Information for Boat and Yacht Buyers
Full-service buyer representation
We can access the listings of all San Diego area yacht brokers, and indeed, can access listings of brokers throughout the world. We talk with you about what kind of boat that is right for you. We work with you on the search and then schedule a time to view the boats that have caught your attention. Since we have a good relationship with other brokers, many times we can gain insights into a particular listing that you wouldn’t be able to achieve on your own.
Once you have found the right boat, we prepare the offer and present it to the seller’s agent. We continue to represent you as negotiations move forward, and once an agreement has been reached, our efforts on your behalf continue as we coordinate the surveys, and provide you resources for funding, insurance or finding a slip. Full service and serving your interests. That is how we see our responsibility to you. The best part? It costs you nothing in commissions to utilize our help!
First Time Buyers
Cruising around the bay? Just you or a family with kids? You don’t know for sure what you want; you just know that you want to enjoy boating. Let us help you! We know what questions to ask to help you decide. We’ll take the time to show you various styles and review the pros and cons of each one with you, then we’ll guide you through the purchase process from start to finish
Seasoned Boat Owners
We can help you with your online search as well as preview any boats that catch your interest. Yes, you could go from broker to broker to view their listed boats that interest you. But if you work with us, you gain the advantage of someone working with your interest in mind. Also, when we speak to other brokers about their listings, we can usually gain a more complete assessment about their listing than you might be able to achieve on your own.
How it works
For those new to boating, the purchase process can seem a bit unusual. Yet the process is one our industry has followed for decades, is required by the California Yacht Broker Association and protects the seller and the buyer.
Prior to making an offer on a vessel, the buyer can look at the vessel all he/she wants, but typically cannot run many of the systems. The buyer cannot go for a sea trial same day, but has the option of requesting a sea trial prior to a survey when accompanied by an offer a deposit.
We work with the buyer to determine if a vessel is one that the buyer feels he/she would like to own “if all the systems check out okay.” Using the CYBA Purchase Agreement, the buyer makes a formal offer. A price is negotiated with the seller and the agreement is signed by both parties.
Within this agreement are contingencies that state that the buyer has the right to a sea trial, perform a marine survey and a mechanical survey. A financing contingency can be included as well. Furthermore, the buyer has the right to step out of the deal upon completion of any of these contingencies. If the buyer does feel the need to do that, the buyer receives his/her full deposit back.
During the sea trial, the buyer can test all systems and of course observe how the vessel handles underway. Typically, the sea trial will include both a survey and a mechanical inspection taking place simultaneously. The survey will almost certainly be required by an insurance or financing company. Upon completion of the sea trial, the buyer will have a good sense of whether the boat is what they expected it to be.
A marine survey, in its simplest form, is an appraisal similar to that performed on real estate or other items. The survey normally provides a complete report on the subject vessel and references complete identification of the boat (including year, make, model, hull-identification numbers, engine information and so on).
The report also gives detailed information about the vessel including description of the superstructure, fittings, and equipment, electronics and safety equipment, galley (if applicable), engines, electrical system, firefighting equipment, and fuel systems.
Part of the marine survey includes having the vessel hauled out of the water so the surveyor can survey the bottom of the boat.
An engine survey (also known as a mechanical survey) is a separate report that specifically reviews the boat’s power and analyzes such areas as general detailed description, filters (fuel and oil), fuel and oil lines, exhaust systems, cooling systems, fresh and raw-water systems, emergency stop and alarm systems, and transmission data. This report may also include compression testing, especially on gas powered engines.
We can provide you a list of surveyors who are accredited with either NAMS or SAMS. The insurer and the finance company will probably accept surveys performed by an accredited surveyor. The National Association of Marine Surveyors (NAMS) and the Society of Accredited Marine Surveyors (SAMS) are professional organizations that have instituted rigorous examination programs for their membership. We recommend using a surveyor who has received the designations “AMS” from SAMS or “NAMS-CMS” from NAMS.
Upon receiving your marine survey report, you will notice that the surveyor has provided a list of recommendations. Nearly all surveys will include some number of these recommendations. It is exceedingly rare to receive a survey with no recommendations. This will provide you a good idea of what will need your attention once you own the vessel.
You’ve approved the sea trial and accepted the surveys. Your financing is complete. You’ve arranged for insurance and a slip in which to keep your new boat. You are ready to complete the boat purchase. Transfer of ownership documents are handled by a local maritime documentation company (We recommend Dona Jenkins Maritime Document Service). Funds are transferred to the seller, you receive copies of the Bill of Sale and Pending Documentations Letter, and you become the owner of your new boat!
Ready when you are
When you are ready to start your search—or just want to talk through options—our brokers are here to represent your interests from the first conversation through closing.
