 1/2 the vessel,partnership??

[LBD 36]

Thanks Harry.... How does the broker provide then provide this guaranteed outright ownership?..... what do they check?

[harrytom 574]

25 minutes ago, LBD said:

Thanks Harry.... How does the broker provide then provide this guaranteed outright ownership?..... what do they check?

Same as buying from a car dealer.turns to custard it's on them and you get your money back.They should of done the checks pre selling or offering for sale.

[chariot 236]

It is on the vendor to provide a personal written guarantee that there are no encumbrances on the vessel. Then he becomes liable if it turns to custard.

[Deep Purple 492]

Check the ppsr register

https://ppsr.companiesoffice.govt.nz

[marinheiro 339]

12 hours ago, harrytom said:

Buying through a broker guaranteed ownership of a unencumbered vessel and covered for defects under CGA

Interesting recent case about respective obligations/responsibilities

https://www.justice.govt.nz/assets/Documents/Decisions/NR-v-HT-2019-NZDT-1335-6-November-2019.pdf

 

[harrytom 574]

5 hours ago, chariot said:

It is on the vendor to provide a personal written guarantee that there are no encumbrances on the vessel. Then he becomes liable if it turns to custard.

A vendor being a dealer has sign agreement with all the relative information.Private seller can write anything they like and if they dont repay the loan.The bank/finance company will seek and take vessel and you as purchaser get nil. And if a dodgey private seller grabs the money runs off never to be seen again??

If a private seller owes money do you really think that they will declare theres money owing too you??

 

[harrytom 574]

7 minutes ago, marinheiro said:

Interesting recent case about respective obligations/responsibilities

https://www.justice.govt.nz/assets/Documents/Decisions/NR-v-HT-2019-NZDT-1335-6-November-2019.pdf

 

intersting,but could of gone the other way as the surveyor was not a qualified surveyor. Not clear as to a private sale or broker?If private it would be .Buyer beware.

[marinheiro 339]

7 minutes ago, harrytom said:

intersting,but could of gone the other way as the surveyor was not a qualified surveyor. Not clear as to a private sale or broker?If private it would be .Buyer beware.

the third respondent "TU of CT Limited" is described as an "Agent" so most likely a broker

[harrytom 574]

Brought 3 yachts value $10/$15 k and used my boat builder mate to check them out,no issue.

Brought a 30ft $35k back in late 90s from a broker and bank loan involved.Had a qualified survetor and a sea trial,surveyor noticed vibration in shaft and when boat pulled out noticed loose prop shaft skeg,paid deposit until problem fixed and surveyor happy with repair. Then completed purchase. Surveyor back then was Jack Taylor.