The paperwork for buying and or selling a vessel can be extensive. This email is to help better understand the process so we all can work together to ensure a smooth sale and or purchase of your vessel.
Steps on Selling your boat: Dean Yacht Company’s primary business is brokerage, so we appreciate the opportunity to represent the sale of your vessel.
- Dean Yacht Company will do extensive research on your vessel to help you understand what the best-selling price is.
- Once we conclude on the selling price, Dean Yacht Company will send you the listing agreement for your review. Once this is signed by the seller(s) and the broker, Dean Yacht Company will build the listing in our system and get her up online with all the best websites. You as a seller sit back and let Dean Yacht Company do all the work.
- Dean Yacht Company will field all calls/prospects interested in your vessel.
- Once a buyer is ready to make an offer, Dean Yacht Company gets a purchase agreement signed by the buyer, (digitally) and the buyer wires a 10% deposit to our account. This offer will be contingent on a successful survey, sea trial, and if the buyer is financing, we base it on a bank approval.
- The deal is then presented to the seller. The offer is either accepted or there is a counteroffer. Our hope is to come up with a mutually agreed selling price.
- Dean Yacht Company (or the broker for the buyer) works with the buyer to find a surveyor and schedule survey and sea trial. This usually takes about two weeks from choosing the surveyor to actually the day of the survey. The Buyer is responsible for the charges associated with the surveyor, and the haul out of the vessel.
- If there are things that come up from the survey and the buyer would like to have the seller fix, and or repair, there is some conversations that happen.
- Once we all agree on the survey and it went well, the buyer signs a “vessel acceptance.” The buyer is now responsible for buying this boat.
- Now the closing documents are created for both buyers and sellers. They are sent via email, and there are original signatures needed along with notary that needs to take place. Your bank, or a UPS store offers notary, so this is the common way that buyers and sellers do this.
- We ask that you scan all documents before sending them overnight to Dean Yacht Company.
- Movement of Money:
- Part of the closing documents for the buyer will have the Brokerage firms wiring escrow instructions. The buyer wires the money to the account.
- Part of the closing documents for the seller, includes their bank account, so the Brokerage firm pays the seller.
- Once all monies are wired, we are officially closed!