Steps to Buy a Boat

Your Martin Bird & Associates yacht broker has helped you find the right boat. What can you expect now? Relax. We’re going to make the process go as smoothly as possible.

We’ll draw up a purchase agreement which will include the purchase price and any contingencies. You’ll sign it, tender a 10% refundable deposit (held in our secure escrow account) and your broker will present the offer to the seller, or the seller’s representative. You’ll usually receive a reply in short order; either an acceptance of offer or a counter-offer. Your broker has offered valuable advice for tendering your offer and will continue to facilitate any further negotiations.

The offer has been approved by all parties. Most insurance companies and marine lenders require a pre-purchase survey, and now is the time to schedule it. We can offer a list of qualified surveyors, but the surveyor is employed by you and the decision must be yours. The owner or qualified captain will operate the boat during the sea trial and your broker will help schedule any needed boatyard services. If you wish to obtain financing, we can recommend several marine lenders (insert link to financing page here). Your broker can also recommend several insurance companies and you can begin comparing rates.

The surveyor will provide a written report of the survey within a couple of days. You will decide if you will accept the boat “as is”, or renegotiate for survey findings. Again, your broker will offer excellent advice, facilitate negotiations and help obtain repair quotes.

Negotiations are complete, you’ve received a detailed closing statement, funds have been transmitted and closing day is here. You may choose to attend the closing, or it may be done “remotely” with all paperwork transferred via FedEx. We’ve already verified clear title, and if you are financing, we have worked closely with the lender to be sure all paperwork is in order. If you are keeping the boat in Maryland, we’ll issue temporary stickers and handle the registration process for you.

Now it is time to enjoy your new boat!