The purpose here is to ensure that the buyer is well informed as to the condition of the vessel, so that when they assure the seller of their resources and intent to manage the vessel, the seller can be satisfied and go ahead with the sale.
It ranges, really. If you have a very small vessel and its condition is clear, it can probably be very simple. If you have a more complex vessel that has technical aspects to it, there may be a need to provide some more information. It's about the buyer and the seller being well informed and agreeing to proceed with the transaction while knowing their responsibilities under the act. It's from that perspective.