Hi all,
We are about to buy a boat. After the initial showing that did not immediately reveal severe problems, and later some negotiation, we have signed a purchase agreement and paid 10% into the broker's escrow account. Now we are awaiting the survey and sea trial. By chance two days after we signed the agreement, we got the information that the boat has had significant issues with water ingress from the deck. These problems were not new, they seem to be in existence since the boat was new, and there was one repair trial by the company in the beginning. The boat is now ten years old. Two years ago the owner was told that that need an extensive repair where parts of the deck need to be removed and so on. However, they decided to do some temporary repair and to move on. So far their temporary fix seem to have solved the problem or just kept it under control. However, when we saw the boat it had been on the hard for a couple of months and it was covered. So water ingress from rain or seawater was not a problem for some time, maybe time enough for these areas to dry up.
During the whole negotiation, nothing was said about that.
I am pretty worried about this and I hope the surveyor is going to find these areas.
If there is a real problem, can we just walk away from this boat and get our money back?
Thanks,
Chris