Purchasing a yacht can be as intimidating as buying a home, which is why you should strongly consider hiring a broker when beginning the process. The yacht broker industry is not as well-regulated as real estate, but fortunately, brokers and yacht salesmen in California are required to take an exam and have their broker or salesman license. There are many advantages to having a broker in your corner when going through the boat buying process.
Here are a few of those reasons why you should not go at the boat purchasing process alone:
1. Understanding the Laws
Brokers know the law. A broker will know if you have to pay vessel sales tax on your purchase. They will also be able to advise you on the transfer process. In California, you need to Document the vessel with the Coast Guard or transfer the title (the California Certificate of Ownership) with the CA DMV.
Your broker will be able to help you track down all of the paperwork you need to properly take ownership of the boat. Also, they will be able to help you if there are unusual issues with the sale. For example, if you are buying a boat that is currently registered in a country other than the US, there may be extra paperwork and duties to pay.
2. Customized and Professional Service
The broker will review what you want and need in the yacht and then you can sit back while they narrow down the search to vessels suited to your need. They will often look at the yacht before they show it to you and will shield you from scams, shady sellers, and boats that are not as desired. Once you are in contract, the broker will schedule a sea trial for you. You just have to show up and be ready to take a look at the boat. In fact, an experienced broker may already know just the yacht to show you. They will also go on the sea trial with you and attend the recommended survey, and they may be able to help you decide whether an issue during the survey is a deal killer or if there is an easy solution.
3. Negotiating and Purchase Assistance
Your broker will help you make the offer. The broker will tell you if the offer you are making is realistic and if the boat is being over or under priced. They will then make the offer and help you with any unusual terms of the sale. A broker will also make sure there are no delinquent property taxes on the vessel.
4. Set Up Escrow
Brokers will set up escrow for you so that the money will not pass to the seller until all of the conditions of the sale are met. This helps prevent you from paying for a boat with delinquent property taxes.
5. Pre-Purchase Services
Prior to the sale, your broker can also help you find the right loan and the right marine insurer. You may want to get pre-approved for a loan before you buy.
6. Post-Purchase Services
Your broker will help make sure you have an accurate record of the sale and the value of the boat. If you are a first-time yacht owner, they can recommend instructors to take classes with or the best places to go for your first trip, and which boat clubs to join.
In other words, it is well worth getting a broker to help you with the purchase of your yacht, especially if this is your first time buying a vessel. If you are looking into buying a yacht, contact Atomic Tuna Yachts today and we’ll help you find your dream boat.