The 7 Steps To Boat Buying And A Smooth Closing Process
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As the leading charter management yacht sales company in the world, Dream Yacht Charter has, through years of experience, fine-tuned the buying process for our buyers into 7 simple steps. We explain with each step what is required like Insurance, financing, delivery services etc. With your broker, follow these simple steps for a seamless buying experience. |
STEP 1: SEARCH OPTIONS
You are uncertain about your options and how to go about finding the boat you want. Here is what you need to do:
STEP 2: MAKE AN OFFER
With the help of one of our brokers you have selected your dream boat and now will submit an offer to the seller
STEP 3: NEGOTIATION
If the seller does not accept your initial offer, you will start negotiations. Take a look:
STEP 4: CONTRACT
Once the Seller has accepted your offer, you are obliged to sign the Purchase and Sale Agreement Form. Consider a few other items:
STEP 5: VESSEL ACCEPTANCE
Congratulations! The Sea Trial and Survey are done, negotiations are over and the Buyer will sign the Acceptance of Vessel Form. Take special note of final closing and documentation issues listed in the next sections and ways to make the process run smoothly.
STEP 6: FINAL CLOSING
Final payment by wire transfer from the buyer to the Escrow account will be initiated.
Congratulations!! You now are the proud owner of a quality yacht from the Dream Yacht Group. Consider these final services:
STEP 7: DOCUMENTATION
This complex area requires the final transfer of the vessel into the Buyer's name. We can refer a Documentation Services Company for this service:
You are uncertain about your options and how to go about finding the boat you want. Here is what you need to do:
- Browse our used boats for sale
- Select your dream boat
- Or, contact one of our brokers directly and ask his or her advice
- Together analyze the Performance Data of the yacht
- Do you require financing - we can refer industry partners
- We can help you understand certain tax advantages or state taxes that may apply prior to placing an offer.
STEP 2: MAKE AN OFFER
With the help of one of our brokers you have selected your dream boat and now will submit an offer to the seller
- Fill out the Purchase and Sale Agreement with your offer
- Deposit 10% of purchase price into Escrow to place to boat "under offer" and take the catamaran off the market for other buyers while negotiating
STEP 3: NEGOTIATION
If the seller does not accept your initial offer, you will start negotiations. Take a look:
- The offer is accepted or rejected and he may submit a new counter-offer
- This process may be repeated until both parties come to a mutually acceptable offer or counter-offer
STEP 4: CONTRACT
Once the Seller has accepted your offer, you are obliged to sign the Purchase and Sale Agreement Form. Consider a few other items:
- Select a Surveyor below. We can submit a list of candidates but is entirely the decision of the buyer whom to contract for this task
- A Sea Trial and Survey of the seller's yacht will be scheduled
- Your broker must accompany you on the yacht inspection
- After inspection and survey, buyer is provided a survey and sea trial report
- Buyer can request adjustments in price or repairs - dependent on the report - that should be negotiated with the seller
- Financing arrangements must be put in place
- Yacht Insurance must be purchased to be in place as of closing date
STEP 5: VESSEL ACCEPTANCE
Congratulations! The Sea Trial and Survey are done, negotiations are over and the Buyer will sign the Acceptance of Vessel Form. Take special note of final closing and documentation issues listed in the next sections and ways to make the process run smoothly.
STEP 6: FINAL CLOSING
Final payment by wire transfer from the buyer to the Escrow account will be initiated.
Congratulations!! You now are the proud owner of a quality yacht from the Dream Yacht Group. Consider these final services:
- We can help you arrange Delivery of the yacht to your chosen destination. We can also help procure Dockage. Consider placing your yacht in charter via our Yacht Management Program to offset the cost of ownership through charter use. Consider our Service Department to take care of long term catamaran needs.
- If you ever decide to sell, remember you can leverage our marketing services to sell your yacht quickly and professionally.
STEP 7: DOCUMENTATION
This complex area requires the final transfer of the vessel into the Buyer's name. We can refer a Documentation Services Company for this service:
- Prepare transfer of ownership documents
- Complete federal registration of the vessel
