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On any used vessel of consequence, the survey is not optional. Lenders require it, insurers require it, and it is the buyer's protection.
A surveyor examines hull condition, moisture readings, engine and drivetrain, electrical and through-hull fittings, and issues a valuation. That valuation, not the asking price, is what the lender lends against.
Surveys routinely find issues that change the price or end the purchase. Paying for one before committing is the cheapest insurance in the transaction.
Licensing against registration. Small pleasure craft with engines above a threshold require a pleasure craft licence, which records the operator, not ownership. Registration with Transport Canada records title and is what allows a mortgage to be recorded against the vessel.
A lender financing a registered vessel records a marine mortgage on the register. For unregistered vessels, security is recorded provincially like other personal property.
Maritime liens can attach to a vessel regardless of ownership, for unpaid crew wages, salvage, and certain other claims. They follow the vessel through a sale. A title search on a used purchase should cover this, and it is a genuine difference from a car.
Age and hull material. Fibreglass hulls last decades and finance long. Wooden hulls are difficult to finance at any age.
Engine hours and whether inboard, outboard or sterndrive. Outboards are replaceable and the vessel retains value; a failed inboard is a much larger event.
Freshwater against saltwater history. Saltwater use accelerates corrosion and lenders and surveyors both weight it.
Intended use. Pleasure craft, liveaboard and commercial are assessed differently, and commercial use brings certification into the picture.
In most of Canada a boat is used for a fraction of the year and financed for all of it.
Winter storage, shrink wrap or indoor heated, spring commissioning, insurance year round, moorage for the season. Budget the full-year cost against a partial-year use, because that is the arithmetic that surprises first-time owners.
Some lenders offer seasonal payment structures. Worth asking.
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