During the purchasing stage we do have a dedicated team on hand who are available to answer and assist you with any questions along the way to make sure you are fully informed and comfortable with each step, we can offer guidance to make your purchase much easier, please don't hesitate to email us with your questions at email@example.com.
The Winning Bidder - Purchase Process
At the end of the auction the winning bidder will be contacted directly by a member of the marine auctions team and via email.
Deposit; once this has been confirmed in our Escrow account then you will have full access to the vessel, to carry out any required non invasive due diligence checks, this does include the sea trail and the survey if you wish to.
Preparation; we suggest at this early stage the auction winner pre books any required contractors or companies who you wish to instruct to assist the winner with due diligence checks, Surveyor, engine checks, class certification and others as you see fit. (A surveyor will general take care of all the above points but worth checking this if a broker is not involved)
Remember while carrying out any preparation plans is to check tides and availability of any required contactors or companies to make sure everyone can carry out their work in a timely manner.
Personal inspection / Sea trail / Survey; once the winner or the winners representative are ready to view the vessel, and the surveyor is available, the tides are right and all the associated arrangements to carry out a sea trail and to haul the boat are also done, then it's time to visit the vessel. (Arranging a surveyor early on is fine. When you see the vessel for the first time and it does not weigh up at all and the winner wishes to withdraw from the purchase they can, it is not common but it does happen when vessels are not represented correctly. The winner can ask for the survey to stop at any time, in most cases there is no fee charged. Please do take photos to ensure a full deposit refund)
1. Preparations for the sea trail and moving the vessel to a haul out facility; this is the seller's responsibility to make the vessel available for you to carry out any checks you see fit. He will appoint a captain for the vessel and by mutual agreement, dates and times will be set for this to take place. We do suggest only one sea trial takes place while the surveyor is present and we suggest also it is to be done on the day of haul out if possible.
2. Hauling out for hull and under water checks; this is arranged by the buyer and at the buyers cost, your appointed surveyor can assist if you are unsure of the best location ect.
Completion of sea trail and survey; once the winner has completed the sea trail and had a chance to read over the survey report and asked any questions which you needed clarification on. Now the winner can complete the purchase.
a. If the sea trail and the survey have not raised any major concerns then you will complete the purchase at the stated figure and as per the dates set out in the MOA contract.
b. If during the survey or the sea trail a major concern was raise then, you can re-negotiate, come to a mutual agreement with the seller or cancel the purchase agreement and be refunded your deposit.
Financial checks; it is strongly suggested that the winner also double checks everything to make sure no monies are owned on the vessel even if a broker is involved with the sale, with the marina (if applicable) that the vessel you are about to purchase does not have any outstanding accounts. If so make a written notice to the seller and in this confirm the official hand over date and ask the marina to raise an invoice to this date, explain to the seller you will advance this payment to confirm this is settled. Most marinas will also be aware of other debts owing on a vessels, make sure these are paid and settled before the final fund transaction is settled with the seller.
NB. Debts do not stay with an owner of a vessel; they remain with the vessel so this is a very important part of any vessel sale. Brokers are aware of the pitfalls here and will generally carry out a very meticulous back ground checks through their own networks.
Final transfer of ownership and funds; this is the last step in the purchase process, the winner will require several main documents here to complete the purchase, each of these documents do require original signatures from the seller and the buyer. The main document is called a BILL OF SALE. The broker will control this document if one is appointed; if not Marine Auctions.net will release a BILL OF SALE to a mutual 3rd party recognized professional; special conditions apply so please enquire.
Once all the documents are with a 3rd party 'then and only then' you are clear to make the final transaction to the seller's account, at this point of time all associated costs relating to the vessel become the winners responsibility. This must take place on the specified date of completion as stated in the MOA contract. If for any reason this date needs to be extended then it must be agreed by both the seller and buyer, signed off on a MOA~ADDENDUM TWO document explaining the reason for this extension and attached to the MOA contract.
Required original documents
MOA contract (2 x 1 seller, 1 buyer)
Bill of Sale, signed by seller and buyer (2 x 1 seller, 1 buyer)
Invoice for the total purchase amount
Deletion certificate for current registration (*If applicable)
Required document copies
Copy of the completed MOA for **3rd party records
Copy of completed Bill of Sale for **3rd party records
Copy of sellers passport copy with an original signature
Copy of sellers current registration certificate
Proof of deletion certificate being obtained (*if applicable)
NB. For vessels under company ownership, it is suggested that a broker is involved with this change of ownership, there are several options that can save time and money for both the seller and buyer which will vary for each location and situation.
If you are uncertain about any of the above inforamtion, please conact us at marine auctions.