Question about corroded steering lever

We are looking at purchasing a Sea Ray 18.5 and on the inspection noticed corrosion on the steering lever and the two bolts above have been doing a little bit of research and it looks rather concerning and was just hoping for a second opinion on the photos.... It seems the only way to replace a steering lever is by removing the engine and then you're still left with the question of where the water was coming in in the first place, correct? Also rust at plug in transom....Thanks for any input!!

So first, that does not look good.
What is probably happening is water is leaking in where the steering arm connects inside the outdrive - there is a swivel shaft (pin) that connects the tiller arm to the drive. Over time the clamp that holds this together can loosen and cause wear at the pint the stainless steel steering pin goes into the aluminum outdrive. The result in water leaking in around the tiller are and you get the crusty mess this boat has. The Mercruiser recommended fix is pull the drive, transom housing (requires pulling the motor) and replace the rusty parts to include the steering shaft, tiller arm and possibly the transom assembly. There are after market fix kits that involve cutting into the top of the transom assembly from the outside and replacing the parts that way. One kit is JR Marine.
Usually this is more of a problem with Bravo drives. One obvious symptom besides the leaking is excessive play in the outdrive. The rust around the drain plug is probably the water that drips down the inside of the transom.

Thanks Bill, for your time and details!!! You just confirmed the preliminary research I have done, and I think we are passing on this boat!! Thanks Again for your help!!

JC Thompson said:

Thanks Bill, for your time and details!!! You just confirmed the preliminary research I have done, and I think we are passing on this boat!! Thanks Again for your help!!

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Hang on, that rust looks like it from water coming from above.

your welcome - probably a good move to pass. That’s a big repair to start off with on your new boat.

I agree with Mitch. The seal referenced above is actually below that steering arm. There does not appear to be anything washed from a leak below it in the pics.

Typical for that arm to rust, it's a painted piece of steel. It's a very stout pc. as well. The 2 rusted nuts shouldn't have, they should be a high grade stainless. These parts can rust even without a leak.

Well if it is NOT the steering shaft, the what is it. Agree from what can be seen from the pictures, everything besides the two bolts and steering arm look pretty clean. You really don't hear about the steering pin leaking on Alpha's, especially newer ones on small boats. Might be worth further investigation. But if it is the steering pin, I would not get involved with this boat.