How to make an offer...
Once you find the boat of your dreams, here’s what you do--
MAKE YOUR OFFER:
You need to tell us what you are willing to pay for the boat. Our boats are priced very realistically, so a lower offer is most often a waste of time at best, and may result in losing the boat, at worst. We are obligated to present all offers to a seller.
SIGN THE PURCHASE AGREEMENT:
We will then email you a Purchase Agreement through a secure service called Yacht Closer. The Purchase Agreement will show the offer price, how long the seller has to respond, usually 24-48 hours; the acceptance date, usually 3 weeks away; and the closing date, usually a few days after that. The Purchase Agreement will also show any additional terms of the agreement, typically survey and sea trial acceptable to the buyer. This is a standard agreement used throughout the industry and allows for very little deviation. The Purchase Agreement can easily be signed via electronic signature offered through Yacht Closer. The Purchase Agreement also states that a 10% deposit is presented with the offer.
A ten percent deposit is required for us to present any offer. This amount is to be wired to our Escrow Account. If for any reason the sale is not accepted, the deposit is immediately returned to the buyer, also by wire.
The Purchase Agreement, signed by the buyer, and the broker, acknowledging the received deposit, is then sent to the seller, who signs, also via Yacht Closer if he agrees with the terms of the Purchase Agreement. If you have made other than a full price offer, the seller may choose to decline the offer completely, or counter with another figure. We will contact you with this information, so make sure that we have accurate contact information for you! Once a mutually satisfactory purchase price has been reached, a new Purchase Agreement will be emailed to everyone for their signature. Often a boat receives multiple offers simultaneously. In this case, all offers are presented to the seller, and the seller chooses the one which they feel is most favorable to them.
When everyone has agreed to the terms of the Purchase Agreement, a survey is scheduled by the buyer. We have a list of surveyors in the area, or the buyer may bring their own surveyor. The haul out must also be scheduled wherever the boat is to be hauled. When the survey results are in, the buyer will have a full picture of the condition of the boat. Should flaws be detected, the buyer may choose to ask the seller to repair the deficiency or reduce the selling price, and the seller has the option to agree or disagree. Ordinary maintenance items are not considered survey deficiencies. Should agreement not be reached, the sales process concludes, and the buyer’s deposit is returned.
Once you are satisfied, you accept the vessel in writing, make sure you have documented or registered the boat correctly, obtained insurance for the day of delivery, and made arrangements to wire the balance of payment to our Escrow account. You are ready to close!
You need not be present for the closing, as everything is done electronically, prior to that date. You may arrange to keep your boat at Atlantic Yacht Basin until you are ready for the next stage in your adventure.
Virginia Yacht Brokers
on the ICW at Atlantic Yacht Basin|
2615 Basin Road
Chesapeake, VA 23322, United States
Fax (757) 546-0374