Why Use a Broker to Help You Buy a Boat

Yacht Brokers are agents whom people consult to find and purchase a boat, and whom people hire to list, represent, and sell boats for them. Traditionally, the seller pays the commissions that a yacht broker earns – not the buyer, yet brokers have a duty to both buyer and seller in every transaction.

• My role for the buyer

  Most pre-owned boats advertised on YachtWorld are either a “central agency listing” of a yacht broker, or a trade-in from a new boat dealer. If you are viewing a broker listing or a trade-in, the listing broker or dealer is likely to know the vessel inside and out. They have been selected by the owner/seller to exclusively represent this vessel (or the dealership may now own the vessel) and all inquiries must go through this yacht broker or boat dealer. If you are not already working with a yacht broker, and if you find a boat on YachtWorld of interest, you may contact the listing broker directly. However a more rewarding option might be to select a yacht broker of your own, and consult with that broker about all of your boats of interest, and let that broker represent you in your inquiries and transactions. It cost you nothing.

• The Initial Inquiry

   A professional broker like me will listen closely to your wants and needs and will help you determine if the boat you are calling on is the right boat for you at the best value. I can objectively tell you about the condition of the vessel before you decide whether or not to spend your time to look at the boat. I will help you determine if there are similar boats on (and off) the market, the history of the yacht, how long it has been on the market and the motivation of the seller. Anyone can look up asking prices on boats, but it takes a professional broker to have an intimate knowledge of current market conditions, a familiarity of similar boats, and information on recent sale prices and time on the market through www.soldboats.com, an industry resource not available to the public.

• Making an Offer on a Pre-Owned Boat

  I can help you decide on a realistic offer that increases the chances of buying a pre-owned boat for a fair and reasonable price, and with the necessary elements to protect your interests. I will prepare an Offer to Purchase for your signature. It will spell out the terms of the sale including obligations that you and the seller have agreed to, and when these obligations will be fulfilled. You also make a good-faith deposit on the boat, which is usually placed in escrow and subject to sea trial and survey.

• Paperwork

  My firm is familiar with all the paper work requirements for each country, state or province, from the initial Offer to Purchase and Bill of Sale to licensing and registration; or documentation and titling, to paying tax and other fees, as well as certificates of ownership, security agreements, and other documents needed to complete a sale. For example, many forms are needed at a closing of a brokerage boat in Florida (many for foreign-flagged vessels). My firm understands maritime and admiralty liens for the type of vessels they represent, as well as agency contracts, listing agreements, closing statements, deposit requirements and escrowed accounts to safeguard funds.

• Sea Trial and Survey

  The buyer of a pre-owned vessel will usually request a sea trial and the services of a marine surveyor. Buyers pay for the surveys and for hauling the boat out of the water for inspection. I will attend the sea trial and marine survey with you, and help you determine how to properly address the nearly inevitable yacht survey issues and put the problems in context. I can help estimate time and cost of correcting, and where to obtain accurate quotes for items that are unfamiliar. Your lender and insurance carrier will usually require a copy of the survey.

• The Art of Negotiating The Deal

  I will use my position as a middleman to keep the negotiations between buyer and seller moving to a successful conclusion.

• Safeguard Funds

   My firm will use an escrow account for clients’ funds, and ensure that at closing, any existing loan or other encumbrances is paid off. This safeguard is of critical importance to the buyer and seller, and can be a potentially serious hazard in a private transaction not involving a broker. 

• After the Sale

   I can help you find moorage and yacht maintenance and repair specialists or facilities. I can refer you to classes on sailing, boat handling, and seamanship. My experience in local waters can help you chart a course for great day, weekend or longer trips. I can connect you with boat clubs, races and rendezvous sponsored by builders and dealerships. Plus, you’ve got a new boating friend for life.

• In Summary

  Why not use John McNally of McNally Yacht Sales as your boat broker? It cost you nothing and helps you with all aspects in your search. CALL 561-262-3672