Information for Buyers
You’ve found the right boat, now what?
Once the Seller has accepted your offer, both Buyer and Seller sign a Purchase and Sales Agreement. Next, you will fund a deposit, and the Closing process begins!
Here is what to expect during the closing process for your new boat.
If you need financing, we can provide you with a list of financial institutions if you do not already have one yourself. Our suggested financial institutions achieve the best possible rates for our clients. If you are financing your purchase, pre-approval will be necessary before the Sea Trial & Survey can occur.
Trial Run & Survey
We can provide you with a list of NAMS- and SAMS-certified surveyors, and we can suggest separate engine surveyors if required.
After the survey, you will receive a written report from the surveyor detailing everything about the vessel. Once we review the report together, we can help you negotiate any deficiencies with the Seller.
“Acceptance of Vessel”
The “Acceptance of Vessel” document is the final document you will sign prior to Closing. It may stipulate contingencies that will require the Seller’s signature as well. At that point, we have a final agreed purchase.
You will receive a “Buyer’s Closing Statement” to review and sign. This document will provide a breakdown of the purchase price, any survey adjustments, deposits, applicable taxes. etc., and include the amount due from you at Closing.
Funds due at Closing are required as follows:
- By wire into Professional Yacht Sales International Escrow Account at least 24 hours ahead of the Closing date (we will provide the wire instructions), OR
- By certified or cashier’s check payable to Professional Yacht Sales International, to be received by us at least 48 hours ahead of the closing date.
If you need assistance with vessel registration or documentation, we can provide you with a company to assist you.
We will discuss Florida state sales tax (or exemption thereof) on a case-by-case basis.
You will receive a “Warranty of Title” (a guarantee by a seller to a buyer that the Seller has the right to transfer ownership) from the Seller.
You will receive an “Abstract of Title” (a record of the title history) as part of your Closing package.
Lastly, we will need a clear copy of your state Driver’s license for our records.
Most transactions “close” by mail, so you don’t need to be local to our offices.
Please give us a call at (727) 228-7727 with any questions regarding the boat buying process. We look forward to selling you your next dream boat!