Tag Archives: how to buy a boat

Instructions for Buying a Yacht

Buying a yacht begins with an offer to purchase. The offer is presented to the seller of the yacht on a legal document called a Purchase and Sale Agreement. Print out a copy and familiarize yourself with the wording. The Purchase and Sale Agreement used by professional yacht brokers in Florida was developed by the Florida Yacht Brokers Association for their members. This agreement has been re-written several times over the years under the guidance of maritime attorneys as a service to the association members.

Your broker will complete the Agreement following your instructions. When working directly with the selling broker he or she will guide you through the process. The document will include your name or your company name, the name of the seller, the offer price, the required ten percent deposit and relevant dates. The offer may include contingencies such as surveys, sea trials, and financing.

Ensure that the listing or description of the vessel is included as an attachment to the Agreement. This will prevent any misunderstandings regarding the inventory included in the sale when you take delivery. The importance of this step will become evident to you when you collect your new boat after closing only to discover that the dock lines that you thought were part of the deal are not yours to take and you have no way of tying up when you get her home.

Every page of the Purchase and Sale Agreement provides for the signatures or initials of both parties. This includes the attachment with the inventory of the vessel.

The Agreement will clearly state that the seller must respond to your offer by a date determined by you. You will likely receive a counter to your offer price from the seller. If the seller does not respond by that date the offer is considered void.

When you and the seller are able to agree on a price for the yacht the Purchase and Sale Agreement is signed by both you and the seller. Deposit funds are wired into your broker’s escrow account and the Agreement becomes a legally binding document. The seller must take the boat off the market until you either accept or reject the vessel. Most sellers will insist that the requirements of the Agreement be completed within three to four weeks of an accepted offer.

In my next article you will learn what is expected of you after your offer price has been accepted. Feel free to call me at (954) 614-1663 if you have any questions. Or send me an email. I typically respond to my messages and email within one to two days.

See you on the dock!

David

How to Find THE Boat

There are 100,000’s of boats for sale in the world right now. In that sea of boats for sale is the ideal boat for you. I am going to show you how to find that boat. THE boat. Your boat. The boat you have been dreaming of but cannot seem to find.

I am a Certified Professional Yacht Broker which you can check out here. I have been helping people find the right boat since 1989. With this information you can empower yourself and finally end that frustrating hunt for the ideal boat. In future articles you will learn how to buy the boat and get it home. And then the fun begins!

Clearly the most obvious way to begin your search is using the Internet. Not many people read the classifieds in the papers and magazines anymore. The beauty of an Internet search is that you have access to information about practically every recreational boat that is for sale in the world while sitting in front of your computer screen. And it’s free!

Start your search with the largest Multiple Listing Services (MLS). Most of the time, you can search without registering or giving anyone your contact information. You have access to much of the same listing information as do yacht brokers.

Yacht Council is a multiple listing service that was launched by the International Yacht Council several years ago. You can find them here. This site was started by and is still owned by yacht brokers from all over the world. On Yacht Council you can be reasonably sure that the information on each boat is up to date and is actually for sale. The brokers that subscribe to this service adhere to a strict code of ethics and we keep each other accountable to keep this site the most professional listing service for yachts on the Internet. You can also find information on yacht transport, insurance and financing on this site.

Yacht World has the most boats listed in one place and is a good place to start especially if you are looking for a boat in the USA. On the left side of the front page is the Boat Search box. Click on Advanced Search at the bottom of that box. Be as specific as you can in filling out the fields and click on the region or country where you are interested in searching. Narrowing down the specific geographic area helps to keep the number of boats returned in your search results to a manageable level. Most yacht brokerage houses list their boats on Yacht World. Paid subscribers to the service have access to Sold Boat Reports, statistics and other terrific stuff. But unless you are a yacht broker you simply have access to the photos and descriptions of boats offered for sale.

Yacht World was bought by Trader Publications a few years ago. You may know that company through their Boat Trader, RV Trader, and Auto Trader magazines you find in the corner convenience store. Trader Publications also has their own online boat listing service called Boat Trader Online. You can access them here. Be aware that most of the boats listed on Boat Trader are also listed on Yacht World. Boat Trader used to be a For Sale by Owner site that has since been taken over by yacht brokers. You can still find some For Sale by Owner boats there but not many.

Those are the top three best places to start your boat search. Those sites are also used by yacht brokers when they are perusing boats for sale for their clients. A Google search will turn up several other listing services. Take it from a Certified Professional Yacht Broker (me!) that those are the only sites that I use and in the order listed at the beginning of this article.

In my next article you will learn how to get more information about the yacht in which you are interested. I have empowered you now to find the perfect boat for you and your family or business.

See you on the dock!

David