BOAT SALES - MIA (IPA) Independent Pre-Sale Assessment

Introduction

http://marineinspectionassociation.com/

The Aim:

(a) Encourage anyone who is selling their second-hand yacht or motor boat to commission a preliminary assessment of the condition of the vessel and certain equipment onboard, by an independent, experienced marine surveyor, in order to increase the information available about the vessel to prospective buyers and increase the likelihood of selling the boat quickly;

(b) To provide a comprehensive inspection criteria and checklists for preliminary vessel assessments which address the critical areas of a vessel which will be of interest to a buyer of a typical second-hand yacht or motor boat

(c) To approve a panel of suitably experienced marine surveyors, through membership of the MIA, who are qualified to undertake such preliminary vessel assessments at reasonable, fixed fees, determined by the size of the vessel to be inspected.

The scope of a MIA Report

Whilst every care will be exercised by the surveyor when inspecting the vessel and the observed items, the surveyor accepts no responsibility for any defects discover-able only by additional inspection, observation or testing, or by a full structural or condition survey.  The surveyor will not inspect any part of the structure of the vessel, machinery or equipment which is covered, unexposed or inaccessible at the time.

The IPA does not replace a full pre-purchase structural condition survey of a vessel commissioned by a buyer (“FCS”).  The MIA recommends that all second-hand vessels undergo a FCS before a sale is completed by a buyer.  Instructing the surveyor who carried out the IPA to perform the FCS, is the commonsense approach to overall inspection of the vessel and will result in cost and time savings by the Buyer.  Most MIA surveyors will offer a discount for a FCS if they have already inspected the vessel and prepared a MIA report.

Advantages to Sellers of instructing an IPA by a MIA surveyor       

• An IPA undertaken by a MIAsurveyor is one of the most effective methods of making a vessel stand-out from the crowd of other similar boats available for sale.
• A MIA report helps to reassure potential buyers of the condition of a vessel, which will make the vessel more marketable and improve the prospect of an early sale.
• An IPA will reveal any significant defects with the vessel before sale, enabling a seller to address these, or to price the vessel accordingly, factoring-in any post-sale repairs that a buyer will need to undertake.
• An IPA is a focussed ‘walk through’ vessel assessment available at relatively low cost.
  

Advantages to a Buyer of a boat being sold with an IPA report prepared by a MIA surveyor

• The invaluable reassurance that a vessel advertised for sale with an IPA report has already been given a preliminary, structured, once-over inspection by an independent, expert marine surveyor, who is knowledgeable about second-hand yachts and motor boats and what to be wary of, and to look out for, when buying one.
• The confidence to proceed with a boat viewing, knowing that what is reported in the IPA report fairly represents the boat the buyer will travel to see and is interested in.
• Real savings of time and money in the boat buying process - buyers waste less time viewing unsuitable, disappointing boats and, generally, will pay less for a FCS undertaken by a surveyor who has already carried out a preliminary inspection and prepared an IPA report.

The cost of an IPA by a MIA surveyor

MIA surveyors have agreed discounted fixed fees for IPAs.  The cost of an IPA depends upon the size of the boat to be inspected.  A survey is usually arranged by the brokers selling the boat, upon the instructions of the seller, who will appoint a MIA surveyor local to the boat.  The seller pays the surveyor direct for the IPA.  MIA fees for IPAs are as follows:

• Up to 40 feet:£149 plus VAT
• 40 to 60 feet:£199 plus VAT
• 60+ feet:£249 plus VAT

MIA fees are monitored by the Association to ensure that they remain competitive and represent real value for money.Once approved by the seller, the IPA report will appear alongside the boat’s advertised spec. and will be easily available to any prospective buyer who views or requests information about the boat.