Acquire a boat in the United States, the approach with a experienced broker.
When you are represented by a broker from itayachtscanada.com Here is how the transaction will take place.
Retribution of the broker is free in purchase mode
Above all, the retribution of the broker works just as in real estate, in the sense that the person who represents you will be paid from the broker’s commission who represents the seller.
So your representative will not cost you besides if the broker of the seller accepts co-brokerage (commission sharing).
Purchase in virtual mode
First, we avoid or minimize the movements of Canadian buyers in US territory given compulsory quarantine on return to Canada.
So we use tools like zoom and FaceTime to complete the previews and even during Surveys and sea trials. A zoom visit will be recorded, which makes it easy for the buyer to see the virtual visit whenever is needed.
Step 1 (supply)
Of course, we start with a search according to your criteria and we contact the sellers. We begin by obtaining the state of the boat (full documentation), its history in terms of navigation territories and previous owners.
The price is discussed for a possible purchase offer. The deposit of an offer will be conditional on a virtual tour by the purchaser.
A proper purchase offer, for the benefit of the acquirer, is then written with mention of all the important dates:
– Duration of the offer (valid for about 48 hours)
– Date for the deposit of 10% according to the conditions
– Period allocated for inspections and sea trials
– Date of acceptance or refusal
– Date of final payment (if applicable)
Step 2 (Survey)
If the visit suits us (broker and acquirer), then we enter the inspection process and a deposit of 10% is then produced either in our trust account (IN-Trust) in CAD or USD currency or with a lawyer specialized in Marine transactions.
Inspections are precise and complete, they also include an oil and coolant test produced from the manufacturer’s laboratories.
The purchase offer is always to the advantage of the purchaser. Which means that the acquirer may withdraw from the transaction if he determines that in the light of his, in person or Virtual visit, and the various inspections, sea trials, that the boat does not correspond to his expectations.
Important to note, the purchaser is still able to withdraw from the offer process without penalties. Of course, during the offer we decide on a deadline once all inspections. On this date, the seller will have three options:
– Acceptance of the boat
– Acceptance the boat with a price reduction amendment
– Refusal of the boat, cancellation of the offer, full reimbursement of the deposit.
Step 3 (payment)
Normally, in the case of an agreement (acceptance), the final payment will follow in the next 7 days.
A verification of title, possible lien, can be accomplished by the lawyer on file. The final payment is done only when all the conditions are reached.
Conclusion
After the acquisition, we assist the purchaser for the possible return of the boat to Canada. However, it can remain in the United States without having to pay any taxes if the boat is registered in Canada. The payment of the taxes will be applicable only when ship crosses a Canadian border either by water or by land.
Ita Yachts Canada brokers are available for all transactions that exceed $ 100,000. Usually, our purchase mode compensation is 5% of the transaction.
If there is no final purchase, your broker does not claim any commission.
Do not hesitate if you have any questions. The brokers at itayachtscanada.com are at your service. They realize about more than 60% of their transactions in American territory.
