How does it work?

 

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. Typically deposit is wire transferred within three (3) business days of Seller and Buyer agreeing to and signing a purchase agreement. Written contract is submitted with acceptable contingencies  (i.e. sea trial and/or survey, etc.) to either the owner or owner’s broker.

Counter Offer: Negotiations typically proceed through a series of offers and counter-offers.

Acceptable Price: Having been negotiated, both parties will endorse by signing the final contract.

Sea Trial: The broker will coordinate with the current Owner to assure that the vessel is in sea-worthy condition in order to conduct a sea trial if desired by the Buyer.

Survey: The survey is always conducted at the Buyer’s expense  and will include haul-out/launching and any and all related Marine Surveyor expenses. Broker will be happy to provide a list of qualified surveyors, as well as insurance companies and marina facilities that will facilitate the survey in the most convenient location in proximity to the sale.

Acceptance or Rejection of Vessel: Will be based on the sea trial and survey and will be completed within a specified time frame as noted on the contract.

Closing: Final transfer of all documents/title and remaining funds due.

MarineXchange can suggest a documentation agent to handle the transfer of paperwork and verify clear title. Prices will vary depending on where you plan to register your new boat.