Selling privately and holding deposits

[superheat6k]

When I sold my Turbo 36 through Whyboats I had an agreement with them that should I introduce the buyer they would still process the sale, and act as stake holder for the deposit, for a fee of £1,000+ vat, which was far less than the commission based fee for them finding the buyer. I thought this was a good deal.

 

[Tranona]

The registry will provide a transcript to the potential purchaser for a fee. This is normal practice and brokers do it as part of due diligence. As already suggested some brokers will just do the paperwork for you which will allow you to use their secure client account for the deposit.

Suggest you read the RYA book on selling a boat as it has a check list of what you as a seller should put together as a pack for potential buyers - although most is pretty obvious.

For the deposit you could use a lawyer to hold the deposit in escrow if the buyer is concerned, but many are not. Although the norm is 10% for brokers a smaller amount, say 5% is adequate to cover your potential losses if the buyer changes his mind or does a runner without paying the yard bills. Remember the debt for unpaid yard bills stay with the boat, so if he does not pay the lift for example the bill ends up with you.

I assume the boat is in Spain which may present problems with buyers not used to the UK system, but it makes sense to be clear that the sale is under UK law using the RYA contract and MCA Bill of Sale.

You might find it useful to talk to John Rodriguez who posts here regularly. He is a broker specialising in just your sort of boat. www.jryachts.com

 

[Achosenman]

Funny I’m going to meet my surveyor tomorrow at 1100. He starts the survey at 0830. But, he works for me, not the seller.

If I thought for one second that seller had had a cosy chat with him, I would walk away.

The offer I made is subject to survey.

The contract for this boat gives me the option to walk for any reason, at my discretion.

I’m told that the 10% deposit I paid is held in an escrow account and cannot be touched.

ATB

 

[EugeneR]

Funny I’m going to meet my surveyor tomorrow at 1100. He starts the survey at 0830. But, he works for me, not the seller.

If I thought for one second that seller had had a cosy chat with him, I would walk away.

When selling, I try to have a chat with the surveyor so that I can agree and where reasonable remediate any issues found quickly.

Once there were chips on the hull from a previous owner and the surveyor could explain to the local repair outfit there and then what was required. He even offered to check the work afterwards. Also, it avoids errors e.g. "radar not working" due to it being switched off, etc.

It shows that I am serious about giving the buyer a boat in good / as described condition and prevents unnecessary issues.