Buying with a Broker

Benefits of Buying a Yacht with a Broker 

Yacht brokers operate similarly to real estate agents, assisting individuals in purchasing boats and representing sellers. Typically, the seller pays the commissions earned by yacht brokers, not the buyer. However, brokers have a duty to act in the best interests of both the buyer and the seller in every transaction. 

Understanding Boat Dealers  Boat dealers specialize in representing new boat lines and often facilitate sales by accepting trade-ins. They may refurbish trade-in boats and offer pre-owned boat warranty programs, akin to the automotive industry, especially for smaller crafts. 

Finding a Boat through a Broker 

Most pre-owned boats are either listed by yacht brokers (central agency listings) or offered as trade-ins by dealers. When viewing a broker listing or a trade-in, the listing broker or dealer possesses comprehensive knowledge of the vessel. If you’re not already working with a yacht broker, consider selecting one to represent you and assist in your boat inquiries and transactions. 

Working with a Professional Broker 

A professional broker listens to your preferences and guides you to the right boat at the best value. They can provide objective insights into a boat’s condition and history, including market conditions and recent sale prices, using industry resources like www.soldboats.com, an industry resource not available to the public. 

Preparing for Purchase 

Consider pre-qualifying for a boat loan before shopping to enhance your negotiating position. Professional brokers can assist in making a realistic offer and prepare an Offer to Purchase outlining agreed terms and obligations. 

Navigating Paperwork 

Brokers and dealers handle all necessary paperwork, from the Offer to Purchase and Bill of Sale to licensing, registration, and tax payments. They understand liens, contracts, closing statements, and escrow requirements. 

Sea Trials and Surveys 

Buyers typically request a sea trial and hire a marine surveyor. Your broker will attend these with you and help address survey issues and estimate repair costs. 

Negotiating the Deal 

Brokers facilitate negotiations between buyer and seller, leveraging their position as intermediaries. 

Safeguarding Funds 

Brokers use escrow accounts to safeguard client funds and ensure existing loans or encumbrances are settled at closing. 

Post-Sale Assistance 

Brokers and dealers can assist in finding dockage, maintenance specialists, and offer local boating insights and resources for future adventures. 

Partnering with a yacht broker streamlines the boat-buying process and provides valuable expertise and support at every stage of the transaction.