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Old 21-11-2018, 10:21   #1
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No broker no deal?

Ahoy sailors
another post about the new boat ...new to me and my wife
We are in the process of eliminating some as boats we find on various web sites in hope to finding the perfect boat for us by perfect I mean Caribbeans and Bahamas cruising hopefully finding the right boat in Florida where will be next week for a week chasing around now I'm familiar with buying boats before using a broker but I've never purchased from a regular guy like you and me if you guys could give me some insight and let me know your recommendation I'd appreciate it Fair winds and Happy Thanksgiving
By the way we both US citizens if it makes a difference our budget is going to be less than 40k
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Old 21-11-2018, 10:28   #2
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Re: No broker no deal?

Just use the same contract and process the brokers use. It's the proven way to buy/sell boats.
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Old 21-11-2018, 10:30   #3
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Re: No broker no deal?

Sources for sample / template contracts beyond the ones easy to find Googling, would be appreciated.

Relevant past threads

http://www.cruisersforum.com/forums/...ve-205894.html

http://www.cruisersforum.com/forums/...er-208829.html

https://www.google.com/search?q=site...osit+OR+escrow
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Old 21-11-2018, 10:48   #4
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Re: No broker no deal?

In your budget range, I think getting brokers out of the way is a GOOD thing. In my experience (and the experience of many here on CF), brokers are more of an impediment at this price range. But it will require you to do some of the work of the broker.

Youíre the buyer, so make sure you are well informed on each boat you consider. You will want to use a written contract. I would use a standard contract. You can find samples online, or just write your own. Theyíre not complicated.

After youíve done your initial personal inspection of the boat, make an offer contingent on satisfactory survey and sea trial. Likely the contract will include a deposit and language that keeps the boat off the market while you are doing the survey and sea trial. You folks down south like escrow accounts. Personally, I wouldnít deal with someone I donít trust, but there are escrow services that seem easy to access who will hold your deposit.

One week is not a lot of time to buy a boat. I hope youíve spent a lot of time researching and vetting possibilities from a far. Line up your initial viewing. IN this price range you may have to go through a lot of wheat before you find the chaff.
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Old 21-11-2018, 10:52   #5
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Re: No broker no deal?

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there are escrow services that seem easy to access who will hold your deposit.
Specific suggestions on these would also be greatly appreciated. Ideall one trusted by the marine community.

With a buyer travelling widely, obviously does not need to be "local".
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Old 21-11-2018, 11:06   #6
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Re: No broker no deal?

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Specific suggestions on these would also be greatly appreciated. Ideall one trusted by the marine community.

With a buyer travelling widely, obviously does not need to be "local".
Sorry John, I donít have any off hand. Iíve never used one. In my boat purchases I dealt with owners or a broker. Never used an escrow account. Doesnít seem to be as much of a thing up here in Canada. Or maybe itís b/c I only deal in the low end markets .

But I did look into them a few years ago. A simple google search turned up a number of escrow services. They seem to have proliferated with the expansion of online markets. But I canít vouch for them ó hopefully someone can come on with direct experience.
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Old 21-11-2018, 11:16   #7
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Re: No broker no deal?

NP asking everyone
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Old 21-11-2018, 11:23   #8
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Re: No broker no deal?

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Sorry John, I donít have any off hand. Iíve never used one. In my boat purchases I dealt with owners or a broker. Never used an escrow account. Doesnít seem to be as much of a thing up here in Canada. Or maybe itís b/c I only deal in the low end markets .

But I did look into them a few years ago. A simple google search turned up a number of escrow services. They seem to have proliferated with the expansion of online markets. But I canít vouch for them ó hopefully someone can come on with direct experience.
At least in the USA, its pretty common for attornies to maintain an escrow account. Ive used known attornies for this service. Id be very hesitant to use an escrow service just googled up off the Internet.
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Old 21-11-2018, 11:36   #9
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Re: No broker no deal?

Well the whole point of course is avoiding these high transaction "friction" costs, and Every lawyer I know of charges dollars per minute for their time, and many hundreds for services even when little time is involved.

$40K is being discussed as low, to me that's very high. If there's (what appears to be) a super bargain far away, arranging care for my family members and the travel costs may be higher than the asking price.

But that is the nature of the situation, question is,

how can I move fast, **at low cost**, to get the prospect boat taken off the market, long enough to get there and

determine it is indeed good value, without breaking my neck?

Even if I know a good surveyor local to the boat willing to give a brief inspection, they may not be available for a week or two.

I understand banks can provide escrow service?
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Old 21-11-2018, 12:08   #10
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Re: No broker no deal?

Quote:
Originally Posted by Mike OReilly View Post
Sorry John, I donít have any off hand. Iíve never used one. In my boat purchases I dealt with owners or a broker. Never used an escrow account. Doesnít seem to be as much of a thing up here in Canada. Or maybe itís b/c I only deal in the low end markets .

But I did look into them a few years ago. A simple google search turned up a number of escrow services. They seem to have proliferated with the expansion of online markets. But I canít vouch for them ó hopefully someone can come on with direct experience.
We used a broker AND marine documentation specialist.

The doc specialist found an unlisted lien from the seller. It was actually a sloppy documentation issue from the sellers original loan that had been discharged more than a decade ago. Subsequent sales of the original loan book through several other banks over the years left this issue unresolved. Until our doc specialist was finalizing the sale docs.

We then placed the funds (cash on our side) into an escrow account until the seller had the issue resolved. It took him 10 weeks to deal with several banks. Note that this was a bank issue not a seller issue.

Without the escrow there would have been little incentive for him to resolve the issue. And we would have been stuck not being able to deregister from the USCG and reregister.

Just my $0.02 FWIW.
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Old 21-11-2018, 12:17   #11
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Re: No broker no deal?

You can ask your yacht insurence if they have a standard contract. Some do.

Very basic stuff: Make sure to check the identity of the seller against an official document (passport or whatever) and write it down or copy that document. Payment only by traceable means, it makes recovery easier if needed. Ask yourself if you trust that person - lack of trust is reason enough not to buy. If your track record on this point is less than pristine, take someone along who is better on this point. It normally doesn't hurt to arrive very early at a harbour and look around and ask around a bit about the boat you are interested in. Remember: A fool and his money are easily parted.
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Old 21-11-2018, 13:16   #12
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Re: No broker no deal?

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We used a broker AND marine documentation specialist
Please name, ideally link to the MDS company?

TIA
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Old 21-11-2018, 13:48   #13
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Re: No broker no deal?

I bought directly from the owner 1000nm away, mine was a good experience, I'm sure they are not always good. I had a local solicitor handle the money, not contracts, our contracts were in the form of email discussions and covered the parts that were important to each of us.

I had a survey done by a local bloke in a pretty small town..... Not a good idea but it worked out. I would take my own specialist next time.
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Old 21-11-2018, 14:41   #14
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Re: No broker no deal?

I have not used this group, but had them pointed out to me for escrow.
https://www.janebeale.com
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Old 22-11-2018, 10:39   #15
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Re: No broker no deal?

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Originally Posted by john61ct View Post
Please name, ideally link to the MDS company?

TIA
I've used these guys. Highly recommend them.

http://www.registeryourboat.com/index.html

And, if the vessel you buy is documented, you really should use a documentation specialist. They will make sure you get a clean title.
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