Closing the Deal: A Crash Course in Sailingboat Buying

Closing the deal

Hello again, fellow mariners and adventure seekers! If you’ve been following our story, you know that our quest for the perfect charter sailing boat led us to the beautiful Zosca, a Jeanneau Sun Odyssey 449, nestled in the US Virgin Islands. Finding her was just the beginning. Now, we had to navigate the complex waters of closing the deal and getting her ready for the grand journey back to California.

The Rush to Close the Deal

After discovering Zosca, it was a race against time. The seller was eager to close the deal, and we wanted to ensure we secured this gem. Buying a boat, as we quickly learned, is not like buying a loaf of bread. It involves a lot of paperwork, coordination, and patience—none of which were our strong suits when our excitement levels were sky-high.

A New Learning Experience

We were entering uncharted territory. Fortunately, Zosca’s location in the US Virgin Islands, a region with robust support for boat buyers, worked in our favor. We hired a reputable company to conduct a thorough survey of the boat, another to handle the rigging, and organized a haul-out at a local boatyard. This coordination required working closely with Zosca’s current operator, the boatyard, and the surveyor. For those unfamiliar, a marine survey involves a detailed inspection of the vessel’s condition, equipment, and seaworthiness—essential steps to avoid future headaches.

Some Facts About Closing a Sailing Boat Deal:

  • Marine Survey: A comprehensive evaluation of the boat’s condition, often required for insurance and financing.
  • Haul-Out: Lifting the boat out of the water for inspection and maintenance. This is crucial for checking the hull and underwater components.
  • Rigging Inspection: Ensures the integrity of the boat’s mast, sails, and related equipment.

The Survey and Insurance

The survey report was a lifesaver, not only for the purchase but also later when we applied for insurance. It provided a detailed account of Zosca’s condition, highlighting areas needing attention and confirming that she was a sound investment.

Navigating Registration Hurdles

Here’s where things got really interesting. Zosca was registered under the French flag, with the previous owners still holding a loan on the boat. In France, this means the bank was the official owner—a common practice but one that posed significant challenges for us. Registering Zosca with the US Coast Guard (USCG) would have been nearly impossible because the registered owner (the bank) was different from the seller we were dealing with.

After some intense research and a few sleepless nights, we found a solution. Poland came to our rescue. Polish service providers assured us that registering a French boat in Poland would be straightforward, given both countries are in the EU. They had ample experience with such cases, and so, we registered Zosca in Poland first. This workaround was a lifesaver, allowing us to sidestep the red tape and complications with the USCG.

The Insurance Odyssey

Securing insurance for Zosca was another adventure. Boats in the Caribbean, especially during hurricane season, are not exactly insurance darlings. We reached out to numerous companies and brokers, only to be turned down repeatedly. Most insurers flat-out refused to cover a boat in that region.

Eventually, we found a broker in the US Virgin Islands who could help. The process was convoluted: the broker contacted the underwriter, who then contacted the insurance company. Every question or clarification triggered this slow, mysterious chain of communication. It was frustrating, to say the least, but persistence paid off, and we finally secured insurance.

Zosca Becomes Ours

With the deal closed, the registration sorted, and insurance in place, Zosca was officially ours. The excitement was palpable as we began planning our voyage to sail her home to California. This phase of our journey taught us invaluable lessons about boat ownership and the importance of thorough preparation.

Stay tuned for our next blog post, where we delve into the meticulous process of equipping Zosca for offshore sailing and planning our grand adventure. As always, fair winds and following seas to all our fellow adventurers!

Stay tuned for the next chapter as we equip Zosca for the voyage of a lifetime. More tales of trials, triumphs, and tips for aspiring sailors await. Until then, may your sails be full and your compass true!