In some instances findings may be such that the buyer decides that the vessel does not meet his expectations and the deal may be ended. If bank financing is planned the bank will usually also require the survey and depending on the age of the vessel the insurance coverage may also require the report.
Having a full condition survey on a vessel being purchased has these advantages:
Peace of mind in knowing the vessel is sound and seaworthy.
Protecting your investment - knowing what you are buying is worth what you are paying.
Covers bank requirements if financing is being done.
Covers insurance requirements if needed.
The survey report provides a "work list" of deficiencies or maintenance items the vessel needs and helps in maintaining or upgrading the vessel after purchase.
In many cases talking to the surveyor about a particular vessel before agreeing on a purchase can help in deciding if that particular vessel is for you. Surveyors know most of the common re-occurring problems on the popular production boats. Experience at surveying hundreds of vessels can help guide you in pitfalls or problems that may arise in a certain design or construction. As we do not have an interest in the sale we can tell it like it is. Talking to a surveyor before even going to look at a vessel may guide you to look for certain problem areas or things to be aware of.
Please see the page of what a survey consists of for more details on what is included in a full condition survey.