Acceptance of Vessel
At the end of the survey day, you will likely know if the boat is a good fit for you, but you will want to wait on making a decision until you receive the written survey report. There are three possibilities after you receive the report.
- You love the boat and accept it and move on to closing.
- If the boat is a lemon or if you are not happy with the boat, you can reject the vessel, and your deposit will be returned to you less any unpaid bills: surveyor fees, yard fees, etc.
- There are essential repair that you would like to address. The purchase agreement states that the boat will be sold in “as is” condition. However, if the buyer and seller agree to repairs or a price adjustment, then an amendment to the purchase agreement can be made with the new terms that address your concerns.
*Please note that the seller is under NO obligation to accept these additional terms. If the seller is amenable to the proposed terms, then an acceptance of the vessel document, that is inclusive of the new term is signed, and we move to closing.
Although we covered our bases at the beginning of the process with Steps 1 and 2, we will need to confirm we have cleared all contingencies and other concerns before signing the acceptance of vessel document: slip arranged, insurance bound, financing approved, wife approved (just kidding). Once the acceptance of vessel document is signed, your deposit becomes non-refundable.
The hard part is over and you are buying a new boat!
Closing involves signing paperwork, including powers of attorney, closing statements, and wiring the balance of funds. We will handle preparing all pertinent documents and include detailed instructions on how to sign and where to send them. Once all original signed paperwork from both buyer and seller are in hand, the buyer has confirmed they are ready to close, and the seller has received their proceeds, we are closed! Congratulations!
We will pay taxes and register the boat if it is staying in Maryland. If you are going to keep the boat in another state, you will have the paperwork you need to register and title the boat, pay tax, and USCG document the boat should you choose. The closing process is similar if you are financing, but you will need to notarize the finance documents. USCG documentation is required if the vessel is financed and your finance company will handle that on your behalf.