Triton Brokerage - Yacht Buying Tips - Yacht Selling Tips
In order to sell your boat in the shortest time for the highest price, you need to prepare your boat so it is in top-selling condition, and most of us don’t keep our boats in top-selling condition. Your Triton Yachts listing broker will work with you to help you see things from a buyer’s point of view. We consult with you on what to repair, replace or remove so that your boat makes a GREAT first impression. Ask your Triton Yachts broker for a copy of “Preparing Your Yacht for Sale”.
Once you have chosen your Triton Yachts broker, and together have prepared your yacht for sale and set a price, you’re ready for people to see your yacht. Buyers view your yacht during an appointment scheduled with your Triton Yachts listing broker by either buyers or buyer brokers. Your Triton Yachts broker shows your yacht to buyers where it is. No sea trials happen during a showing.
Sparkle up the yacht to look its best. A clean boat keeps the buyer’s dreams of fun in the sun alive.
An offer to buy your yacht is a vessel purchase and sale agreement signed by the potential buyers that includes: the amount they will pay for the yacht; the terms, which may include a request for contingencies such as a marine survey, trial run, mechanical inspection, or financing; a vessel acceptance date by which time contingencies have been fulfilled; a target date for closing; an earnest money deposit; and a time limit for the offer.
When you receive an offer to buy your yacht, you and your Triton Yachts broker should review it and consider whether you want to accept it. Whether you have one offer or several, you and your broker will look at (1) the amount offered, (2) whether there are contingencies or not, (3) where the funds are coming from, (4) vessel acceptance and closing dates to see if they align with your needs, (5) any special requests.
A marine survey is a thorough review of your yacht’s structure and systems by a certified marine surveyor, and includes an appraised value for insurance purposes. Typically a marine survey includes a short haul out at a boatyard and a sea trial. The sellers choose the boatyard and either personally take the helm or work with their Triton Yachts broker to hire a licensed, insured captain. The buyer pays the surveyor and the boatyard short haul fee, and owns the final report.
A day or two before the certified marine surveyor arrives, you should clean your yacht, remove any items aboard that do not convey, make sure all of your navigation lights work, fill the water tanks, pump out the holding tank, run the engine for 30 minutes at the dock and put the yacht in gear (forward and reverse). Have your ownership documents aboard. Provide documents about maintenance and repairs. If you are not planning to captain the yacht on the sea trial, work with your Triton Yachts broker to hire a licensed captain to move the yacht to the short haul and for the sea trial.
Once the survey report has been received by the buyers, you and your Triton Yachts broker can discuss how to handle any possible issues the buyers mention. You can negotiate with the buyers, decide to fix an item, provide money for the buyers to fix it themselves, or provide documentation that the problem has already been addressed. Your Triton Yachts broker can help you handle any marine survey issues.
You may sign all documents before the official closing. Sellers’ expenses, which are deducted from the proceeds of the sale include the final balance on your yacht loan, brokerage firm commissions, and cost of any services provideds. Annual property taxes are paid in full by the seller (the owner on January 1) outside of closing. Provide any keys or combinations necessary to access the yacht, dock box, or dinghy.
After closing, you will receive the proceeds from the sale, usually by check. Cancel your yacht insurance the day after closing to ensure you are covered on the day of closing. Save your closing records. If your yacht is Documented with the U.S. Coast Guard, mail your current Documentation to the address on the back with a letter stating that the vessel has been sold. If your vessel is registered in North Carolina, call NC Wildlife to tell them the vessel has been sold.
Know your price range, have an estimate of your monthly payments and a pre-approval letter if financing so sellers will take you seriously when you make an offer. Work with your Triton Yachts broker on a list of needs and wants based on where and how you plan to use your yacht. Plan an itinerary with your Triton Yachts broker who will schedule your time aboard yachts that meet your needs and wants.
You and your Triton Yachts broker will typically see yachts together. You may spend very little time aboard a yacht, or two hours looking at everything from bow to stern. How the yacht feels to you is important. Even if a yacht does not feel like a match, you and your Triton Yachts broker can use its features to re-examine your priorities in the context of what is available in your price range.
Check the condition of the yacht. As you see two or three yachts in one day, it may be hard to remember which yacht had which qualities and features. You may want to take a few of your own photos and make notes to help keep track of each yacht, and even give them a nickname based on a feature that stood out to you. Also, consider upgrades you might want to make so you can check on the costs later. Typically, no systems will be run during a showing, including the engine. The engine and other systems are operated during the marine survey and sea trial.
Once you have a favorite yacht and are ready to make a purchase, consult with your Triton Yachts broker to make an offer. Your Triton Yachts broker has up-to-date standard legal offer to purchase agreement forms. An offer includes the price, terms such as the offer being contingent on a marine survey or financing, target date for vessel acceptance and closing, earnest money deposit, and a time limit for the offer.
A marine survey and financing are the most common contingencies. Most marine insurance and loan companies require a satisfactory prior to insuring or financing a vessel. And if you are not paying cash, even if you are pre-approved for a yacht loan, a financing contingency lets you off the hook if there is a delay or other issue.
Sellers can accept your offer as it is, or they can make a counter offer adjusting some or all of your terms. You can accept or reject the counter offer or make your own counter offer. The offer becomes a contract once you and the sellers have agreed to all the terms and the earnest money deposit is received.
Your Triton Yachts broker specializes in negotiating and can advise you. Ask yourself the question: How important is it to me to purchase a particular yacht and what am I willing to pay to get it? You may want to walk away if the marine surveyor’s value is significantly lower than the contract price and the sellers will not budge. Or, if the marine surveyor finds an issue that is more than you want to take on, even if the contract price was re-negotiated. Or, if the sellers are unwilling to adjust the contract price for reasonable repairs other than routine maintenance.
A marine survey is a thorough review of your yacht’s structure and systems by a certified marine surveyor. Typically a marine survey includes a short haul out at a boatyard and a sea trial.
You and your Triton Yachts broker should attend the marine survey to learn about the yacht systems, hull and deck, sails and rigging, and maintenance, and to see any problems first hand. The marine surveyor will tell you what he sees and answer questions you have as you go.
The marine surveyor will answer any questions you have about the report findings. You and your Triton Yachts broker can review the findings in the report and decide if further negotiations are needed prior to vessel acceptance and closing.
Stay in touch with your Triton Yachts broker and lender (if you are not paying cash). Ensure contract contingencies are resolved. Make your first marine insurance payment and start the policy a day or two prior to the closing date to ensure there are no problems with coverage. Review your Buyer Settlement Statement. Arrange a wire transfer for the funds you need at closing.
At closing you will receive a USCG Bill of Sale or Title, depending on whether the vessel is Documented with the USCG or titled in the state. You will receive keys or the lock combination, and any remaining items stored ashore that convey with the yacht.