Buying or Selling a Pre-owned Boat
Listing for sale
Broker to meet with seller to:
- review boat
- get specifications
- See documentation
- Suggest “curb appeal repairs, cleaning, staging
- Explain process with 10% industry standard commission
Create Listing agreement
- Contract between seller and broker detailing commission, process, responsibilities
- Get approval from seller prior to posting
- Post on Yachtworld, Boat Trader, social media, and Murrell Yachts website
- Explain co-brokerage availability
Showings
- Make appointments to show boat
- Work with cooperative brokers to show to their customers
- Post brokerage for sale sign on vessel
Offers
- Solicit offers verbally, and in writing to present to seller
- Negotiate seller acceptance, Counter-offer, or rejection of offers
Purchase Agreement
- Put agreed offer in writing for signature by buyer and seller to include all conditions, restrictions
- Secure 10% deposit from buyer, and deposit in trust account
Financing
- Determine if buyer requires financing
- Provide list of finance company options
- Remind buyer boats over 20 years old typically not financed with conventional boat loans
Survey
- Present list of potential surveyors to buyer
- Schedule surveys with buyer, seller, surveyors, boat yard
- Hull Survey
- Rigging Survey
- Engine Survey
- Haul out for bottom inspection
- Broker to attend survey
Sea Trial
- Schedule buyer to take vessel on “test Drive” before, after, or in conjunction with surveys
- Attend Sea Trial
Negotiate Survey allowances
- Secure estimates and allocate costs for any issues, or repairs, discovered during the surveys and sea trail
- Prepare amendments, conditional acceptance, or relevant documents
Insurance
- Remind buyer insurance will be needed for boat at completion of purchase
- Supply list of insurance brokers
- Discuss possibility that insurance companies may require instruction prior to allowing buyer to take boat out on their own
Documentation options
- Discuss need for documentation for transfer of vessel from seller to buyer
- Explain difference between UCCG Documentation and California Registered vessels
- Discuss, and explain, LLC sold or purchased vessels
- Provide list of documentation companies
- Provide list of lawyers for any LLC transactions
Closing
- Facilitate transfer of ownership with documentation companies
- Facilitate transfer of funds through trust account
- Provide closing statements
- Facilitate hand off of vessel
- Facilitate slip transfer or relocation of vessel
Post-sale
- Be a resource to both buyer and seller for information
- Help buyer with training sources for use of boat
- Follow up on buyer progress with repairs, improvements, etc.