What to expect when Buying your vessel through us
Once you have determined the best boat for you the process to buy it begins with an offer to the Seller. This 4 page document is called a Purchase & Sale Agreement which is accompanied by a 10% refundable deposit held in Escrow for a period of 7 to 10 days after there is a "meeting of the minds" between the Buyer and Seller. During this time the boat cannot be sold to anyone else and used to confirm the boat is sound and sea worthy. It might also be called the "Discovery Process", or "Due Diligence".
Typically this is accomplished by hiring a Marine Surveyor and in some cases an Engine Surveyor additionally. The Surveyor(s) will inspect and sea trial the boat which includes lifting it out of the water for further inspections. All of which is the Buyers responsibility and typically costs $30 to $50 per foot.
In addition to the peace of mind they provide, Surveyors generate a lengthy written report used by Insurance Companies and Lending Institutions to insure, or finance the boat.
After your chosen boat has been surveyed you will be asked to sign a second document known as an "Acceptance of Vessel". If you choose not to sign it the deal is considered to be rejected and your deposit refunded. If you choose to move forward to buy the boat and sign the acceptance your deposit is no longer refundable and applied to the purchase price. We then proceed to signing "Closing Documents" and final "Settlement".
This Brokerage will handle that process as Escrow Agent and holds all of the State of Florida Licensing & Bonding requirements.
We will do our best to make it all look easy and make everyone involved enthusiastically happy when it's done.
Brady & Associates Yacht Sales, Inc.