Free Bird is Sold
We thoroughly enjoyed our 1980 Tartan 33 Free Bird. A new family has taken ownership, and we hope they enjoy her as much as we did.
Buying a FSBO boat
Overview
Buying a yacht offered FSBO is not much different than using a broker. Brokers help a client find a yacht and negotiate the price on the buyer's and seller's behalf. Once the parties have agreed on a price, brokers typically use a professional documentation service, such as All Yacht Registries, Inc. to handle the paperwork, which is paid for by the buyer.
Offer
Ideally, a seller will have a recent survey or market value analysis as the basis of their selling price. Buyers can review current listings on a variety of websites to get a feeling for the asking prices of comparable boats. Brokers will have access to actual sales data, which reflects what buyers are willing to pay for a boat, rather than what sellers hope to get. Buyers are free to make an offer at any time, but if they are offering less, it may be better received after inspecting the boat in person. Once both parties have agreed on a price and dates, document the details in a Purchase and Sale Agreement - No Broker. The agreement is typically secured by a 10% deposit, which can be held by an Escrow Agent such as All Yacht Regestries Inc.
Survey
Once "under contract", the buyer has the opportunity to have the boat surveyed by a professional surveyor. A current out-of-water survey may be required by your insurance company and lender, if applicable. Survey and haul-out are the buyer's responsibility.
Closing
Buyers are responsible for any fees associated with closing and documenting the vessel. These typically include preparation of a USCG Bill of Sale, Documentation Abstract, preparation and submission of documentation paperwork to the USCG, and filing of any liens for the buyer. All Yacht Registries handles all of these steps for a flat fee of $650.
Documentation
Boats that may travel internationally should be titled by the USCG as a Documented Vessel. This is recognized internationally, whereas a title issued by a State is not. A USCG Documented Vessel may be required to be registered in the state in which it principally operates, or after it has been in a state beyond a given period of time.