How does a brokerage sale work?
21 October 2011
The process of a standard brokerage sale differs depending on the type of craft, broker and location. A summary below:
- You ask to view the vessel and request full details.
- You view the vessel and decide if it is correct for you.
- You ask questions maybe request a second viewing.
- You decide it is the right boat for you and at the correct price. You make an offer normally subject to survey but sometimes also subject to seatrial.
- The broker will pass on your offer to the owner and revert with his acceptance or rejection or counter-offer.
- You negotiate to an accepted price.
- A Sale & Purchase contract is drawn up against which you will pay a 10% deposit.
- You arrange a surveyor to inspect the vessel and report on it condition and value.
- You attend a seatrial.
- Armed with this information you can move to complete the sale or ask for a re-negotiation based on the surveyors findings.
- Once the new sale price is agreed between all parties, you pay the balance.
- Original title documents including the new Bill of Sale and all other original documentation and keys are made available to you.
- You take ownership of your new boat.