Public Register of Vessel Statutory Notices is a used boat buyer resource from Marine NSW for buyers to check if the vessel is subject to a statutory notice. The resource has been launched by Transport for NSW as a protection for used vessel buyers. Allowing them to check if the vessel they are considering may be unsafe, presents a harm to the environment, and/or has rulings current applied to the owner.
The used boat market is extensive and can provide great value buys with prices typically considerably less than buying a new boat. But buying second-hand goods can come with risks, especially knowing exactly the condition and potentially other aspects of the boat that may have negative repercussions for the new owner.
In launching this new resource, Marine NSW said that prior to this register being available, used boat buyers did not have a way to check if the boat was subject to a statutory notice from the authority. These notices are issued by Transport for NSW and include actions that the owner must take to make the boat safe. The notices may detail specific repair work that must be undertaken, or they may involve removing the boat from the water completely.
Boat owners that do not comply with these notices can be prosecuted, the boat detained until the work is completely, the boat destroyed, or the boat sold by the authorities. For buyers, the risk is that if a boat is subject to one of these notices, there could be a restriction on transferring ownership. An unsuspecting buyer may find themselves in a position of buying a used boat that they can’t use, or they can’t afford to fix to meet the requirements of the notice.
What is Register of Vessel Statutory Notices?
This new register is an online resource available on the NSW Government website. It provides buyers of used boats to check the registration of the boat and see if its subject to any current notices re the safety and condition of the boat.
The notices cover:- obstruction of navigation; production; unsafe boats; marine environment protection; and other environmental protection notices. Buyers are not charged to use the resource as it is a publicly available online facility. The register would only relate to vessels under notices in NSW. The resource may be an assistance for all buyers considering buying a NSW registered used boat.
Additional Used Boat Buyer Resources
In addition to the register, Transport for NSW has launched several more initiatives to support used boat buyers. These include a system for sending automated messages from the new register to initiate restrictions on transferring ownership for boats that are subject to these types of notices.
The Department is also collaborating with the NSW Customer Services Department with a warning service for buyers that check boat registration via Verify NSW. The service warns of any restrictions of transfer of ownership applicable to a vessel.
How to use Register of Vessel Statutory Notices
Access to the register is via online. Users enter the exact registration number of the boat. The search results will be displayed.
Notices that are recorded are legally binding as they are served by the Government. The owner is required to take the actions as required in the notice to make the vessel safe. If the search results reveal the boat is subject to a Notice to Remove, or a Notice of Obstruction to Navigation, that generally indicates that the boat is required to be taken out of the water.
If an unsuspecting buyer were to purchase that boat, they would be required to complete the actions indicated. If notices are applied to a boat being considered for purchase, potential buyers can call Transport for NSW Maritime to obtain further details and information.
Used Boat Finance Checks
While the price of second-hand boats can be considerably less than buying a new model, many buyers still require finance to make their purchase. When using Jade to source their Used Boat Finance, buyers also receive support from our brokers with additional checks.
Our brokers can assist buyers by carrying out checks on behalf of our customers, not only in NSW but Australia-wide. In particular, checking the Public Property Securities Register to ensure the vessel is not under finance – the owner owes money on a current loan. If an unsuspecting buyer purchases a boat where the seller still owes money on their loan, the new buyer may inherit that debt. We can also check boat ownership to support buyers.
Buying online is a very popular way to purchase used boats. But while convenient and providing the ability to see vessels available in many locations, the process may come with risks. Buyers should be aware of best practice when buying boats online and ensure they inspect the vessel and carry out as many checks as possible, before committing to the purchase.
The condition of a used vessel is checked by lenders to determine if the boat is suitable as loan collateral. This assessment may determine if the buyer can finance with a Secured Boat Loan or if they require an Unsecured Personal Loan. Rates are lower on secured compared with unsecured loans. Making these checks and best practice extremely important steps for used boat buyers seeking the most affordable marine finance.
For information on NSW Register of Vessel Statutory Notices and other used boat checks, contact Jade Boat Loans 1300 000 003.
DISCLAIMER: THE INFORMATION AND SPECIFIC DETAILS CONTAINED IN THE CONTENT OF THIS ARTICLE HAVE BEEN PREPARED AND ARE PRESENTED PURELY AS GENERAL INFORMATION AND NOT INTENDED AS THE ONLY SOURCE OF FINANCIAL ADVICE FOR BOAT BUYERS AND LOAN BORROWERS. FOR THOSE THAT CONSIDER THEY REQUIRE SPECIFIC ADVICE, THEY SHOULD CONSULT WITH A FINANCIAL ADVISOR. LIABILITY IS NOT ACCEPTED IN REGARD TO ERRORS AND MISPRESENTED DATA AND DETAILS HEREIN.
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