Boat Purchase – Using A Broker

Since we have lived in many many (many) places, we are quite comfortable using a realtor for renting and purchasing a home.

This is, however, our first time buying a boat of this size so we chose to use a broker.

There are many opinions on brokers and experiences vary a great deal.

We won’t get into that here, but will simply detail the steps associated with the transaction and what the broker can do to help.

Since we are buying, our broker is a “buyer’s broker” but actually gets paid by the listing agency, not us.

This is what our buyer’s broker is doing for us:

  • Discuss what you are looking for and why. If you are not sure yet, he/she can help you nail that down;
  • Once you find your boat,¬†prepare and forward a Purchase and Sale Agreement;
  • Present the offer to the Listing Broker with supporting reasons for the Seller to accept;
  • Provide a list of competent Surveyors familiar with the model of boat your buying. There is a possible ethical conflict here as a broker will get paid if the deal goes through, so his recommended broker may let some things go unreported, while you are looking for a surveyor known as a “deal killer” who finds everything wrong with the boat;
  • Travel with you to the survey and sea trial and have a representative present;
  • Post survey, review the written report and discuss options if any deficiencies are noted;
  • Prepare acceptance documents, or perhaps an addendum to the original Purchase and Sale Agreement¬†if repairs are required post survey; and
  • Works with you (or a service provider) for all documentation requirements of the vessel.

That’s essentially it as far as the purchase process goes, although as a broker has likely been in the industry for a number of years, they are also on of your best sources for information of all matter of items related to the boat: insurance companies, marina/mooring locations, boat yards for repairs/work, etc.

(More) Boat Insurance
(Additional) Costs of Buying a Boat

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