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Posted by: Derrick S on 2010-09-02, 20:06:53
Always have the boat looked at by a Marine Surveyor is rule number one! The Surveyor will do a full inspection of all the major components and will tell you what is wrong now and what may be areas of concern for the near future. Have that person also do the title search for a clear title and "Free " of encumbrances. Then after it passes the inspection, take it for a test drive on the water and drive it like you would if you owned it. If it runs fine and does what you want it to do, put your money down. As for co-owning anything, my past experience is this. Don't do it! No matter how great of friends you two are, it's a divorce waiting to happen. All sorts of things happen and change when something is co-owned by anything other than a married couple, even then there are arguments too. I've had a couple of joint ventures and everyone ended in not being friendly in the end. I'm not going to give details, but you can email me if you really need to know and if you do, how to draw up an agreement and responsibilities of each party that will need to be included in the contract. This protects everybody involved and when it ends up in Court, it'll outline who breached the contract. |
