How MarineAuctions.net works...
1. After the Auctions Closers
1.1 The highest bidder, above the reserve price set by the seller will be sent an email notification informing them they have won. In this email will be the calculated deposit amount and the bank details in the chosen currency set buy the seller. It will be one of the following currencies USD, EURO or GBP.
1.2 A sales and purchase set of documents will be sent to the winning bidder along with a buyers check list to assist him best along with advice to make the process as smooth as possible and hassle free.
1.3 The highest bidder is required within 3 working days to complete the deposit transfer; once this has been received in the MarineAuctions.net holding account. MarineAuctions.net will only then release the contact details to each of the parties involved so that they can arrange the required arrangements to complete the purchase process. MarineAuctions.net will supply a copy of a sale and purchase documents which are valid in most countries, but it is ultimately the responsibility of the buyer to confirm the documents required by that country that the boat is being purchased in. If a broker has been appointed then the documentation and the final fund transfer can be done with greater peace of mind and controlled by the appointed broker. It is recommended to have a broker assisting a buyer in the final purchase stage. Brokers will be happy to assist with the documentation for a small fee, make sure the fee is agreed before accepting his/her local assistance.
1.4 Once the deposit has been confirmed the buyer has 15 working days, grace period given to him/her to carry out any due diligence checks on the boat, it is strongly recommend that a surveyor is appointed to carry out professional checks on the boat.
1.5 A confirmed hand over date is then set by mutual agreement; and noted on the sale and purchase agreement along with any other special terms. At the time of hand over, the yachts responsibility moves from the seller to the buyer and all finical requirements move over also which includes the berth age fees and associated marina fees. Prior to the hand over date it is advised that the buyer makes checks with the marina the yacht is berthed at to confirm no money is owed on the account, up to the date of hand over, it is also courteous to inform the marina of a change of ownership which is taking place. [Check list for buyer ]
1.6 For the change of the boats responsibility and in conjunction with the final fund transfer. The fund transfer can be legally between the seller and buyer but for greater peace of mind it is recommended that this is sent via the MarineAuctions.net holding account or via a brokers company holding account. If sent via MarinAuctions.net we will in return make our own checks on the boat.
a. MarineAuctions.net will to the best of our abilities and resources available carry out checks; to make sure that the boat is free from any loan, mortgage, lien, or other claims. The change of registry will be required to activate the final fund release to the seller or at such a time both parties by mutual agreement are happy for the funds to be released, we will then require a closing statement to be signed by both parties to complete the purchase and our involvement.
N.B. ALL BOATS ARE HANDED OVER AT THEIR CURRENT LOCATION; RELOCATION OF BOATS IS THE RESPONSIBILITY OF THE BUYER OR BY MUTUAL AGREEMENT AFTER THE PURCHASE HAS BEEN COMPLETED.