The steps to selling a yacht...
Once you have decided to list your boat for sale with us, here are the usual steps to the sale process:
As the boat owner, you sign a Central Listing Agreement nominating BVIYS as your Central Listing Agent. In return for your full commitment to us, your boat will receive our very best marketing and selling efforts, this also ensures that the hard work and investment we make to market, promote and sell your boat will be ultimately be compensated. The Central Listing still allows us to work on a multiple listing basis with any and all bone fide Brokerages anywhere in the world ensuring that your boat gets the maximum exposure and opportunity to sell, regardless of where the buyer is generated.
We will also ask you to complete a Yacht Listing Form, this lists all the details of your boat and includes a checklist of all vessel documents we will need copies of.
This includes having your BVI Customs Temporary Importation Duty paid in full. This is a legal obligatory annual payment of $200. We will not proceed any further unless we have proof that your Temporary Import is paid and up to date.
Once we receive the completed Yacht Listing Form, central Listing Agreement and Vessel Registration/Documentation we get to work creating a complete and detailed specification sheet from the details you have provided. Once completed the draft spec sheet will be sent to you for verification. Ultimately this information will be relied upon by the buyer buying your boat.
We will take plenty of pictures of her inside and out. However, if you have a good picture of her sailing, anchored or moored, then this should be provided for use as her main profile shot.
Very soon we will have your boat listed on our sales sheet, our own primary web site and several more of the highest profile web sites throughout the yachting world, many of which in turn feed into other websites. Your boat will of course also be advertised in several yachting newspapers and magazines.
In short your boat will be very heavily marketed leaving no doubt with any and all prospects that your boat is now actively for sale!
Now that your boat is listed for sale and marketed widely she may get an offer very soon, however more likely it will take a couple of months with the majority of our boats being sold in less than 6 months, assuming they are correctly priced. We will be working hard to find that buyer but may not contact you until we have someone seriously interested, we believe our time is better spent working with prospects rather than providing too much feedback.
As soon as we have a serious prospect for your boat we encourage them to commit to a Purchase and Sale Agreement which we will then present to you. The P&S Agreement states the amount offered for your boat,the 'subject to' clauses, usually including marine survey, sea trial and personal inspection and a date by which the buyer's final decision to purchase must be made by.
There is also a closing date stipulated in the P&S Agreement. This is the date the boat changes ownership from the seller to the buyer.
You may come back with a counter-offer if you aren’t happy with the original offer amount, dates or clauses. We will negotiate, although we try to minimize this by encouraging fair offers from the beginning. Once we reach an acceptable offer for both you and the buyer your boat will be under contract.
Now the buyer has to perform the 'subject to' items agreed to in the P&S agreement.
The 'subject to' expenses and arrangements are the buyers concern, however, you should make sure that your insurance covers the boat being in the water at the time of these procedures.
The buyers must be ready to state whether or not they are going to proceed with the purchase once the 'subject to' items have been carried out. If they like what they have found they will then sign the Official Acceptance.
Once they have accepted your boat for purchase they will forfeit the 10% deposit, if they then change their mind this will be split between you and the brokerage. (An extremely rare occurrence.)
At this point we recommend that you contact a Documentation/Title Company who will help you through the necessary logistics of drawing up the Bills of Sales and documentation needed for closing(See our section on "Why choose a Documentation/Titling Company?").
During this time the buyers will be wiring us the final balance of funds.
On closing day we wire transfer the money into your bank account and give the bills of sale and keys to the next proud owner of your boat!