- Visual Inspection of Vessel with Broker: Primary visit without trial of vessel or machinery. In some cases an offer is made subject to visual inspection, survey, sea trial.
- Offer: Accompanied by 10% earnest money deposit in negotiable funds to be held in an Escrow Account.
- A) Counter Offer: Negotiations proceed through a (possible) series of offers and counter offers.
B) An Acceptable Price: Having been negotiated, both parties endorse the contract with signatures. 10% deposit must be cleared funds in brokerage escrow account in order to proceed further.
- Sea
- Survey: Is conducted at Buyer’s expense. Costs vary, however, $20.00 per foot, plus $5.00 per foot for hauling out, is an average. Your broker can provide a list of qualified surveyors, as well as insurance companies, marine yards, etc.
- A) Acceptance of Vessel: Resulting from satisfactory survey and sea trial.
B) Rejection of Vessel: Based on survey and/or sea trial (deficiencies). Possible re-negotiation of price or repairs dependent on the severity of deficiencies or refund of deposit to buyer,
- Closing:
Your broker can suggest a documentation agent to handle the transfer of paperwork and verify clear title. Prices will vary depending upon where the boat is registered and where you want your new registration, but start at $400.00.
