Resources
So you've found the perfect boat… now what?
From accepted offer to closing takes about 30 days. Here is exactly what happens in between, so nothing in the process is a surprise.
Now is the time to write up an offer! A written offer holds much more weight than a verbal offer — in fact, most seller's agents won't even present an offer to their clients unless it's in written form. All you need to begin the offer process is your driver's license. No deposit is required until your offer has been accepted.
Understanding “the offer”
An offer is a legally binding document, so there is a lot in it to read through. These are the parts that matter most.
Step 1 of 5
Price
Perhaps the most important piece of any offer is the price. Many items factor into the initial offer price including recently sold comps, boats currently on the market, and the actual condition of the boat. Your offer should be based on what you see upon inspection of the boat and should factor in any repairs or updates needed. Typically boats sell within 10% of list price.
Step 2 of 5
Contingencies
There is a section of the offer for contingencies or additional terms contingent to the purchase of the vessel. These usually include provisions for a vessel survey and sea trial, buyer financing, and the inclusion of a specific piece of inventory not included in the sale (a tender, artwork, and so on).
Step 3 of 5
Dates
There are two key dates in the offer — the Acceptance of Vessel date, when the buyer tells the seller whether they intend to move forward (accept) or terminate the agreement (reject), and the Closing date. The Acceptance of Vessel date is scheduled for three weeks from the offer date, and closing is set for a week after that. From offer to close, the process usually takes about 30 days.
Step 4 of 5
Signing and deposit
The offer is typed up and sent by email for you to review and electronically sign. Once your signature is received it goes to the seller's broker to be presented. There may be some verbal negotiation before a final version is accepted by both sides. Once everyone agrees, a new offer is typed up and sent out for signature, and a 10% deposit is required from the buyer, held in escrow. The deal is not official until money changes hands, so get your deposit in as soon as an offer is accepted.
Step 5 of 5
Survey and sea trial
You typically have three weeks from the time of an accepted offer to survey and sea trial the boat. During the survey you get a snapshot of the boat's condition and the surveyor issues a report with their findings. It is the seller's job to prepare the boat for the survey.
Guides for buyers
The parts of buying a boat people most often ask about, explained in full.
Boat loans and financing: how it actually works
Down payments, loan terms, what marine lenders look at, and how financing fits into the timeline of an offer.
Read the guide
Marine surveys and valuations: what to expect
What a pre-purchase survey covers, who pays for what, and how to use the findings in your negotiation.
Read the guide
The sea trial: how to get the most out of a boat test drive
A practical checklist for the dock, the run and the return, so you learn what the boat is really like.
Read the guide
Buying a used boat: new or pre-owned, and what to look for
The trade-offs between new and pre-owned, and the checks that separate a good used boat from a project.
Read the guide
Frequently asked questions
- How long does it take to buy a boat?
- From accepted offer to closing, the process usually takes about 30 days. The Acceptance of Vessel date is scheduled three weeks from the offer date, and closing is set for a week after that.
- Do I need a deposit to make an offer?
- No. All you need to begin the offer process is your driver's license. A 10% deposit, held in escrow, is only required once your offer has been accepted.
- How close to asking price do boats actually sell?
- Typically boats sell within 10% of list price. Your offer should be based on recently sold comparables, what else is currently on the market, and the actual condition of the boat as you found it on inspection.
- What is a marine survey and who pays for it?
- A survey is a professional inspection that gives you a snapshot of the boat's condition, with a written report of the surveyor's findings. You typically have three weeks from an accepted offer to complete the survey and sea trial. The seller is responsible for preparing the boat for the survey.
- Can I make my offer conditional on financing or a survey?
- Yes. The offer includes a contingencies section for terms the purchase depends on. These usually cover the vessel survey and sea trial, buyer financing, and the inclusion of specific inventory not otherwise part of the sale, such as a tender.
- Do you help buyers who are not in Annapolis?
- Yes. We serve Annapolis along with Kent Island, Baltimore, Washington D.C. and the surrounding areas, and we regularly represent buyers on boats listed elsewhere.
Ready to write an offer?
Send us the boat you're looking at and we'll tell you honestly what we think it's worth.
- Call
- (410) 206-2755
- Visit
- Port Annapolis Marina, 7080 Bembe Beach Rd #211, Annapolis, MD 21403 Get directions
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