Buying a Hanse 548

[Laurentprat]

Hi everyone, we are in the process of buying a boat - Hanse 548 - from a charter company in Croatia. We are in the last step where we need to sign a purchase contract and make a down payment. We have also planned a full survey of the boat. We are completely new beginner and have no experience with this kind of process. Does anyone is the group have been through similar process and can help us to make sure that the contract looks ok. We appreciate you help and comments. I have attached the contract. Have a great day. Br, Laurent

 

[Peter Andersen]

Hi everyone, we are in the process of buying a boat - Hanse 548 - from a charter company in Croatia. We are in the last step where we need to sign a purchase contract and make a down payment. We have also planned a full survey of the boat. We are completely new beginner and have no experience with this kind of process. Does anyone is the group have been through similar process and can help us to make sure that the contract looks ok. We appreciate you help and comments. I have attached the contract. Have a great day. Br, Laurent

Silver Lining? Article 7.3 is a bit unusal in these parts. If you are not happy with the survey you should be able to reject the deal outright and get your deposit back. 5 pct of this boat could be $500K and a big repair. Why get caught up in what could be a long drawn out mess of a repair? Or counter 2.5 pct

You really should spend the money on a buyers broker or solicitor to help you through the process. Especially if you are putting it into charter service and this is your first experience.
That would be my A-1 recommendation. And dont use the seller's broker surveyor. Find another.
Hopefully all works out ok, but there are a lot of land mines all around you and you dont know how to look for them.

Dont know the Med market excatly but boat prices are coming down. Dont be in a rush if you dont get a deal you like. There will be others.

 

[Old Pirate]

This appears to be a charter boat, will it go back into charter under your ownership? Charter boats generally get used hard and put away wet, depending on the charter company (and luck, to some extent) a used boat can either be in great shape or have a lot of problems.

PA's advice (above) is excellent on all points. If you're unhappy with the survey you should be able to walk. Not only should you have your own surveyor, you absolutely must see the boat with your own eyes and examine every bit of it. A broker with experience in the local market is also an excellent idea. The charter company may skimp on maintenance knowing the boat is going on the market and then just as charter season is about to begin you get presented a long list of repairs that have to be done. And don't let yourself get pressured into a deal, there's always another one.

We recently bought a 5 year old boat from the UK that was advertised as having been meticulously maintained. My boat partner and I have many years of boat ownership experience, we spent 2 days going through the boat and all its gear ourselves, in addition to a survey. As a result of the survey we re-negotiated the price and had significant repairs done. Significant being > 5% of the original contract price. Even after all that we keep finding little surprises here and there.

Go see the boat yourself - it's a great excuse to visit Croatia, what a beautiful country.

 

[167149]

alas you're amongst the "hoi poloi" here as a first time poster and there are certain customs that're adhered to so don;t be offended. Firstly........ fuck off......... now that's out of the way the next is a showing of tits, whose is immaterial........ just show em....... following this you'll find this place a true wealth of accumulated knowledge some replies may be obscure but that's life..........

 

[Old Pirate]

^ grow the fuck up. That was funny 10 years ago. Now it's just old and tired.

 

[Kenny Dumas]

That’s just because nobody wants to see old pirate tits

 

[kiwin]

Hanse yachts are built by factory workers in eastern Europe down to a price. Inspect the boat very very carefully. Do not use a surveyor with a relationship with the broker or vendor.
Hanse's are prone to problems with main bulkhead attachment to the hull & deck. Many bulkheads on Hanse's have cracked near the corners of doors due to stress raising design. Autopilot installations have inadequate "wrap" around sprockets on rotary actuators causing tooth skip and chain wear. The original sails are commonly lowest price awful so if you are not budgeting on new sails then you need to. Many hatches were inadequately sealed to the hull so leak badly. Drainage between bilge sections is poor resulting in water trapped for long periods and problems so ensure all the sole panels are lifted. Fridge condensers were inadequately ventilated resulting in poor refrigeration and high power usage. Check carefully for mast step sag/deck collapse due to poor bulkhead fit.
They are another production boat. They are cheap for what you get. I had a Hanse 430e in which I sailed 11,000 miles. I would not have another one.

 

[Matagi]

Hi everyone, we are in the process of buying a boat - Hanse 548 - from a charter company in Croatia. We are in the last step where we need to sign a purchase contract and make a down payment. We have also planned a full survey of the boat. We are completely new beginner and have no experience with this kind of process. Does anyone is the group have been through similar process and can help us to make sure that the contract looks ok. We appreciate you help and comments. I have attached the contract. Have a great day. Br, Laurent

Since by the time of writing you should have paid the price in full already, as per the contract, I don't see the point in this.

Also: everyone who buys a former charter vessel has my deepest condo...respect.

 

[mckenzie.keith]

Good luck with your new boat! Post pictures when you get a chance.

 

[Peter Andersen]

Since by the time of writing you should have paid the price in full already, as per the contract, I don't see the point in this.

Also: everyone who buys a former charter vessel has my deepest condo...respect.

Only the down payment was required so far. Balance, survey, acceptance and closing by Dec 15.
I would not buy a boat under that contract as is. Everything is negotiable and renegotiable when it comes to boats. Its 6 pct 'discount' against agreeing min 12 mos charter and maintenance contracts which also would need careful review.

 

[10thTonner]

Good luck with your new boat! Post pictures of tits when you get a chance.

FIFY

 

[Laurentprat]

Silver Lining? Article 7.3 is a bit unusal in these parts. If you are not happy with the survey you should be able to reject the deal outright and get your deposit back. 5 pct of this boat could be $500K and a big repair. Why get caught up in what could be a long drawn out mess of a repair? Or counter 2.5 pct

You really should spend the money on a buyers broker or solicitor to help you through the process. Especially if you are putting it into charter service and this is your first experience.
That would be my A-1 recommendation. And dont use the seller's broker surveyor. Find another.
Hopefully all works out ok, but there are a lot of land mines all around you and you dont know how to look for them.

Dont know the Med market excatly but boat prices are coming down. Dont be in a rush if you dont get a deal you like. There will be others.

Hi Peter,

Thank you for your message.

How would you recommend to write article 7.3 regarding the fact that we want to void the deal if we are not happy with the survey?

Best Regards,
Laurent

 

[Laurentprat]

This appears to be a charter boat, will it go back into charter under your ownership? Charter boats generally get used hard and put away wet, depending on the charter company (and luck, to some extent) a used boat can either be in great shape or have a lot of problems.

PA's advice (above) is excellent on all points. If you're unhappy with the survey you should be able to walk. Not only should you have your own surveyor, you absolutely must see the boat with your own eyes and examine every bit of it. A broker with experience in the local market is also an excellent idea. The charter company may skimp on maintenance knowing the boat is going on the market and then just as charter season is about to begin you get presented a long list of repairs that have to be done. And don't let yourself get pressured into a deal, there's always another one.

We recently bought a 5 year old boat from the UK that was advertised as having been meticulously maintained. My boat partner and I have many years of boat ownership experience, we spent 2 days going through the boat and all its gear ourselves, in addition to a survey. As a result of the survey we re-negotiated the price and had significant repairs done. Significant being > 5% of the original contract price. Even after all that we keep finding little surprises here and there.

Go see the boat yourself - it's a great excuse to visit Croatia, what a beautiful country.

Thank you very much for your feedback. How would you write a statement to make sure that we can go out of the deal if survey is not satisfactory.

Best Regards,
Laurent

 

[Laurentprat]

Hanse yachts are built by factory workers in eastern Europe down to a price. Inspect the boat very very carefully. Do not use a surveyor with a relationship with the broker or vendor.
Hanse's are prone to problems with main bulkhead attachment to the hull & deck. Many bulkheads on Hanse's have cracked near the corners of doors due to stress raising design. Autopilot installations have inadequate "wrap" around sprockets on rotary actuators causing tooth skip and chain wear. The original sails are commonly lowest price awful so if you are not budgeting on new sails then you need to. Many hatches were inadequately sealed to the hull so leak badly. Drainage between bilge sections is poor resulting in water trapped for long periods and problems so ensure all the sole panels are lifted. Fridge condensers were inadequately ventilated resulting in poor refrigeration and high power usage. Check carefully for mast step sag/deck collapse due to poor bulkhead fit.
They are another production boat. They are cheap for what you get. I had a Hanse 430e in which I sailed 11,000 miles. I would not have another one.

Thanks for you reply. Really good feedback. I will make sure to take them into account!

 

[Laurentprat]

Only the down payment was required so far. Balance, survey, acceptance and closing by Dec 15.
I would not buy a boat under that contract as is. Everything is negotiable and renegotiable when it comes to boats. Its 6 pct 'discount' against agreeing min 12 mos charter and maintenance contracts which also would need careful review.

Hi Peter,
What will you change in the contract for example?

 

[JoeO]

That contract is crap, no way I'd use it. Look at YBAA for an example :

YBAA Yacht Purchase & Sale Agreement 2010 - Marina42

YBAA Yacht Purchase & Sale Agreement 2010 - Read more about buyer, seller, brokers, broker, agrees and association.

www.yumpu.com

 

[Laurentprat]

That contract is crap, no way I'd use it. Look at YBAA for an example :

YBAA Yacht Purchase & Sale Agreement 2010 - Marina42

YBAA Yacht Purchase & Sale Agreement 2010 - Read more about buyer, seller, brokers, broker, agrees and association.

www.yumpu.com

Thanks, I will look at it.

 

[JoeO]

Thanks, I will look at it.

At least three main issues with the original contract that the YBAA one improves upon - don't let it limit/explicitly detail what the survey can/can't look at, don't limit the reasons you can walk away from the deal, don't make out any deposit check to the Seller - all deposits should go into the broker's escrow account.

 

[Zonker]

How would you write a statement to make sure that we can go out of the deal if survey is not satisfactory.

Usually the terms say something like "a survey to the satisfaction of the purchaser"

Basically you should be allowed to reject the boat after the survey for ANY reason. Including "something feels wrong but the surveyor can't put put his finger on it". Make sure no admin costs etc will be deducted from the down payment.

 

[Peter Andersen]

Hi Peter,
What will you change in the contract for example?

The only advice I will give is you really should consult with a local attorney or broker who knows the local landscape surveyors, etc . You can get a closing yacht broker or a lawyer to guide you for a small fee Im sure. What does the maintenance contract cover? Wnat does it not? What does it cost you? Penalty for early withdrawal from charter fleet? Title search? Tax liens? This is a $400k transaction. Dont be a cheapskate for couple hundred bucks. Oh...one other piece of advice. Dont come to this website forum for advice.