Why boats brokerage

Getting a Boat Loan and Marine Insurance — You may want to pre-qualify for a boat loan before you shop. YachtWorld offers a variety of specialist marine lenders.

Making an Offer on a Pre-Owned Boat — A professional broker can help you decide on a realistic offer that increases the chances of buying a pre-owned boat for a fair and reasonable price, and with the necessary elements to protect your interests.

Your broker prepares an Offer to Purchase for your signature. It should spell out the terms of the sale including obligations that you and the seller have agreed to, and when these obligations will be fulfilled.

You also make a good-faith deposit on the boat, which is usually placed in escrow and subject to sea trial and survey. Making an Offer on a New Boat — Dealers taking trade-ins will inform you of tax issues and tax savings associated with the trade-in. Price negotiations may include making your new boat available to show to other dealership clients in the future.

Depending on whether the vessel is custom built, semi-custom, or a production model, there is usually a basic cost, plus transportation expenses from the builder to the dealership, plus optional equipment and installation.

Paperwork — Professional brokers and dealers are familiar with all the paper work requirements for their each country, state or province, from the initial Offer to Purchase and Bill of Sale to licensing and registration; or documentation and titling, to paying tax and other fees, as well as certificates of ownership, security agreements, and other documents needed to complete a sale.

For example, 23 forms are needed at a closing of a brokerage boat in Florida 27 for foreign-flagged vessels. Professionals will understand maritime and admiralty liens for the type of vessels they represent, as well as agency contracts, listing agreements, closing statements, deposit requirements and escrowed accounts to safeguard funds.

Sea Trial and Survey — The buyer of a pre-owned vessel will usually request a sea trial and the services of a marine surveyor. Buyers pay for the surveys and for hauling the boat out of the water for inspection. Your yacht broker will usually attend the sea trial and marine survey with you, and help you determine how to properly address the nearly inevitable yacht survey issues and put the problems in context. They can help estimate time and cost of correcting, and where to obtain accurate quotes for items that are unfamiliar.

A signed agreement can reduce the chances of a misunderstanding. If you decide to sell your own boat, approach the entire sale in a professional manner. This guide is designed to steer you through the details so you walk away satisfied. Editor's Note: This article was last updated in July Back Explore View All.

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