Overseas boat sale
 

Who has sold a boat to someone overseas?

How did you handle the finance and shipping of the boat?

Don't know the exact details of your buyer but the best thing to do is to collect all funds (to be held for 10 days) then let them handle the shipping through a shipping service.

Hey Dave, got your message on FB too.
I would have the buyer and you worth through these guys:
http://www.petersandmay.com/

Can't tell you much from the vendors point of view but as a two times overseas buyer, I'll tell you few things that were done in order to complete the sale.

Both times I purchased through a broker with a big firm so I felt secure sending money o.s. Private sale will be different. My broker sourced the boats, masses of photos and then we negotiated a deal. I sent a deposit with my initial offer which was held in the brokers account. My first one was subject to a survey which went well. My second one (the Fountain) was not subject to anything, didn't survey or even put it in the water.

Once the offers were accepted and signed, I transferred the full amount to their account. The broker did organize a lot, some of the things included obtaining a clear title on the boat. First one owed money to the bank and there was a shortfall. Broker and vendor arranged letters from the bank verifying the payout and the vendor had to pay the shortfall before the balance was released from the broker to the bank.

Boats required coast guard clearance letters clearing the boat to leave the state. Also letters for tax purposes stating it will leave the United States within a certain time frame. (Think it was 14 days) My broker organized packaging, shrink wrap, cradle, on land insurance and transport to the port, Savannah. Couldn't get insurance just for land transport so the broker organized a 12 month policy for transportation to port and standard operating insurance for me in Thailand. Shipping insurance was organized through the export company.

I know a private sale will be better financially for both parties but I wasn't going to the U.S. so I needed someone to do all the legwork on my behalf and my broker was sensational.

If you're looking for a way to handle the money that will protect both parties, I think you can set up an escrow account that will hold the money 'in limbo' until both parties are satisfied. Once the money is cleared and in the vendors bank, the boat is now the sole responsibility of the purchaser. I had an issue with freight on one of them, the cost went up by nearly 10k but it was too late, I'd already paid in full so I just had to roll with the punches and pay up. The boat was legally mine and I had to get it out of America and over to Thailand.

Any specific questions, if I can help, just post them here! Good luck with everything.

RR

A couple of extras.....

I don't know where you're shipping to and from but we used BoatExport.Com in Pompano Beach. FL who in turn used Wallenius Wilhelmsen Logistics. They generate the bill of lading and talk with the importer at the destination end.

If you're shipping o.s. and the buyer is relying on you for help to organize everything he will be pretty clueless, I know I was!! I was happy to run with a big well known company and get the job done right. If you're buyer wants miracles to happen, he's got to go and organize them himself. I'm sure if I had gone to. The U.S. and hunted around I could have saved some money but probably would have spent a lot more on the jaunt than I would have saved. If you can oversee the task in a professional manner with all the boxes ticked, your buyer should appreciate the work you have put in.

Get a reputable export company to handle as much as possible. Remember, all that is at the buyer expense and he really doesn't have much alternative. Just keep him fully informed all the way, email all documents to him immediately and he can see what's happening and he can see all the legitimate costings.

RR

Thanks for the info Guys. Keep it coming.

My concern about an escrow service is what happens if the buyer says that he is not satisfied. It could take weeks for the boat to get there.

I would help out however I can. I hope that I have the $$ in hand before giving up the boat.

I had to sign a waiver stating I was satisfied BEFORE the boat was allowed to be transported to the port and shipped overseas. Sounds like your buyer is buying 'unseen' just as I did. That's his decision and his problem, not yours. Caveat Emptor / buyer beware. Encourage him to do a survey or have someone look at the boat on his behalf to make sure it is the model, color, engine, accessories, condition described in the sale.
In my case, I signed authority for my broker to 'receive' the boat on my behalf. I trusted her reporting and the numerous photos she sent and everything went well.

I don't think a boat can legally leave the U.S. Unless it has clearance from the receiving party and from your state tax office with the declarations it is going to another country and no tax is due.

UNDER NO CIRCUMSTANCES let the boat out of your possession until the buyer has signed acceptance for the boat. I.E. He has accepted the sale is complete, the boat is as described and he takes full responsibility from that point onwards. It's now his boat and your insurance is probably terminated. Don't know where he is shipping to but for me, it took over 3 months from time of payment until I saw my boat. With both my boats, the vendor received his money within a day or two of my sending it to the brokers bank. I then accepted all legal responsibility for the boat.

RR

Thanks. That's the way I was hoping it would work. The buyer is going to pay for a survey. If a deal is made, I get the money, drop the boat off, and I am done.

There will be organizing for you to do at your end but you don't need worry about the money because you're not letting the boat go until the money is in your bank and he owns the boat.

Could you imagine if you sent the boat overseas and he then said he wants his money back? You'd have to ship it back and pay any import duties and taxes back into the U.S.!!!!

RR

I sold my 83 Arabian to a gentleman in Germany. He had pop yachts handle the sale. They sent me everything I needed to sign. They were some generic contracts that I would change a bit to make sure I got all my money. I told them I wouldn't release the titles for the boat and trailer until the money cleared. It was there problem getting it to the port. I ended up making a deal with the guy for 700.00 I would tow it to Baltimore and take it to the shipping company in the port. Get a broker to take care of it so everyone is happy