The process can appear to be a little daunting but we try to keep it simple and walk you thru all the steps. Please do not forget that if there is something that you are not sure of then simply ASK. We have handled thousands of these
types of transactions over the past 2 decades and while many of them have some quirks, the process is generally the same.
Once you have accepted the vessel, Details Details will be coordinating and sending you the closing paperwork. For this to happen you need to hire a documentation agent to handle the registration and title of your vessel.
In order to properly protect you, Details Details needs to know the following details of your plans:
The reasons for these questions are because we need to establish if you will be doing a non-Florida affidavit which will allow you to avoid paying Florida Sales & Use Tax or if you will be required to pay the Florida Sales Tax. If you are not closing in Florida, we also need to ensure no other sales taxes are due.
Once all of these steps have been completed, our accounting department will prepare your Buyer’s Statement with the total amount to be sent to the Escrow Account. Please remember that some banks take longer than others to send
money so we try to get funds early so we can make sure we close on time. At this time, you will also be sent the Authorization to Close which confirms that the vessel is in the same condition as previously inspected and
any other paperwork needed for closing.
Final funds must be in escrow at least 24 hours prior to the closing date and the balance needs to be sent via Wire Transfer as personal checks and Cashier’s
checks can take up to 10 business days to clear so that will delay you from closing on time.
For the Final Closing to proceed:
If all of these have been satisfied, we can proceed with the closing. Unlike the old days, today everything is done by email/FedEx and there is no need for an actual face to face signing event.
Generally, our client’s Sellers, Buyers and boats are rarely ever in the same place and often they are all in different parts of the world.
We will send you an email announcing that closing has taken place. We will also send you a “Running Package” by email that will allow you to take possession of the boat and prove to anyone who asks that you are the new owner.
If you were eligible for the Sales Tax Exemption, one of our employees will personally have to go to the vessel to install the decal after closing has been processed. This is a legal requirement and must be done by us. We apologize in advance that it cannot be done by anyone else or by mail and it cannot be done in advance but only after the closing has taken place.