Buying and Selling a boat can sometimes be quite a daunting process so here are some frequently asked questions about the processes involved.
Q: What will it cost me to list my boat with Yacht Brokers World (YBW)?
A: There are no upfront costs to listing your boat with YBW. You only pay commission on the final sale price if YBW sells your boat.
Q: What if I sell my boat on my own or with another broker. Will I have to pay YBW?
A: No. Normally boats are listed on an “Open” basis which means no sale no fee. You can list exclusively with YBW which means this would be the only channel for selling the boat. This service normally has a more competitive commission rate.
Q: How long will it take to sell my boat?
A: This is a questions often asked and unfortunately the answer is not so straight forward. There are many factors at play but the main ones are the price and location. People will tend to start looking at the lowest comparable boats first. As an average I would say to expect 6 months before a sale. If a boat is extraordinarily cheap it could sell in a matter of days. Conversely if it is over priced it could stick around for a year.
Q: Are all Yacht Brokers generally the same?
A: All Yacht Brokers are there to sell your boat for you. How they differ is in value, service and market reach. Commission rates vary a lot and can be as much as 10%. YBW tries to offer a personal service at a competitive rate with very good exposure for your boat.
Q: What part will I have to play in selling my boat with YBW?
A: After providing the yacht details and the photographs the only thing that will be down to you will be to assist in the viewings. This is the collaborative part of the relationship allowing YBW to keep it’s rates competitive. It also helps because owners know their boats better than a broker ever can.
Q: What documentation do I need to complete the sale?
A: Before the completion of any sale it is important to have all the ships papers in order. Of particular importance are the proof of Vat paid, the CE certificate and the audit trail of Bills of Sale etc. Registration is less important as mostly boats move from you zone to another and will be re-registered.
Q: What contract is signed as a part of the selling process?
A: When a sale has been agreed the owner and buyer sign a Sale and Purchase Agreement. This can be conditional or unconditional depending on if a survey is required or not. At the time of signing a 10% deposit is paid.
Q: What happens if there is a problem with the survey and there is a major fault with the boat?
A: If there is a conditional Sale and Purchase Agreement in place and there is a major issue with the boat such as osmosis or structural defect the buyer will have the right to withdraw from the sale and have his deposit returned. If there are some minor issues then the owner can rectify these or make an allowance in the final price so that the buyer can remedy the faults.