Buyer Registers The Boat
In most States, the buyer is required to immediately register the boat after the sale has been completed. This is commonly completed by providing the State with the signed bill of sale and title forms along with any registration documents. Depending on the State, there may be a sales tax which is required to be paid at this time. If the seller accepted partial responsibility for it, it still must be paid by the buyer.
How To Sell A Boat: The Complete Guide
The process of selling your boat privately can be a daunting task. If youre interested in learning about the ins-and-outs of selling, then look no further! The experts at Boat Trader have compiled an extensive list of suggestions to ensure a quick sale. If youve done this before and are ready to list your boat for sale right away, then Boat Traders private sellers page is where you may want to navigate.
We begin with some basic steps to understand before you strike a deal with a buyer. It is best to review and understand each of these steps prior to listing your boat for sale. Think of it as studying for an exam. You want to know each of the steps very well prior to meeting with potential buyers. So, lets get started! Here are the seven steps to selling your boat online.
Above: Boat Traders Lenny Rudow walks through the steps to sell your boat online in this helpful video.
Preparation: Is Your Paperwork In Order
Whether youre opting to enlist the services of a broker or dealer to sell your boat, or aiming for a private sale, youll need to spend some time gathering all the relevant documents that will help impress potential buyers. This will also make life easy at the point of handing over the vessel.
The main documents you need are the Builders Certificate and Bills of Sale evidence the boat is VAT paid such as the original invoice registration documentation, evidence of RCD compliance, where applicable service information for the engine, generator, sails, water heater Owners Manual and further manuals for all the equipment on the boat and financial records and receipts of any large repair bills.
Its also worth sorting out the boat insurance situation. Paul Birch, Managing Director of boat insurance specialist Bishop Skinner says that if youre selling the boat you need to advise your insurers what the sale price is. This should be reflected in the sum insured in order to make sure the boat isnt under, or over, insured. You should also confirm the boat is still being used in the same way. For instance a boat might be laid up while up for sale, but the broker might need to sea trial it and the insurance will need to be extended in order for cover to use the vessel afloat.
Also Check: Hydrofin Pontoon Cost
Listing The Boat For Sale
The first question to ask yourself is, do I need a broker?
Hiring a Broker Generally, if the boat will be selling for more than $40,000 then its best to hire a broker at a local marina. They will not only list it for the fair market value but also clean the boat and presentable to potential buyers.
Selling it Yourself If the value is under $40,000 then its advised to sell the boat yourself. Most brokers will not accept a boat lower than this amount.
In either case, if the seller decides to list the boat on their own its best to use the following websites :
Before you even think about listing your boat online or with a broker, its a good idea to clean and brush up your boat, whether thats by making cost-worthy repairs or by hiring a cleaning service to give your boat the best opportunity to sell. First impressions can go a long way.
If I Buy A Used Pleasure Craft How Do I Transfer The License
To transfer a licence to your name, submit the following documents:
- a completed Form 84-0172E, Application for Pleasure Craft Licence
- proof of ownership of the pleasure craft
- a signed photocopy of a government issued ID.
If you do not have documents that prove you own the pleasure craft, you will be required to make a declaration under oath stating why you cannot produce the bill of sale or proof of ownership. You can use the sample declaration form provided on the website of Transport Canada.
When applying for a pleasure craft licence , include a signed photocopy of your personal identification document. We will return the photocopy to you when we send you your licence. Your application and supporting documents must be mailed-in for processing to the Pleasure Craft Licensing Centre.
Presenting The Boat To Buyers
Depending on the location of the boat it can be a challenge to show to potential buyers. For example, if your boat is on a mooring, it will be harder for potential buyers to see its exterior as you will need to skiff people to and from the boat every time someone wants to take a look. The best possible option is to have your boat stationed to a dock for easy access, this way buyers can get a true sense of what its like to be on your boat in the water.
If docking is not a viable option, the next best and cheapest way of viewing is to park your boat on land. Either placed in a trailer or positioned on a stand.
How Much Does A Boat Broker Charge
Typically a Boat or Yacht broker is going to charge a commission fee of between 5% and 10%. Thats typically and the factor that is usually going to affect what you will pay is the size of the boat. A broker selling an 80ft Yacht can and should charge more for their services than someone who is simply listing your 20ft center console for you.
Also Check: How To Clean Mildew Off Boat Seats
I Have Finance Owing On My Vehicle Can I Still Sell It
Yes. You must obtain a letter from your finance company stating the balance still owing . Are You Selling will pay the balance owing to the finance provider, and give you the remaining amount in cash, electronic transfer or bank cheque. Please note: If the value of the payout is greater than the vehicles value, we can assist with re-financing.
Pricing Your Boat To Sell Using Iboats Sell A Boat Program
- Compile a list or scrapbook from local classifieds and the internet of boats that are similar to yours. Compare prices, condition, engines, etc. to help you price your boat. Pricing the boat correctly for your market is an important selling strategy. Some boats command a premium in certain markets while the same boat will sell at a discount in others. Getting the price right for your market will mean a quick sale and no worries about money “left on the table.”
- The best place to find and compare boats and sales prices from many different areas is the Internet there are a number of sites including Boats For Sale that you can use.
- Another source for pricing information is the marine “Blue Book” that your local bank, or boat dealer may be willing to share with you. You should also check the iboats.com Boat Prices page that will help you price your boat by entering your zip code, and boat information.
Don’t Miss: Freedom Boat Club Specials
Broker Dealer Or Private Sale
For those who like the idea of third party professionals handling the sale of their boat, its worth going through a Dealer of the relevant boat brand, or an independent Broker. For their services youll pay a percentage of the final sale price. A potentially cheaper option is organising the sale yourself through a classified website like BoatsandOutboards.co.uk or in print in your local paper or a specialist publication like Boat Trader magazine.
When choosing a Broker, carry out some research locally and make sure you agree with their terms of business before making a decision. The BoatsandOutboards Find a Broker tool will give you the names of many leading brokers around the UK.
Brokers and Dealers should deal with the advertising, sea or river trials, liaise and assist with surveyors, arrange any rectification work, assist with negotiations and deal with all the paperwork so they are worth every penny. In some cases, they’ll even berth or store your boat at their yard free of charge to enhance their display of boats for sale, and make it easier to show potential buyers your boat.
Typically a Broker or Dealer will charge a sales commission of between 6% and 10% of your boat’s eventual selling price, plus VAT. The percentage charged principally depends upon your boat’s value the lower the boat value, the higher the percentage charged. But as a guide, for every £1,000 that your boat ultimately sells for, you can expect to pay between £70 and £120.
Use A Bill Of Sale Template In Canada When Selling Your Boat
Whether you have a small boat or an expensive luxury yacht, when the time comes for you to sell your vessel, you need to know that you are doing everything correctly. That way, there are no problems or hassles when it comes time to close the deal. The last thing you want are mistakes that can hold up the sale or end up costing you money in taxes or penalties for a boat that is no longer in your possession. Perhaps the most crucial document that will be needed for this deal is going to be the bill of sale. You want to make sure the sale accurately reflects the transaction and using a bill of sale template in Canada when selling your boat will help ensure that everything is correct.
Also Check: How Much Does Freedom Boat Club Cost Per Month
List Your Boat For Sale Online
In a 2020 study, digital formats took up the majority of U.S. adults daily media consumption time, while for newspapers and magazines the average time spent was just nine and eight minutes respectively. With a decline in consumption for newspapers and magazines comes naturally less-effective classified advertisements in print to sell your boat. If you want to sell your boat quickly, safely, and for the best price, then you should sell your boat online.
Long before the world relied on Google, Boat Trader magazine was the go-to place to sell a boat. In 2008, the magazine successfully shifted from print to digital media, and today Boat Trader reaches more than 10 million visitors per month. By far the most popular websites to sell your boat range from boating-specific marketplaces like Boat Trader, boats.com, and YachtWorld, to more general marketplaces like Craigslist and eBay. We suggest casting a broad net, but also placing most of your focus on boating marketplaces!
And on Boat Traders For Sale By Owner platform, you can list your boat for sale on the website in under three minutes!
Above Video: Boat Traders Colin Voreis walks you though how to list your boat for sale in under 3 minutes on Boat Trader.
Boating Ads: Sell A Boat Testimonials
Just sending a Thank you …. we used your site to sell our boat and it soldin 3 days.We were glad to hear about iboats.com! We received many inquiries about our boat and sold it quickly! Thank you for this great website! We will refer anyone looking for a boat to iboats.com!Your website is great! I listed my boat with your site and a few other sites . I got nearly all of my inquiries from your service and finally sold my boat to an ÂiboatsÂ buyer.Thanks and keep up the great work!!Your service is just too wonderful! My boat sold fairly quickly last summer via your service!Thank you,I just wanted to let you know that I put an ad in your web site on July 31st and had several serious inquiries. I am in Texas and sold my boat to someone in Connecticut. You were the only place that I placed my ad and I just wanted to let you know that I appreciate your help and will recommend you to anyone.Many thanks to iboats. I have sold to a man in Pennsylvania and he was also happy with the deal!I’ve been able to sell this boat as a direct result of your service.Thanks,Your classifieds are great. I sold the motor within 2 days to someone who lives 5 miles from me.Thanks for providing a great service!I advertised my boat and received a world of interest. I am in Texas and I sold my Pontoon to a man in Tenn.Iboats.com staff are the most professional team I have had the pleasure to do business with. Thanks iboats.com! You are a class act.Thank you!Thank You again,Thanks again!
You May Like: How Much Does Freedom Boat Club Cost Per Month
Online Selling Sites/websites To Sell Items Online For Free
It is the worlds largest online classifieds website. One can sell nearly anything on Craigslist.
It is a simple, no-frills online selling site offering listing services free of cost. It is a forum of buyers and sellers, and as a seller, you have to handle everything right from sales, delivery and after sales disputes or services of any.
Craigslist is most suitable for sellers who prefer to sell their products or offer services in and around their vicinity, in short, is best for selling locally. It is a good marketplace for products which are big in size or are expensive as they require personal handling and contact. It qualifies very well as one of the online sites to sell.
Preparing Your Used Boat For Sale
Properly preparing your used boat for a sale is key to selling it quickly. Just as important as when selling a house, proper staging is critical to achieving your desired price. As a boat seller, you should make sure your boat is in the best possible condition before putting it on the market. A well-maintained boat will be more appealing to buyers and will help you sell your used boat faster. Here are a few steps to prepare your boat for a quick sale.
- Clean the boats interior and exterior thoroughly
- Repair minor cosmetic problems
- Organize your boats service records
- Check and repair your boat trailer
- Give your engine a tune-up and fix any known mechanical problems
- Disinfect surfaces to prepare your boat for in-person showings
Take this helpful tip from Boat Traders Gary Reich. When I sold my little 18-foot center-console, I removed everything from it and loaded it into the back of my vehicle. Fishing rods, tackle boxes, safety kits, two-stroke oileverything. Then I scrubbed and cleaned out every last stowage compartment and locker on the boat, Gary said after selling his boat. Removing everything will help your prospective buyer imagine the boat as his or her own, versus one thats piled full of someone elses stuff.
Above: Cleaning a boat thoroughly before selling it is always a good idea. Photo: Gary Reich.
Don’t Miss: Freedom Boat Club Lindenhurst
Pricing Guides For Boat Sales
Helping to arrange Boat Financing for your buyers is helping yourself get paid, and contrary to common sense, many people are shopping before they ever actually secure the funds! A new Boat Lender just popped up here in South Florida called Hydro financing and I would definetly give them a shout. Theyre designed specifically to get in and out quickly with rates that are just as good as you would get through any other lender!
What Should Be Included
Information pertaining to the following subjects is needed prior to completing your Boat bill of sale:
- Boat Details The boats condition and specifics which include the Make, Year, Title Number, Hull ID, and Odometer reading are to be inscribed in the bill of sale. If there is a trailer and/or a motor also being bought/sold in the sale, including the specifics of those items.
- Buyers Details The Name and Signature of the purchasing party.
- Seller Details The Name and Signature of the party offering an item of purchase.
- Purchase Price The amount to be given from the buyer to the seller in exchange for the vessel.
- Location In the Certificate of Acknowledgement, name the County and State in which the transaction takes place.
You May Like: What Is The Cost Of Freedom Boat Club
Interacting With Potential Buyers And Navigating Sea Trials
Now that your boat has been listed for sale online, it is time to show it off to potential buyers!
Follow our seven tips to make sure that you start on the right page, and finish the chapter to enable you to move onto a new one. Here are seven things to consider when interacting with potential boat buyers.
- Play Fair be honest and up-front before you meet with the seller
- Preparation is Key Be sure you know your boat inside and out before chatting with potential buyers
- Communicate Quickly with Buyers Be responsive, polite, and friendly
- Be a Good Salesperson Engage the buyer in conversation about what they want in a boat
- Negotiation Tactics Be ready to go back and forth a few times with potential buyers
- Set Your Rock-Bottom Sale Price Have your absolute bottom sales price calculated before interacting with buyers
How well you communicate with buyers, and your professionalism will go a long way in ensuring a quick sale. Also, ensuring that your vessel is clean and tidy, especially amidst a pandemic, will be important in building trust with potential buyers.