yacht broker sales agreement

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As a major benefit of membership, YBAA members are invited to use the association's standardized, copyrighted contractual forms, for both U.S. and Canadian transactions. Each Form is designed as an interactive PDF for ease of use.

When properly used, the forms help to clarify the terms and agreements between seller/broker, buyer/seller and broker/broker. In co-op sales with other YBAA brokers, you will know what to expect in the way of documents to be signed.

IMPORTANT NOTE : The YBAA Forms are updated annually, with the valid year-of-use indicated on the bottom of each Form. Be sure to only use current Forms in all transactions. All prior versions of the Forms should not be used; such use will be deemed in violation of the YBAA Membership Code of Ethics. 

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News & Resources

Comparing the ybaa and iyba purchase and sale agreements.

Jun 28, 2017 | Articles

YBAA Yacht Broker News E-Newsletter

By christopher anderson and jane schwed, robert allen law.

Most brokerage yachts on the East Coast and in the Caribbean are bought and sold using one of two agreements – either the International Yacht Broker’s Association Purchase and Sale Agreement for Brokerage Vessel (“IYBA PSA”) or the YBAA Vessel Purchase and Sale Agreement (“YBAA PSA”). While very similar in many respects, there are a few distinctions worth noting. This article will explore the main differences between these two agreements.

• Time is of the Essence

The YBAA PSA contains a “time is of the essence” clause. This clause holds the buyers and sellers strictly to all of the deadlines in the contract. This means that those clauses that call for termination of the contract if the deadline is missed are enforced. IYBA, on the other hand, does not have a time is of the essence clause. This means that the clauses requiring signatures by a certain deadline are not strictly enforced. For instance, there is a clause in the IYBA PSA that requires the buyer to deliver the deposit within three days of the seller executing the document. Under the IYBA PSA, if the buyer misses this deadline but delivers the deposit in a reasonable amount of time, the seller most likely will not be able to terminate the deal over a one or two-day delay.  If your client absolutely must get their boat by exactly 12PM on a Saturday, then the YBAA PSA may be the better choice.             

• Venue for Disputes

The IYBA PSA requires that any claim or proceeding relating to the agreement be brought in a court in the state of Florida, either in the county of the main office of the selling broker, or in Broward County if the selling broker has no office in Florida and no other jurisdiction is written into the blank in the contract. Disputes under the YBAA PSA go to arbitration under American Arbitration Association rules in the city and state of the selling broker’s office.  Therefore, if you have a deal where the selling broker’s office is located in Maine, and the buyer, seller and boat are in North Carolina, then (i) under the YBAA PSA the parties would end up in arbitration in Maine, and (ii) under the IYBA PSA the parties would end up in the courts of Broward County, FL (assuming no other jurisdiction is written in).            

• Choice of Law for Disputes

Florida law governs all disputes under the IYBA PSA.  Choice of law under the YBAA PSA is in the state of the main office of the selling broker. The courts of different states interpret contracts differently.  How one state looks at an agreement differs from how another state looks at an agreement.  Florida, for instance, requires specific disclosures for a contractual provision for liquidated damages to be effective while other states don’t have similar requirements.  Because the YBAA PSA can be governed by the laws of various states based on where the selling broker’s office is located, it may make sense to have a local lawyer take a quick look at the contract.  

• Dual Brokers

Both YBAA and IYBA agreements include a clause that addresses the conflict of interest issues that arise when the buyer and the seller have the same broker. Both agreements allow for a dual broker relationship between the parties. The IYBA agreement also requires that a broker may not disclose to the seller that the buyer is willing to spend more than the asking price without the buyer’s consent, and that a broker may not disclose to the buyer that the seller is willing to sell the vessel for less than the asking price without the seller’s consent. This requirement is a solution to the problem dual brokers have when trying to abide by laws requiring the broker to represent their principal’s best interests. By receiving consent from both parties, a dual broker involved in a IYBA PSA is given stricter guidelines on how to avoid a conflict of interest.

Both IYBA and YBAA have a clause that establishes three requirements that must occur for an agreement to occur. Both require that necessary documents – such as necessary title, proof of removal of encumbrances, etc. – are delivered before the closing occurs. Both also require that the purchase price be paid. The difference in IYBA and YBAA’s closing clauses is that IYBA requires that for a closing to occur, the vessel must be delivered, while YBAA only requires that the buyer confirms they are prepared to close.

• Wire Transfer

IYBA specifies that the purchase price must be delivered by wire transfer. In contrast, YBAA requires that the purchase price has been collected by the seller or selling broker as of closing.

• Prevailing Party Legal Fees

In a dispute under the YBAA PSA, absent theft or fraud, the party who wins pays his own legal costs.  In contrast, in any dispute under the IYBA PSA, the prevailing party party’s legal fees and costs are paid by the other party.

• Risks and Losses

Both agreements have a clause that holds the seller responsible for all damage done to the boat after acceptance but before closing. The IYBA PSA has different outcomes depending on the severity of the damage. Under the IYBA PSA, damages that cost 5% of the vessel purchase price or less and take less than 30 days to repair must be repaired by the seller, but the contract is adjusted and deadlines are extended by however many days it takes to repair the damages. If damage is more extensive, than either party may terminate the agreement.  Under the YBAA PSA, the seller must repair any damage to the vessel, regardless of the size of the repair, subject to approval of the buyer who has the right to request a reasonable price adjustment or to cancel the sale if substantial damages cannot be repaired to his satisfaction.

These are some of the important differences between the YBAA PSA and The IYBA PSA to take into account when deciding which agreement to use for your next deal.

*This article is a general overview and should not be considered legal advice.

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Yacht Sales: From Contract to Closing

Contracts are needed to clearly define the process of buying a yacht for both buyer and seller. the path to the closing table and your boats new owner involves many steps and a proper yacht contract should act as a guide as you move from contract to closing., important contract points for yacht sellers, understanding yacht sales contracts.

Once your yacht's condition is dialed in and it's priced right for the market, the goal of a contract will eventually be achieved. Making sure you've read your contract to purchase in detail is important, this is a legal document with terms and parameters to guide the process along, and also to spell out buyer and seller roles. Almost all brokerage agreements contain commonalities for steps in the process. Here are the important contract points to educate yourself on and pay attention to.

Yacht Sales Price & Deposit

The signed buyer’s offer on your boat should include a deposit; typically, of 10% of agreed price. In today's world of digital signatures and ease of electronic anonymity make certain you have PROOF of deposit via a check or wired deposit into your broker's escrow account. Trust but verify!

Seller & Buyer Requirements

This is a complex section on the contract, but in its simple form these sections spell out the details of where a contract protects each in case of default.

PRIOR TO ACCEPTANCE

Prior to closing.

As the seller you need to make sure the yacht is without liens or monies owed to third parties, have information on security interest if financed so that the yacht can be sold and re-titled legally. Having documents ready ahead of time is a must. Issues that often derail or slow a closing can be divorce, estate sales, liens that were paid but not properly recorded, etc. The time to pull out your USCG Documentation or State Title and share with your broker’s closing department is immediately at contract, not two days before your closing date.

As a seller, make sure any issues that would inhibit being able to close are worked on early in the process.

Survey/Sea Trial Obligations

In its simple form, the buyer is paying for the inspection and expertise of the surveyor. The seller is making the boat available and assuming the risk of that process. It’s your yacht still as the seller and while you may run it yourself, hire a captain or entrust your broker to run it, all the risk associated with a mechanical failure - or the fuel burned at survey - is the seller's obligation. See our Survey & Sea Trial Process section to fully understand this most vital step.

Acceptance of Vessel

Full or clean acceptance.

This means there are no concessions on price or fixes that need to be performed by the seller. The buyer is ready to close, and the deposit is forfeited should closing not occur.

CONDITIONAL ACCEPTANCE

Exclusions to the yacht sale.

Your yacht has been photographed, listed, and viewed by the buyer. On the day of the survey, many times it's assumed what’s on your yacht is what’s included on your yacht at closing. An issue arises when personal items that have not been cleaned off–tools, EPRIBS, Dinghy’s, etc.–are part of the boat in the buyer’s mind, but in the seller’s mind, are not meant to be conveying. Make certain you not only provide the information to your broker but specify IN WRITING what is not included.

After Acceptance & Force Majeure

Closing the yacht sale.

The boaters two happiest days - the day you buy your boat and the day you sell it. While selling a yacht is akin to selling a home, many times the closing occurs remotely with buyer and seller not gathered around the closing table. In most cases, the documents are not being signed by buyer and seller both, but different documents for each. If financing, there will be obligations that are different than in a straight cash purchase. Your broker’s closing department should lay out this step by step process. The closing on a yacht is technically to be done by the date agreed on and occurs when the BUYER'S paperwork has been executed correctly, the SELLER'S paperwork has been executed correctly and SELLER/ESCROW AGENT has received wired funds or been provided electronic proof of loan payoff. Buyer paperwork, seller paperwork & confirmation of all funds = SOLD.

CENTRAL LISTING AGREEMENT

This Central Listing Agreement defines the terms and conditions whereby MYERS YACHT SALES, LLC., hereafter called Broker agrees to manage the sale of the vessel described below on behalf of the undersigned owner/agent, hereafter called Owner. Vessel Name__________________________ Year _________Length_________Mfg. ______________________Model_______________ Type ________________Hull ID #___________________________________ Doc # ___________________State Reg # ________________ This agreement shall be effective for 90 days from this date and thereafter, until revoked by a 30 day written notice by either party. _____________initial Broker shall have the sole right and authority to manage the sale of the above described vessel at the Listing Price of $___________________.

1. Owner agrees to deliver the vessel in good title, free and clear of liens. The usual and customary practice for examination, water trials, bottom inspections, surveys and closing the transaction shall apply.

2. For securing a purchaser for the above-described vessel: Upon the sale, donation, trade or exchange of the vessel, or if it is otherwise transferred or conveyed during the term of the agreement the owner agrees to pay a commission of 10% of the sale price or $3,000.00, whichever is greater. This commission shall be paid to MYERS YACHT SALES, LLC , whether the purchase is secured by Broker, or any other party, at the price and terms mentioned or at any other price and terms acceptable to the seller. Should the vessel be sold or traded after termination of this agreement, within 6 months of official notification of termination, to a party, their assigns, or controlled business entities that was procured through the efforts of Broker, or co-operating brokers, owner shall be liable for payment of the full commission. _________(initial)

3. Owner agrees to provide easy access to the vessel at all times, for the purpose of showing while not in use by the owner, to refer all inquiries of brokers or other interested parties to Broker on a timely basis; to notify Broker should the vessel be moved, or temporarily not available for showing; to allow Broker to prominently display a “For Sale” sign during the term of this agreement and to replace sign, if removed during use of vessel.

4. Broker agrees: to carefully inspect and secure complete information regarding the vessel, to provide local and national marketing information in regards to the value of the vessel in order to determine a market value, to direct concentrated efforts of the organization in bring out a sale, to advertise as deemed advisable, in local and national advertising venues, at not cost to the seller, to arrange for surveys, bottom inspections, sea trials, at the direction of the seller, to assist the buyer in arranging financing, to assist in the closing, to show the vessel as required, to promote the sale of the vessel through national electronic listing services, of which broker is a member in good standing. 5. As owners agent, Broker is authorized to accept receipt for, and hold all money paid or deposited as a binder theron and if such deposit be forfeited by the prospective buyer, Broker may retain one half of such deposit, but not to exceed the amount of the commission, as compensation.

6. Owner indemnifies and holds Broker and agents harmless against any loss, damage, theft, suit or claim arising while the vessel is being shown, handled, ferried, or in the possession of Broker, at the direction of the owner. It is specifically understood and agreed that the Broker does not assume and is not delegated, by the owner, care, custody, or control of vessel by reason of this agreement. Broker will not move the vessel from its berth without expressed approval and acceptance of these terms from the Owner.

7. Owner understands that this agreement does not guarantee a sale, but it does guarantee the Broker will make and earnest and continued effort to sell the vessel until the agreement is terminated.

8. In the event of any dispute, claim, questions or disagreement arising out of our relating to this agreement or the breach thereof, the parties herto shall use their best efforts to settle such disputes, claims or disagreements. To this effect, they shall consult and negotiate with each other, in good faith, attempt to reach a just and equitable solution satisfactory to both parties. If they do not reach such solution within 60 days, then upon notice by either party to the other, disputes, claims or differences shall be finally settled by the laws applicable in the State of Florida.

9. Owner acknowledges having understood the terms of this agreement and receipt of a signed copy, that this document represents the entire agreement of the parties, that no other representations, warranties, guarantee of sale or promises of any kind have been made to me other than those set forth herein, and that this agreement is binding on all heirs, executors, successors, and assigns of Owner and Broker.

_______________________________________________ Myers Yacht Sales, LLC Licensed Florida Yacht Broker

Date _________________________________

Owner’s Signature _______________________________________________ Owner’s Printed Name _____________________________________________ Owner’s Address _________________________________________ _______ Date _________________________________ ________________________________________________ Owner’s Home Phone ______________________Cell ___________________ Work Phone ______________________ Email _________________________

Copyright 2020 Myers Yachts.  All Rights Reserved.

CENTRAL LISTING AGREEMENTThis Central Listing Agreement defines the terms and conditions whereby MYERS YACHT SALES, LLC., hereafter called Broker agrees to manage the sale of the vessel described below on behalf of the undersigned owner/agent, hereafter called Owner.Vessel Name__________________________ Year _________Length_________Mfg. ______________________Model_______________Type ________________Hull ID #___________________________________ Doc # ___________________State Reg # ________________This agreement shall be effective for 90 days from this date and thereafter, until revoked by a 60 day written notice by either party. _____________initial Broker shall have the sole right and authority to manage the sale of the above described vessel at the Listing Price of$___________________.1. Owner agrees to deliver the vessel in good title, free and clear of liens. The usual and customary practice for examination, water trials, bottom inspections, surveys and closing the transaction shall apply.2. For securing a purchaser for the above described vessel: Upon the sale, donation, trade or exchange of the vessel, or if it is otherwise transferred or conveyed during the term of the agreement the owner agrees to pay a commission of 6% of the sale price or $2,000.00, whichever is greater. This commission shall be paid to MYERS YACHT SALES, LLC, whether the purchase is secured by Broker, or any other party, at the price and terms mentioned or at any other price and terms acceptable to the seller. Should the vessel be sold or traded after termination of this agreement, within 6 months of official notification of termination, to a party, their assigns, or controlled business entities that was procured through the efforts of Broker, or co-operating brokers, owner shall be liable for payment of the full commission. _________(initial)3. Owner agrees to provide easy access to the vessel at all times, for the purpose of showing while not in use by the owner, to refer all inquiries of brokers or other interested parties to Broker on a timely basis; to notify Broker should the vessel be moved, or temporarily not available for showing; to allow Broker to prominently display a “For Sale” sign during the term of this agreement and to replace sign, if removed during use of vessel.4. Broker agrees: to carefully inspect and secure complete information regarding the vessel, to provide local and national marketing information in regards to the value of the vessel in order to determine a market value, to direct concentrated efforts of the organization in bring out a sale, to advertise as deemed advisable, in local and national advertising venues, at not cost to the seller, to arrange for surveys, bottom inspections, sea trials, at the direction of the seller, to assist the buyer in arranging financing, to assist in the closing, to show the vessel as required, to promote the sale of the vessel through national electronic listing services, of which broker is a member in good standing.5. As owners agent, Broker is authorized to accept receipt for, and hold all money paid or deposited as a binder theron and if such deposit be forfeited by the prospective buyer, Broker may retain one half of such deposit, but not to exceed the amount of the commission, as compensation.6. Owner indemnifies and holds Broker and agents harmless against any loss, damage, theft, suit or claim arising while the vessel is being shown, handled, ferried, or in the possession of Broker, at the direction of the owner. It is specifically understood and agreed that the Broker does not assume and is not delegated, by the owner, care, custody, or control of vessel by reason of this agreement. Broker will not move the vessel from its berth without expressed approval and acceptance of these terms from the Owner.7. Owner understands that this agreement does not guarantee a sale, but it does guarantee the Broker will make and earnest and continued effort to sell the vessel until the agreement is terminated.8. In the event of any dispute, claim, questions or disagreement arising out of our relating to this agreement or the breach thereof, the parties herto shall use their best efforts to settle such disputes, claims or disagreements. To this effect, they shall consult and negotiate with each other, in good faith, attempt to reach a just and equitable solution satisfactory to both parties. If they do not reach such solution within 60 days, then upon notice by either party to the other, disputes, claims or differences shall be finally settled by the laws applicable in the State of Florida.9. Owner acknowledges having understood the terms of this agreement and receipt of a signed copy, that this document represents the entire agreement of the parties, that no other representations, warranties, guarantee of sale or promises of any kind have been made to me other than those set forth herein, and that this agreement is binding on all heirs, executors, successors, and assigns of Owner and Broker.

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MAKE YOUR LISTING AGREEMENT BULLET-PROOF:

• Posted 11-14-2016
• Brokers  
• Industry   Tips  

Five Important Clauses to Help Avoid or Control Litigation

Every yacht broker should have a carefully written Listing Agreement to help avoid a lawsuit. If a lawsuit is unavoidable, these five clauses can control the outcome.

1. Commission Clause  – It goes without saying that is important to protect your commission up front in the Listing Agreement. Doing so means more than just stating it as a percentage of the gross sales price.

As every broker knows, the hard work of marketing a yacht for sale may result in a transaction that is not strictly a purchase and sale. The commission clause in your Listing Agreement should protect your commission when your work results in something other than a traditional sale including: a trade, exchange, donation, long term charter, or stock purchase in a corporate entity that may own the yacht. Planning for these events up front in your Listing Agreement will avoid the uncertainty of whether and when you will be paid for your work.

2. Duration Clause  – The duration or term clause is also important to protecting your commission. Most Listing Agreements are exclusive-right-to-sell agreements. This means that the owner agrees to pay a commission to the listing broker during the term of the Listing Agreement regardless of whether the ycht is sold through someone else. Clearly stating when the Listing Agreement begins and ends is vitally important.

A Listing Agreement should include a specific period of time from signing that the exclusive listing will remain in effect, entitling a broker to a commission during this period of time. It should also contain language addressing termination for a material breach of the agreement after written notice and a specific time period to fix (or “cure”) the breach asserted.

Requiring the parties to provide written notice of a breach and an opportunity to “cure” before an agreement is lawfully terminated can protect the broker’s commission in the event of a dispute. Many lawsuits have been decided on the question of whether proper notice of an alleged breach had been given.

3. Integration Clause  – This clause states that your Listing Agreement is the entire agreement between the parties and supersedes all earlier negotiations, agreements, and representations. Having an integration clause can protect you when there is a dispute between an owner and a broker over whether the broker made certain promises that are not in the Listing Agreement.

In a lawsuit, people sometimes “remember” things differently. The integration clause can be used to effectively limit a party from claiming that there were promises or agreements other than what are written in your Listing Agreement. Many lawsuits have been dismissed because an agreement contained an integration clause.

4. Venue Clause  – If you can’t avoid being in litigation, you can often avoid finding yourself in litigation out of state if your Listing Agreement has a venue clause. Often, a yacht owner lives in one state, the yacht is another, and the listing broker is in yet another state. This can mean multiple possible locations for a lawsuit to be filed.

To limit the costs of defending a lawsuit in a distant location, and provide more predictability for both sides in a dispute, a Listing Agreement should contain a clause stating where all the parties must file any lawsuit relating to the Listing Agreement. This is called a venue clause.

The venue clause should contain a clear statement of the state and county where the parties are required to file a lawsuit. A well written venue clause will also contain an agreement between the parties waiving an objection to a lawsuit being filed in the agreed-upon location and state the law that will apply.

For example, for a brokerage located in Fort Lauderdale, the venue clause may provide that a both parties can only file a lawsuit in Broward County, Florida, and that Florida law would apply to any dispute. Simply put, if you are a Fort Lauderdalebased broker, and you cannot avoid a lawsuit, you would probably prefer litigating in Florida over some remote location.

5. Attorneys’ Fees Clause  – Courts in the United States apply the “American Rule” when it comes to paying for attorneys’ fees in a lawsuit. Regardless of who wins, each party is required to pay its own attorneys’ fees unless there is a statute or agreement in a contract that requires the losing party to pay. Many people defending what they believe to be an unfair lawsuit, find this rule to be unfair because even if they win, they still “lose” by having to pay the cost of their attorneys. In your Listing Agreement you can change the “American Rule” by agreeing ahead of time that the prevailing party in any dispute shall be entitled to recover its attorneys’ fees and costs.

Whether you already have a standard Listing Agreement, or you are in the process of having one written, these five clauses should always be considered. Additional clauses and concepts to bulletproof your Listing Agreement also can be found in the FYBA form Listing Agreement.

Article Author: BY ROBERT ALWINE & UMBERTO BONAVITA, Robert Allen Law

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What A Yacht Broker Can Do For You

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Especially when buying or selling a large boat, the right broker can reduce stress and make the transaction go smoothly and painlessly.

A broker can take the complications out of buying or selling your next boat. (Photo: Michael Vatalaro)

When BoatUS member David Issacson bought his first boat 26 years ago, he searched the newspaper classifieds in the morning (remember those?), located a couple of candidates before noon, and by 3 p.m. wrote the seller a check for $1,000 for a 17-foot boat he took fishing that day. "It was so simple then," he says. "Pretty much like buying a cheap used car. I don't even think I got a bill of sale. It was all done with a handshake." Now that he's retiring, he's looking for his fourth boat, which he says will be much bigger, probably in the 42- to 45-foot range. "I have no idea what it's going to take now. I've never had a boat that was documented or had a loan on it. I don't even think they have classifieds in the paper anymore, and I'm not sure what the process is these days."

Issacson is exactly the type of person who could benefit from using a boat broker. Boat brokers are similar to real-estate agents, but with important differences: They're far less regulated, and their commission is 10 percent rather than six percent. Unlike realtors who must take classes, sit for an exam, and be licensed in every state, only boat brokers in Florida and California have to be licensed and only California requires an exam. In most other states, anyone can call themselves a boat broker. And while all brokers have certain legal responsibilities to their clients, selecting one should be done carefully. Ask around at your marina or boatyard and get referrals from others who have used a broker before. Talk to two or three and get a feel for them, just as you would with a real estate agent. One way to increase your chances of finding the right broker is to look for a Certified Professional Yacht Broker (CPYB). These brokers are members of the Yacht Brokers Association of America (YBAA), have taken a comprehensive exam, have pledged to abide by a code of ethics, and will work with the BoatUS Dispute Mediation Program (see links in sidebar).

If You're Selling

There are several advantages to using a broker, the biggest of which is exposure. Plastering "For Sale" signs in yacht clubs and marinas can't equal the power of a broker's listing, especially with larger boats that have a smaller pool of buyers who may not even be in the same state. Brokers typically list boats through websites such as Yachtworld, which is easily searchable by anyone, anywhere in the world. Only brokers can list boats on the site, which functions much like the Multiple Listing Service for real estate agents.

Here's How A Broker Can Help

If you're the seller, a broker will:.

• Advertise your boat. Brokers should list your boat on Yachtworld and advertise in other places where appropriate. Find out what their marketing plan is and get it in writing.
• Price your boat realistically. Brokers have access to recent sale prices and know a good starting point.
• Prescreen responses to advertising. This will avoid most tire kickers.
• Show your boat to prospective buyers. This will save you from wasting time with buyers who don't show up.
• Communicate all offers from potential buyers to you.
• Negotiate the selling price. This is where brokers can really earn their money.
• Draw up sales agreements and accept deposits. Many brokers can do this electronically over computers, tablets, and even smartphones.
• Arrange for sea trials and schedule surveys.
• Coordinate closing.
• Transfer funds to you. Now you can start shopping for your next boat.

Correctly pricing a boat is critical to getting it sold, and an experienced broker has a very good idea of what a boat will sell for and can price it accordingly. Brokers typically have access to what similar boats have sold for in the local area and they'll prepare a listing based on the kind of boat and type of buyers expected. They'll take photos, write an enticing description, and recommend things to improve the look and marketability of your boat. Brokers can also help you navigate some of the more confusing aspects of selling such as corporate ownership, loan payoffs, bills of sale, and other documents needed for transferring ownership. Aside from listing and advertising the boat, their most important job is helping move the process along once a buyer is found. Brokers can also help a buyer obtain financing and assist with changing the USCG documentation. While the 10-percent commission is usually not negotiable, brokers will sometimes discount it for a sale that might be falling apart because of a survey report or other defects found on a boat. The different listing contracts used by brokers can be confusing, but they're not complicated once you understand the two main types, a central agency agreement and an open listing agreement.

A central agency agreement (sometimes called an exclusive listing) means you've hired a specific broker to sell your boat. With this type of agreement, the broker typically lists your boat on Yachtworld and — this is important — is obligated to sell it through a co-brokerage arrangement. Co-brokerage means that if another broker finds a buyer for your boat, your broker agrees to split the commission with him. This incentive to help each other is why about 70 percent of all brokerage sales are co-brokered. Keep in mind, though, with this type of agreement, even if you bring in the seller or end up donating your boat, you'll still be liable for the broker's commission. The majority of brokerage sales are central agency agreements.

An open listing agreement means you've given more than one broker the right to sell your boat and you also retain the right to sell it on your own. The disadvantage is that because no broker is guaranteed at least a part of the commission, it's not very likely any of them will spend the money to list your boat on Yachtworld or pay for other advertising. There can also be confused communications between multiple brokers and potential buyers. On the other hand, a hungry broker may be more motivated to bring you a buyer because he would get the entire commission. With this type of agreement, if you find your own buyer, you don't owe anyone a commission. For either type, don't be pressured into signing for a longer term than you're comfortable with. Six months is typical, but don't be afraid to ask for less, though a broker typically needs at least a couple of months to generate interest. Usually, you can walk away from any contract after giving 30 days notice. Most agreements automatically renew, so give notice before that if you want to cancel. No matter what kind of listing, ask for biweekly progress reports.

Selling It Yourself

For Sale By Ow ner (FSBO) certainly sounds attractive. Not only do you pocket 10 percent more than if you used a broker, but you're in charge of the whole process. Selling it yourself has drawbacks, however. You won't be able to get the same kind of national exposure a broker can, and you'll be responsible for keeping the boat in top condition and available for showing. And, because most boat shopping occurs on weekends, expect to be tied down during your time off. Finally, like many others, you may simply dislike negotiating. But if you want to save some serious money, BoatUS can help. Our thousands of online classified listings are viewable by anyone, anywhere in the world, and we offer an escrow service that takes the anxiety out of the financial part of the transaction. We also offer members full documentation service, boat financing, comprehensive insurance, and on-water and roadside towing coverage.

If You're Buying

While owners may find the process of selling to be an anxious one, buyers are looking for their next dream boat and are likely to be enjoying looking around, trying to find the perfect fit. But buyers tend to get apprehensive once it comes to plunking down hard cash. This is where a broker can make the process less stressful. Brokers should have a separate bank account for holding deposits and there should be wording in the contract specifying what the sale is contingent upon as well as how and when the money will be returned if the sale falls through.

It's important to remember that the broker in a typical sale is getting paid by and working only for the seller, not the buyer. A broker will try to get the highest possible price (that's what his commission is paid from) and will try to sell his client's boat even if it's not necessarily the best deal for you. You're on your own with negotiations and paperwork advice. You can, however, enter into an agreement with a broker through a buyer's broker arrangement. A buyer's broker will represent you, not the seller. Once they know what you're looking for, they can scour their sources and suggest likely boats for you to view, assist in negotiating a price, and help with the paperwork. Typically, a buyer's broker gets a commission split from the seller's broker so there's no cost to you, but read the agreement before signing.

When it's time to seriously consider a boat, it will need to be hauled out and surveyed — something that's usually paid for by the buyer, though as with anything in a sale, that's negotiable. Never use a surveyor recommended by the broker or seller; it's critical to hire an independent, qualified surveyor (see links, below) who has no stake in the outcome. Not only will the survey uncover needed repairs and deficiencies, it will also establish a fair market value, all of which can be used for negotiations. It will almost certainly be needed for financing and insurance as well.

Useful Links

• Finding a Certified Professional Yacht Broker
• Find a Marine Surveyor
• BoatUS USCG Documentation Service
• BoatUS Financing
• BoatUS Insurance
• Find out if a Florida Broker is licensed

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Charles Fort

Contributing Editor, BoatUS Magazine

Charles Fort is BoatUS Magazine's West Coast Editor. He often writes local news items for BoatUS Magazine's Waypoints column and contributes to Reports, in-depth tech features in every issue written to help readers avoid accidental damage to their boats. He is a member of the National Association of Marine Surveyors, he's on ABYC tech committees, and has a 100-ton U.S. Coast Guard license. He lives in California.

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What Do Yacht Brokers Do? 8 Things To Expect (Selling & buying)

From buying to selling boats and enjoying life on the high seas, the exciting life of a yacht broker seems like a dream to many.

What exactly is involved in their job?

This article will highlight some of the key responsibilities of a yacht broker.

Table of Contents

The 8 Main Functions Of Yacht Brokers

A yacht broker helps to make sure that everything goes smoothly behind the scenes of buying and selling a yacht.

They do a lot to help to make sure the stress of buying or selling a yacht is less stressful and can help to speed the process up.

1) Looking at the Boat

Whether the client is purchasing a boat or selling one, the yacht broker will first need to view the vessel.

This is in order to get a good idea of the condition of the yacht. He or she will need to appraise the condition of the boat.

Another responsibility is to talk to the crew about the maintenance schedule. The yacht broker will also need to look at the ship’s papers. Having all of the right certificates in order and documents is crucial to sealing the deal.

2) Appraising the Boat

The yacht broker will also want to talk to his industry contacts to get an idea for how much the yacht is sold for.

The yacht broker has the important job of saving the seller or buyer time and pain when it comes to selling a boat.

A yacht broker can help with assessing the boat and surveying it to make sure it is in premium condition. They will attend the survey with you, or for you, if you are not able to. The broker will act as the intermediary during the process of the sale.

3) Filling Out The Paperwork

The yacht broker’s job is to make sure that the paperwork gets done. This includes collating the documents for the actual closing of the sale, preparing technical specifications, to making sure the yacht has all of the appropriate certificates.

They will also guide the yacht owner through aspects such as loan payoffs, corporate ownership, bills of sale, and similar documents.

4) Briefing The Parties Involved

A yacht broker will need to direct clients to the best possible marine lawyer for their specific yacht.

The yacht broker may need to help encourage the deal to keep pushing through.

5) Marketing

Marketing is an essential part of the yacht broker profession, especially when they are representing the seller of a yacht.

In the past, a yacht broker operated out of a big office building, and people would walk by and visit because they were considering purchasing a yacht.

Now, in the era of the internet, people from all over the world have access to a yacht broker and their services.

The yacht broker may make use of advertising such as banner ads or videos. Marketing yachts effectively makes use of the internet, so a yacht broker may make posts on social media, classifieds, or their personal website to sell a yacht or find one.

Some yacht brokers might make a video walk-through of the yacht and explain the features to potential clients. Others will have a professional website that acts as a point of contact.

6) Duties While Selling

As stated above, the broker will list the yacht on Yachtworld and other appropriate outlets. They also have the responsibility of pricing the yacht reasonably. Brokers will have access to recent sales, and they know how much they should go for based on recent sales prices.

When they receive responses to the yacht adds, they will prescreen responses so as to find those that are most likely to lead to a sale.

A yacht broker will also have the duty of showing the boat to people who are interested in buying it. They’ll give them the tour, and be sure that the boat is in pristine condition.

The yacht broker will also answer any questions that the buyers have.

Another responsibility they have is to communicate negotiations with the yacht owner. They will also handle the pricing of the yacht , which is where they might get their earnings from.

Finding the right price is a big part of getting the boat sold.

Part of their job would be to take pictures of the boat and to write a description of it that entices buyers.

7) Securing the Sale

When a price is agreed upon, the yacht broker will draw up the sales agreements and will also accept deposits.

Modern technology allows them to do this electronically with smartphones, tablets, and computers.

A yacht broker will secure sea trials where the potential buyer will take it for a test drive on the water as well as schedule surveys.

After the sale is made, they will transfer the funds to the yacht owner.

A yacht broker can assist a buyer in getting financing for the yacht.

8) Duties After the Sale

The broker’s job doesn’t stop after the boat is sold.

They can also assist in docking, boat detailing, and refining it to meet the buyer’s needs.

Their industry connections can help a lot in this process after the boat is sold, and helps to make boat ownership a rewarding experience.

Types of Agreements With Yacht Brokers

Some yacht brokers take a 10% commission on the sale of the boat and might bring it down in order to secure a sale on a boat. There are different types of agreements.

A central agency agreement, or an exclusive listing, means that a seller has hired a specific broker to sell their boat.

The broker may then list it on Yachtworld or a similar site. They then enter a co-brokerage agreement. Co-brokerage is when another broker finds a buyer for the yacht, and the original broker splits the commission with them.

Almost 70% of all yacht sales are done in this way because of this incentive. In this agreement, even if an owner brings in a buyer or donates the boat, they are still liable to pay the broker commission.

Most of the yacht sales are completed with a central agency agreement.

Another type of sale is the open listing agreement. In this setup, the owner can bring in more than one broker for the sale.

The owner also retains the right to sell the yacht on their own.

A disadvantage to this type is because they are not guaranteed commission, they might not spend money that is necessary to advertise the boat. It also might result in communication errors among more than one broker and prospective buyers.

However, on the other hand, a motivated broker might be more likely to bring in a sale because then they would be guaranteed the entire commission. The typical length of the agreement is around six months.

Yacht Broker Duties If You Are Buying

Brokers help to ease buyer’s anxiety when putting down large amounts of cash for a luxury yacht.

They might set up a separate bank account for the transaction and the necessary deposits.

The contract will specify what the contingencies of the sale are, and also how much or how the money will be returned if the sale does not go through.

For the buyer, the yacht broker will have the advice they need to find the right boat at the right price. They’ll be able to open doors and find opportunities that benefit both parties and create a win-win situation.

They work as an advocate on behalf of the buyer and will be priceless when it comes to negotiating and securing a sale.

Know The Role Of The Broker

In most sales, the broker is a worker for the seller and not the buyer.

This is an important part to remember. Their job is to get the highest price possible to satisfy the buyer and to make money. It is possible for a buyer to enter into an agreement with a broker with a buyer’s broker agreement.

A buyer’s broker represents the buyer, not the person selling the boat.

When they know what type of yacht the buyer is looking for, they will search for it through their contacts and resources available to them. They will assist in finding the right boat for the buyer’s needs and budget as well as assist in the necessary paperwork.

A buyer’s broker will typically get a split in commission from the seller’s broker.

There may be no cost to the buyer for using a buyer’s broker, but be sure to read the details of the agreement before signing.

A yacht broker has priceless industry knowledge that will assist in the buying and selling of yachts. A trustworthy broker will help save buyers and sellers time and money when they are making the purchase. They’ll pool the talents and resources of a team of brokers to support the transaction go quickly and smoothly.

Finding the right yacht broker with experience and integrity will make a big difference in the process. A yacht purchase is a significant investment, and teaming with the right people helps to ensure that the investment is the right one.

They understand the market and all of the nuances involved in buying and selling.

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Specifications

Basic information.

• Builder Yellowfin
• Model 39 Offshore
• Category Center Consoles
• HIN/IMO YFY39227D323
• Condition Used
• Hull Material Composite
• LOA 39' 10"
• Number of Engines 4
• Make Mercury
• Power HP 450.00 HP
• Hours 90.00

2023 Yellowfin 39'

Worldwide Yacht Sales

Full Description

Brewer Yacht Sales is pleased to assist you in the purchase of this vessel. This boat is centrally listed by Worldwide Yacht Sales Inc. It is offered as a convenience by this broker/dealer to its clients and is not intended to convey direct representation of a particular vessel

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WAY MAKER Boat for Sale

36' judge | 2021 | $495,000.

• Yachts for sale

Last updated Aug 2, 2024

Way Maker Boat | 36' Judge 2021

This is the flagship model in the Chesapeake series, the 36 effortlessly merges classic looks, luxurious appointments and rock-solid performance.  Whether fully rigged as a fishing vessel or beautifully appointed as a cruising yacht, the 36 will take you anywhere in comfort, safety, style and fuel economy.  An extensive list of standard features ensures that no detail is missed in this one-of-a-kind, do-it-all machine.  

• Twin Suzuki DF 350’s (340 hrs)
• Fischer Panda 5k Generator Diesel 45-gallon tank (240 hrs)
• Full array Furuno Electronics 
• Furuno 48 mile Radar 
• Furuno Autopilot
• Dometic 16k BTU a/c heat
• Zip Wake Trim Tabs 
• 320 gallon Gas Tank 
• Optimus 360 Joystick 
• Bow Thruster both Stations 
• Outriggers 
• 3 Live wells 
• Boat stored inside warehouse for 1/2 year Kept in pristine

Shawn Hennessey

YACHT BROKER

C: 850.712.1319 | O: 850.353.7315

[email protected]

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Way Maker HIGHLIGHTS

• Yacht Details: 36' Judge 2021
• Location: Panama City Beach, FL
• Engines: Suzuki
• Last Updated: Aug 2, 2024
• Asking Price: $495,000
• Max Draft: 2' 6''

Way Maker additional information

• Beam: 12' 0''
• Hull Material: Fiberglass
• Fuel Tank: 1 x 320|gallon
• Fresh Water: 1 x 40|gallon
• Holding: 1 x 15|gallon

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50m Feadship motor yacht Reverie joins market

The 50.3-metre Feadship motor yacht Reverie has joined the market with Chris Collins and Thom Conboy of Ocean Independence.

Delivered in 2000 by the Dutch yard, Feadship Van Lent, the all-aluminium Reverie was originally designed by Donald Starkey with Feadship De Voogt Naval Architects responsible for the naval architecture. She was refitted in 2017 and 2022 with designs by Adam Voorhees.

Accommodation is provided for an owner's party of 12 in six cabins with the full-beam master suite forward on the main deck, sporting a white onyx bathroom and an adjacent office and gymnasium.

Guest cabins on the lower deck have a flexible arrangement, as the two forward guest cabins and the two aft guest cabins are each fitted out with sliding doors, allowing the option for two large VIP suites. These suites lead out into the guest lobby with full access to the wet bar, steam room and sauna. An additional guest cabin can be used for staff.

Large windows and carefully crafted natural wooden joinery create a light-filled, elegant and airy atmosphere. The main saloon lounge area has comfortable seating and an entertainment centre. Forward is a formal dining area seating 12 guests that can be closed off for privacy.

The deck areas offer plenty of spaces for sunbathing, evening cocktails or a meal under the stars. The bridge deck has a cosy lounging area while the sun deck offers a sheltered bar, barbecue grill, sunbathing area and a large Jacuzzi.

The 692GT Lloyd's Register classed yacht for sale has a cruising speed of 12 knots and maximum speed of 15 knots under twin Caterpillar 750hp diesels. Range is 5,000 nautical miles.

Reverie is asking $24,950,000 and presently cruising in Croatia.

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