Buy a Boat
At Merritt's Boat and Engine Works our reputation and business ethics and top-of-the-line service are our greatest asset. Our brokers work as your agent, to consult with you and to represent you in your yacht purchase. We focus on building relationships with our customers and guiding them through the purchase process. Our job is to thoroughly research the market, identify the boat of interest to you and make your purchase process a pleasant transaction.
Steps we take:
- Most boats are listed on a world wide network, although sometimes brokers know of special deals that may not be advertised. To thoroughly get all the details and information for a boat that may be listed, brokers consult with each other as to price, condition and any noted history of the vessel, that will not be public information. Our job is to get the facts in order to protect our client.
- Current knowledge of market conditions, a familiarity of similar boats and information on recent sale prices allows your broker to evaluate and decide on a realistic offer, which increases the chances of buying a pre-owned boat for a fair and reasonable price.
- Making an offer, whether it is custom built, or a production model, our brokers have the necessary knowledge to protect your interests. Your broker prepares the offer to purchase a vessel, and includes the terms of the sale including any obligations that you and the seller agree to, and a deadline as to when these obligations will be met. You will also make a deposit at the time the offer is submitted, which will be held in escrow, until after survey and seatrial and either an acceptance of vessel or rejection is made. This deposit will be applied toward your final purchase or refunded to you, based on the outcome.
- Sea Trial and Survey: It is recommended for the buyer to have a sea trial and survey of the vessel for purchase. The buyer is responsible for the cost of the boat haul out and marine surveyors for inspecting the hull and engines. Your yacht broker or a representative will be present during the sea trial, and help you determine how to properly address any deficiencies with your survey. With the brokers experience, we can put the cost in context and assist with any quotes pertaining to the estimated cost of correcting the issue, as well as the estimated time for repairs.
- Negotiating: The broker serves as a middleman to keep the negotiations moving in a positive direction. When it comes time for the acceptance of vessel, there may some conditions involved. A professional will make the terms agreeable with both parties for a smooth closing, and ensure that any existing loans or other encumbrances are paid off.
- Closing: Our professional team is familiar with all of the paper work required by county, state and federal law, from the initial offer, to the purchase, to the bill of sale, registration, taxes and any documentation and fees associated with your closing. We will make sure your legal requirements are covered. (For example: There are approximately 23 forms that complete closing a brokerage vessel in Florida.)