Tuesday, October 23, 2012

How to Buy a Gulet?

First, you must research the different types of gulets available, then you must determine which type of gulet is the best for your purposes and your enjoyment.


  1. Search the different types of gulets available. There are many websites that offer gulets for sale. They also offer different categories of gulets, so that you can pinpoint exactly which type will suit your needs. For instance, Recently Listed Gulets is one such page. In the boat search category, you can search for all types of gulets for sale. Here you will find gulets, ketchs, tirhandils, tour boats, sailboats, and motor sailor yachts.
  2. Educate yourself on the value of your purchase. Gulets For Sale list can be very helpful in learning the value of your boat.
  3. So you have a gullet, the boat of your dreams, in the yachting adverts contact the broker by phone or e-mail to determine whether this boat is as you expect. Make an appointment with the broker to inspect (if you make an appointment you will receive more of the broker's attention). Your initial inspection should really be an overview. Does it look as expected from outside? Does it feel like your style of boat on the inside? Has it been properly looked after.
  4. Some sellers of gulets seemingly always expect a better price for their boat than the actual value. When negotiating the price of a boat, expect to pay 5% less than the asking price. This 5% difference is what is expected by most brokers and dealers. This percentage might go up to 10% in some particular situations. Please note: Your broker should negotiate with the vendor to allow for or make good any discrepancies discovered during the above inspections.
  5. It’s time to make an offer subject to a professional survey and sea trial. If your offer is accepted, it’s time to choose a surveyor. Even with a vast knowledge of boats it’s always wise to have another pair of eyes. You will also need a survey for financing and or insurance. Normally the sea trial and survey are at the buyer’s expense. A surveyor will explain his fees and services. After you have made your choice your broker or surveyor will schedule a haul out to inspect the bottom. A sea trial should be performed with your surveyor aboard. You then will receive a written survey that should list any discrepancies or recommendations. Do remember that any used vessel will likely have recommendations. You should now have the information to allow you to make an educated decision.
  6. At this stage the broker will prepare a selling agreement which will set out all details of the sale (buyer and seller's name, a detailed description of the gulet and equipment, the agreed purchase price and a settlement date) for the buyer and seller to accept and sign.
  7. Upon striking a mutual deal on the price for a boat and sea trial, expect to be required to give a 10% deposit to continue the deal. Make sure the deposit is subject to you getting a satisfactory survey and satisfactory test sail/run. The deposit should be refundable to you if you are not satisfied (expect to pay for the slipping and test sail/run costs if you don't go ahead with the purchase). After a deposit and purchase and sales agreement has been executed, the buyer has right to an inspection and survey.
  8. If all checks out on the gulet and you are ready to move towards the closing, request copies of the documentation for the gulets and hire a company to do a "clear title search." This ensures that you are receiving clear documentation on the gulets.
  • Always request copies of the seller's driver's license (or any other picture identification) along with the boat documentation. Some state registration offices will require this to register the boat.
  • Make sure all documents that require notarization are notarized.
  • Check out any brokers or dealers that you are doing your transactions through. Make sure they are in good standing as a corporation and as a broker.
  • When buying a used gulet ask for maintenance records for the engine and discuss any major work done on the hull and engine.
  • When negotiating, be sure to ask if the basic accessories are part of the deal. For a small gulet this can be fairly worth of equipment.
  • Have the seller take you for a ride. For small gulets it is beneficial when the conditions are windy or choppy. You can learn a lot more about how the gulet rides and how dry you stay in rougher conditions.
  • When buying a used gulet, call a manufacturer and find out the price of the new boat. Also talk to the broker for advice on the valuation of the used gulet.
You now own the gulet of your dreams!

There are a few other things to take note of:

  1. You will receive an invoice and registration papers(bill of sell, deletion certificate), for re-registration into your name. Ask your broker if they have yacht purchase legal formalities follow up services and import and export formalities follow up services to do all these formalities for you. If no, they should have a good contact for these services. Expect to be required to pay cost of purchase legal formalities.
  2. There is no tax to be paid by the buyer.
  3. It is recommended that you take out a comprehensive insurance policy at the time of settlement; your broker will give you a quote for this and arrange a cover note for you.

  • Please take your time for thoroughly inspecting the gulet you intend to purchase. You should be able to do this before any money changes hands. Hire a marine mechanic first to inspect the motor. Often, if it fails to pass his inspection (too much needed to repair/replace it) you should consider passing on the gulet. Then find a reputable surveyor and expect to pay a tidy sum to have the gulet hauled (lifted from the water by straps) or pulled out (on a trailer) before the full payment.
  • You can skip the boat survey/ inspection if it is a small gulet or relatively inexpensive, or doesn't require a bank loan. But most boat insurers require it. Still, bring/ hire an experienced boat owner with you to inspect the boat if you do not know what to look for.
  • Never purchase a boat "sight unseen."


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