How does the actual selling process work?
A bona fide offer is always made by the yacht broker to the seller in writing and accompanied by a 10% deposit (which goes into an escrow account). You can accept the offer, make a counteroffer or reject the offer outright. The initial offer is usually below your asking price, and you’ll make a counter. Negotiations continue, with the broker acting as go-between, until a mutually agreeable position is reached. The purchase offer is then counter-signed by the seller, resulting in a legally binding document. The seller is now legally obligated to sell the boat to the buyer at the agreed-upon price, and the onus shifts to the buyer: he is responsible for arranging and paying for sea trial and survey. Based on results of sea trial and survey, the buyer can accept the boat at the initially agreed-upon price, renegotiate the selling price or withdraw the offer without penalty. It is rare for a deal to fall apart after sea trial and survey, but the buyer will often request survey allowance to
