06/14/2013
When Seeking Your Next Yacht, Use a CPYB Broker as Your Buyers Agent!
By: Hal Slater, CPYB - Brewer Yacht Sales & YBAA Treasurer
When seeking to buy your next boat, give serious consideration to being represented by a CPYB certified yacht broker who will work solely on your behalf. As your ‘Buyer’s Agent,’ a CPYB yacht sales professional will help strengthen your position in many ways, including helping to negotiate the fairest deal possible, while saving you valuable time and, possibly, avoiding costly mistakes.
A Certified Professional Yacht Broker (CPYB) has the experience, training and professional qualifications that will make the process of finding and purchasing your next yacht a gratifying experience. As your Agent, your broker will protect your interest throughout the entire purchase process
There is typically no cost to you, the buyer, for this professional service. As your Agent, the broker is paid only when the sale is made. The Seller’s Listing Broker splits their commission with the Buyer's Agent. A large percentage of yacht sales are produced through this arrangement and professional yacht sales communities often participate in cooperative efforts on behalf of their clients.
Here are some of the many tasks that your Agent can do for you:
- Search for vessels that meet your criteria and are worth looking into
- Research competitive market pricing and recorded actual sale data
- Help negotiate a fair deal
- Advise and help with the assembly of a competent professional survey team
- Coordinate all schedules for the survey event, schedule short haul or launch with the boat yard
- Renegotiate price/terms based on reasonable survey deficiencies
- Negotiate escrows that may need to be established & hold funds in a client escrow account
- Perform title search, order USGC abstract of title
- Prepare official closing documents
- Satisfy any and all existing loans/leans against the vessel prior to seller receiving net proceeds
- Advise on sales tax laws that will very by state
- Prepare USCG documentation application and state registration paperwork
- Secure proper deletion of registry on foreign flagged vessels and provide USCG deletion for vessels sold to non US citizens.
- Provide finance and insurance options
- Advise on shipping options where applicable or help with securing delivery captain & crew
- Provide assistance with slip and storage options
- Suggest maintenance services that are available for hire
- As a “CPYB”, Certified Professional Yacht Broker, all transactions will be in accordance with Industry associations standards & code of ethics
A Yacht Broker may also represent both the Seller and the Buyer, as a ‘Dual Agent,’ with responsibilities to both parties. It is prudent, however, to be assured that you are working with a CPYB certified Yacht Sales Professional who abides by the Code of Ethics of one of the participating industry associations: YBAA, FYBA, NYBA, CYBA, OYBA, GCYBA and BCYBA. CPYB credentials serve to assure buyers and sellers that the broker has met the requirements of industry knowledge, skill, and experience and ascribes to established standard practices and ethical conduct. When using a Buyer’s Agent it is important that you make it known upfront in all discussions that you are being represented by a particular broker.
For a complete list of Certified Professional Yacht Brokers, please visit www.cpyb.net