Sharing a buyers survey

[MaasGuy]

Hello Group....Just had an out of the water survey done and they came up with a few issues....one of which, if not handled by the seller, would most likely preclude us from buying the boat. I've sent the seller (broker) a couple of pictures of the issue and have told him that this would be the only thing they need to address to continue with the process. The broker asked if I would be willing to share the entire survey. I replied back that I would send him a few pictures of some minor issues but would hold off sharing the entire thing for now. I do have a mechanical survey and sea trial scheduled for next week. Would folks with more experience than myself have any opinions on sharing survey info? Thanks!

 

[O C Diver]

I would only share the portions relative to the issue you need resolved. Certainly wouldn't share the appraised value, unless it's in your interest toward lowering the price.

If the sale falls through, I would sell it to the owner at a reduced price.

Ted

 

[DavidM]

First read your agreement with the surveyor. In general unless specifically restricted by the agreement, a professional document is a work for hire and is the property of the person who paid for it and you can share or sell it to anyone.

But follow the strategic advice given above. As a seller I have often gotten excerpts as noted above, but never the full document.

David

 

[garbler]

You own the survey if paid for clear as that. Therefore you can do with it as you please. As a retired surveyor of thirty-five years I can attest that not even the surveyor can release this document without your written permission unless it’s subpoena’d and even then it get dicey without you or a legal representative granting it. Letting a broker have it is nothing more than a easy way to grease a deal for another buyer as a free cookie.

Rick

 

[MaasGuy]

Thanks for all the replies. Ended up just sharing portions of the survey that we needed price adjustments on. Adjusted price has been accepted and we're in the title phase so things are moving along nicely albeit slowly.

 

[Marco Flamingo]

Sharing the "bad parts" of a survey is a good idea. The broker and owner now know that there is a problem. In theory, they can't use the "I didn't know" defense with a subsequent purchaser. That should make them realize that your offer, based on the "bad parts" should (in a perfect world) effect every subsequent offer. I've shared the bad parts, in writing, even when I decided to walk. It could protect the next guy.

 

[Shrew]

IMHO if your contract states the sale is subject to specific terms and conditions, such as successful survey and sea trial, then you owe 'some' due diligence to prove that the terms of the contract were not met.

IMHO that means divulge the specific reason terms weren't met. However, that being said, you don't need to provide the entire survey. excerpts of sections and the verbiage used, referencing the surveyor should be more than sufficient.

 

[garbler]

The typical purchase survey is handled by distributing the ‘ Found & Recommend ‘ portion only. A good surveyor should be able to generate this info on his letterhead in a timely fashion so as not to delay progress. Years ago before computers we always wrote up the. ‘ Found & Recommend ‘ on NCR carbon paper on site after inspection. Copy to my customer, broker and yard for bidding purposes. These are your bargaining chips. Recs that are structural, systems, or safety must either be corrected by the seller under agreeable terms, ie, competent contractor suitable to both buyer and seller and/or factored into the selling price.

Cosmetic issues normally can be addressed in the survey but generally fall into the wear and tear category and are non-negotiable. If the vessel needs paint, brightwork, upholstery etc etc then that is up to the discretion of the buyer who knows what he or she wants in a boat and is something not normally concealed to the average person. Areas or equipment not inspected such as sea trialing machinery , sails and some electronics ( Winter lay ups ) are noted and money is held out in escrow until condition of such is satisfied. Sellers that refuse hold backs for this are usually a red flag but it’s not the surveyor’s job. The big exception for the past 25 years is gelcoat blistering which when I was surveying was a very hot issue. These days it’s considered structural.

Good luck
Rick