Information for Sellers
You got an offer on your boat! Now what?
Once you have accepted an offer on your boat, you and the Buyer will sign a Purchase and Sales Agreement. The Buyer will fund a deposit, and the Closing process begins!
Here is what you can expect before Closing.
Pre-Survey & Trial Run (Shake out)
We recommend that once a contract is consummated that all sellers run their boats and all mechanicals to insure there are no surprises on survey day. We recommend having a mechanic do a once-over if the seller is not able to do so prior to the survey.
Trial Run & Survey
The Buyer will make a “trial run” on your vessel and have a certified surveyor inspect the boat. If you wish to “captain” the vessel on the day of the survey, we encourage you to do so. You know your boat better than anyone else! If you cannot do so, we can arrange for a captain to operate the vessel in the absence of another qualified individual.
After the survey, the Buyer will receive a written report from the surveyor detailing everything about the vessel. Any deficiencies, if applicable, will be discussed with you and negotiated accordingly.
“Acceptance of Vessel”
The “Acceptance of Vessel” document is the final document you will sign prior to The “Acceptance of Vessel” document is the final document the Buyer must sign before Closing. This document may stipulate contingencies that will require your signature, as well. At that point, we have a final agreed purchase.
You will receive a “Seller’s Closing Statement” to review and sign. This document will provide a breakdown of the purchase price, any survey adjustments, broker’s commissions, loan pay-offs, if applicable, etc., and includes the amount due to you at Closing.
If there is a loan on your vessel, we will need the lender’s name, your account number, and a phone number and contact for the lender. If you can obtain a pay-off letter from the lender with a per diem rate, this will be helpful; otherwise, we will get that information with your permission.
- You will need to sign a Warranty of Title, which will require notarization of your signature.
- You will need to sign three (3) Original Bills of Sale, which will require notarization of your signature.
- There may be other documents you will need to sign, depending on the Seller’s requirements, should he obtain outside assistance in registration and documentation of the vessel.
- If you have the title to the vessel, this will need to be signed and provided.
- If you have the Original Documentation Certificate, you will need to provide this to the Seller’s representative or us.
Most transactions “close” by mail, so you don’t need to be near our offices.
Please give our office a call at (727) 228-7727 with any questions you have about selling your boat. We look forward to working with you!