How Our Sellers Prepare For Closing
If you’re selling your yacht, congratulations for being one step closer to the the second best day of ownership (as everyone facetiously says).
You’re going to want to ensure all your ducks are in a row for closing to not only make it easier on your brokerage team but also to ensure god forbid the transaction doesn’t close, that you are not every indicated as the party that held up or delayed closing.
Identification of Sellers
Driver’s License &/Or Passports
Corporate Documents
Articles of Incorporation
Certificate of Good Standing
Operating Agreement
Tax EIN Confirmation Form
Identification For Vessel and Components
Vessel Registration (Only if Relevant)
Dinghy Registration (Only if Relevant)
Jetski Registration(s) (Only if Relevant)
Trailer Registration (Only if Relevant)
Duty Paid Receipt (Increasingly Important)
Bank Loan Payoff Statement (Only if Relevant)
Owner’s Manual (Mandatory)
Warranty Info (Only if Relevant)
Build Sheet (Encouraged Buy Not Required)
Builder’s Certificate (Big Boats)
Tonnage Certificate (Big Boats)
Schematics & Technical Drawings (Most Boats)
Docking Plan (Big Boats)
EPA Engine Compliance Certificates
Supporting Documents & Processes
You Are Going To Be Asked To (Digitally) Sign A Closing Package From Yacht Zero
The Bank for the buyers loan, a documentation agent or Atttorney will require phsyical signature and notarazation of documents.
Steps To Take
Cancel / Transfer All Subscriptions Upon Closing
Insurance - If you paid upfront, you’ll likely be getting a check back.
Wifi and Satelite TV - You may want to transfer this over to the new buyer.
Weather - A subscription that many forget to cancel.
Clear Off Belongings - Be sure to leave everything that was onboard during survey that is not a personal item onboard as it can delay closing or lead to last minute friction. If you didn’t exclude it earlier in the transaction, it may be too late to pull it.
Request Your Satisfaction of Mortgage - This is to ensure that you don’t see loan payments trickle through or forget to make payment. The satisfcation isn’t typically immediately available at closing but must be followed up on.
Confirm Final Payment Was Received - Closing ofcourse is contingent on this big factor and the buyer cannot take ownership until you notify all stakeholders.
Leave The Boat With Lines, Fenders & Bed Sheets - We see owners take their sheets with them at times, which is a bit odd because the chance your bedding fits your new beds is close to 0% as everything as a custom dimension.