Yacht Brokers Spain,Yacht Brokers Italy,Yacht Brokers France

Why Use a Broker to Help You Buy a Boat

A Yacht Broker Spain functions in the same way as estate agents. They are mandated either to find and purchase a boat, or hired to list, represent, and sell boats. Traditionally, the seller is the one who pays the commission to the yacht broker not the buyer, paradoxically the yacht broker has a duty to both buyer and seller in every transaction. The Italians ask for a commission from the seller and one from the broker which makes it more equitable.

Boat Dealers represent a particular make of boat. The transaction often includes a trade-in to help the sale of a new boat. Dealers advertise their trade-ins, at reduced rates as they make up to 20% on the sale of the new boat. It is not unknown that dealers will refurbish the boat before putting it on the market. Dealers offer a pre-owned boat warranty program, similar to the car industry, particularly when it comes to smaller boats.

The broker’s role for the buyer

Most pre-owned boats advertised on the net are either a “central agency listing” of a yacht broker, or a trade-in from a new boat dealer. If you are viewing a broker listing or a trade-in, the listing broker or dealer is more likely to know the vessel inside and out. They have been selected by the owner/seller to exclusively represent this vessel (or the dealership may now own the vessel) and all inquiries must go through this yacht broker or boat dealer. If you are not already working with a yacht broker, and if you find a boat on a platform of interest, you may contact the listing broker directly. If you know nothing about boats it might be wise to select a yacht broker of your own. Give him an idea of the boat that you want and your budget. Inform that broker about all of the boats you are interested in, and mandate that broker represent you in all inquiries and transactions.
The Initial Contact – A professional broker will listen attentively in order to determine if the boat ticks all the right boxes. They can help you filter which boats are worth visiting through the condition of the vessel. They will help you find similar boats listed on the market and ones that are not yet listed. The broker can see the history of the boat, how long it has been on the market, and the if the seller is motivated to sell. Anyone can find boats, but it takes a professional broker with his knowledge of current market conditions, a familiarity of similar boats, and information on recent sale prices and time on the market .
Acquiring finance and Marine Insurance – It may be better to check if you pre-qualify for a boat loan before you start to look. That will put you in a strong position when negotiating prices. European Yacht brokers offers a variety of specialist marine lenders.
Bidding on a second hand boat – A professional broker can help you decide on a realistic offer that will not alienate the seller and make negotiating difficult or impossible. Your broker prepares an Offer to Purchase for. This part of the transaction is probably the most important to include a broker. It should clearly spell out the terms of the sale with suspensive clauses. These should include a survey for any boat over 20000€ including obligations that you and the seller have agreed to, and when these obligations will be fulfilled. A 10% deposit on the boat, should be placed in escrow and subject to sea trial.

Buying a new boat from a Boat dealer. Dealers taking trade-ins but it could be better to sell your boat first through a broker as you will certainly get a better price. Secondly that makes you a cash buyer and you will get a discount. A boat dealer will explain the tax breaks. Price negotiations may include using your new boat as an exposition boat. There is usually a basic cost, plus transportation expenses from the builder to the dealership, to which is added all the optional equipment and installation.VAT is not always applicable and you should discuss this with the boat dealer.

Paperwork – Professional brokers and dealers should know all the paper work requirements for each country, from the initial Offer to Purchase and Bill of Sale to licensing and registration; or documentation and titling, to paying tax and other fees, as well as certificates of ownership, security agreements, and other documents needed to complete a sale. Professionals understand maritime and admiralty charges on the boats they represent, as well as agency contracts, listing agreements, closing statements, deposit requirements and escrowed accounts to safeguard funds.
Sea Trial and Survey – It is advisable for the buyer to request a sea trial and the services of a marine surveyor. The buyers have to pay for the surveys and for hauling the boat out of the water for inspection. Your broker will usually attend the sea trial and marine survey with you, and help you determine how to properly address the nearly inevitable survey issues and put the problems in context. We at EYB insist that any structural or major damage found by the surveyor makes the contract null and void. In which case the 10% deposit is refunded to the purchaser. For minor repairs the price can be renegotiated.
Brokers can help estimate time and cost of correcting, and where to obtain accurate quotes for items that are unfamiliar. Your finance institution and insurer will usually require a copy of the survey.
The Art of Negotiating The Deal – The broker can use his position as a middleman to keep the negotiations between buyer and seller moving to a successful conclusion. This can be very tricky as the seller has a sentimental attachment to his boat and the buyer is trying to find fault to lower the price. I have seen explosive situations.
Money exchange – A professional broker will use an escrow account for clients’ funds, and ensure that at closing, any existing loan or other encumbrances is paid off. This safeguard is of critical importance to the buyer and seller, and can be a potentially serious hazard in a private transaction not involving a broker. The other problem is money laundering and illegal money. This is the responsibility of the broker.
After the Sale – Your broker and dealer can help you find a berth and advise you on vessel’s maintenance and repair specialists or facilities. They can recommend classes on sailing, and seamanship. They can introduce you with boat clubs and regatas.
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