Hey, need some quick thoughts. What kind of time frames are you all using to complete surveys, sea trials, closing, etc. on a purchase/sale. I am thinking at least 2 weeks to get all the survey, sea trial, engines/oil, etc. scheduled, done and reported. Then a week to get closed, assuming no financing. What say you? Thanks in advance.
Purchase/Sale Contract Dates
- Thread starter Golfman25
- Start date
sbw1
Well-Known Member
- Oct 10, 2006
- 8,186
- Boat Info
- This is listed in my signature
- Engines
- This is listed in my signature
- Oct 6, 2006
- 12,155
- Boat Info
- 1996 450DA
- Engines
- 3116 Caterpillars
The best position to take is to make your contract contingent on surveys, Sea trial, insurability, etc. and avoid a fixed date for closing. Instead, make the contract provision that you will close the deal within 5 days of your notification that the contingencies have been met to your satisfaction.
Expect some resistance from your broker or salesperson, but asking you to pin down a closing date in the contract is asking for the impossible because you very likely haven’t even selected a surveyor and have no idea what the unknown surveyors schedule is.
Expect some resistance from your broker or salesperson, but asking you to pin down a closing date in the contract is asking for the impossible because you very likely haven’t even selected a surveyor and have no idea what the unknown surveyors schedule is.
Getting the inspections scheduled and completed took a few weeks. A lot depends on the surveyor schedule. Factor time for deficiency correction. I’d say a month, but the contract dates can be adjusted if needed.
Made first offer on 7/19 close on 8/7 could have closed 8/2 but wasn’t able to do the trip because of work. Minor financing and first time through the process so being diligent, experienced could shave a few days off that. Coast guard did turn the abstract around rather quickly which finance people were worried and said they previously had been a couple weeks behind in doing.
Jeremygavin
Well-Known Member
- Mar 6, 2012
- 2,054
- Boat Info
- 2011 520 Sedan Bridge
2016 Sea Ray 19 SPX OB
2019 Walker Bay Generation 340
- Engines
- Cummins QSM11s
Mercury 150 Fourstroke
Honda 40hp
It took me about a month to close last fall but the only factor slowing us down was getting the surveyor and Cummins surveyor to be able to agreed on a survey date. It was almost 2 weeks out from signing of the P&S. Then there were some items that needed to be fixed by the seller before the sale before I would take possession of the boat. (non working VHF radio for example.)
