A FRAUDULENT SURVEY – WHERE DOES THE BUYER STAND?
Peter Clark comments
This is a very unfortunate tale. When it comes to buying boats it is vital that a buyer seeks expert advice before engaging in any negotiation.
This is not just confined to commissioning a bona fide independent marine survey but also asking an independent expert’s advice on the machinery and, in the case of a yacht, the rigging and sails. A good engineer will have product knowledge of engines, particularly, that a marine surveyor may not have – hence that input is vital.
The fundamental principle in law as we all know is ‘caveat emptor’ – let the buyer beware!
In this case there is no mention of
any checks upon the seller's title being investigated. How did Anne know it was his boat to sell? The fact is she probably didn’t and all too often this is precisely how innocent people get stung and they end up with a stolen boat or one with outstanding finance upon it.
No buyer should rely upon a survey offered to them by the seller. The survey should be impartial and always commissioned by the buyer. Moreover, the survey report is privileged to the party who commissions it – no one else. It certainly does not belong to the boat.
Sympathetic though I might be to Anne, she was the author of her own misfortune.
As for the vendor, well, this is the same sort of thing that can happen anywhere in life. It could have been a car, a horse or any other item of value. Care in buying is the buyer’s responsibility, no one else’s! If you are not certain of your knowledge then obtain help from someone who does have that expertise.
It’s hard enough as it is to earn the taxed money needed to enjoy anything in life, but please don’t give it away to a charlatan such as occurred here.
‘The fundamental principle in law as we all know is “caveat emptor” – let the buyer beware!’