Steps to Sell a Boat

What to Expect When Selling Your Boat

1. Your broker will spend time getting to know your expectations and getting to know your boat. A thorough market analysis is done, using our many resources. Together, you and your broker will set a price and you’ll sign a listing contract.

2. You will be given an inventory list to complete. Here you will list all of the major equipment and any recent updates or upgrades you have made. It isn’t necessary to list every spoon and light bulb, but more information = better listing. Your broker will photograph the boat, but if you have any pictures of the boat away from the dock, we’ll ask to borrow those. We can usually find a layout of your boat, but if you have an original brochure, we’d like to borrow that as well.

3. We get to work on the listing. We’ll usually have a preliminary listing on the web within 48 hours.

4. You will be sent the listing for final approval. Once we have your approval, the “preliminary listing” comes off, and the final listing, with your additions or corrections, goes up.

5. Your boat is active on the websites and in advertising, and your broker is contacting other brokers to remind them to take a look. Prospective buyers will not be allowed to go aboard without a broker in attendance.

6. All offers will be presented to you with a copy of the deposit (usually 10%). If there is to be a negotiation, your broker can offer valuable advice on how to proceed.

7. Once you’ve agreed on a price, a survey is scheduled. You will be expected to operate the boat during a short sea trial, or hire a captain if you are unavailable. The buyer is responsible for paying the surveyor and boatyard launch fees (if applicable) and for any re-winterizing fees incurred.

8. Within a few days, the broker will let you know the results of the survey. The buyer will either buy the boat “as is,” or renegotiate for repair items found on he survey. Again, your broker will offer valuable advice. Once all has been settled, you and the buyer will sign an “Acceptance of Yacht” which has a contingency area. This will detail any re-negotiation items or may simply say “none.”

9. You will receive a closing statement which shows the agreed sale price, the commission, any survey adjustments, lien payoff, outstanding expenses incurred by you, against the boat, and your proceeds.

10. Closing day has arrived! You may attend the closing; however more and more clients are finding that a “remote closing” is more convenient. This involves having you sign bills of sale and other documents ahead of time, which are not released until the sale is complete. Any liens on the boat are paid off first, then proceeds are wired to your account, or a check is mailed – your choice. We will surrender the title or Coast Guard document, and take care of other details.