Pin down the details and then shake hands.
No matter how large the transaction, whether it’s ten thousand or a million dollars, it’s critical to define what’s expected of the buyer and seller in order to avoid ambiguity and trouble.
The essential elements of a recreational boat purchase should always be carefully defined in a formal, written Purchase and Sale agreement (P&S), which must include the terms and conditions of the transaction in as much detail as possible to eliminate confusion or conflicting interpretations of the intent and obligations of the parties.
The written agreement should include:
- Accurate legal names of the buyer and seller having the legal authority to buy or sell.
- If either is a business entity, it must identify the legal authority for that entity to buy or sell.
- The buyer’s and seller’s signatures and dates in the appropriate locations on the P&S.
- Accurate and legal description of the vessel including the vessel name, hull identification number (HIN), federal documentation number, state registration number, and copies of documents used to define the vessel for the buyer to review.
- The purchase price, amount of deposit/escrow, and where and by whom the deposit will be held in a dedicated deposit escrow account.
- Detailed terms and conditions of the transaction including who is responsible for what and who pays for what, such as who prepares the vessel for survey and what costs are the responsibility of the buyer and seller in making the vessel ready for survey and trial run.
- The disposition of funds held in deposit/escrow accounts.
- When and how the closing
- will occur.
- A boilerplate “Time is of the Essence Clause” to establish that all dates are absolute and must be met unless extensions are requested and granted, which must be agreed to by both parties in writing via an addendum to the original P&S.
- Details of buyer’s due diligence rights, survey, trial run, finance, insurance contingencies, etc.
- A clear definition of the buyer’s acceptance or rejection process, terms and conditions of the vessel, and the disposition of deposit funds if the vessel is rejected.
- A definition of what constitutes default of the P&S by buyer or seller and the remedies in that situation.
- A definition of dispute resolution whether mediation or arbitration in the event that either buyer or seller defaults or if a dispute arises during or after the transaction.
- Any changes made to the original P&S must be done in writing as an addendum to the original P&S and signed by the buyer and seller.
- And, that the P&S is defendable in a legal proceeding.
To be sure that you are conducting your transaction using a time-tested, legally-vetted, standardized P&S, use the services of a yacht sales professional such as a Yacht Broker Association of America (YBAA) and/or a Certified Professional Yacht Broker (CPYB) who will have has access to a detailed P&S and can guide you through the purchase and sale process that clearly defines every aspect of the transaction. For more information visit: ybaa.yachts and cpyb.net.
Mark Andrews • 410-267-8181 • annapolisyachtsales.com
Mark is the current President of Annapolis Yacht Sales and strives to make the boat buying and selling experience and exceptional one for all of our clients. Mark has over 20 years of both Marina and Marine Service Management as well as Boat Brokerage. With experience in both sail and power boats, Mark possesses the passion for the marine industry combined with the skills and experience to help maintain Annapolis Yacht Sales’ position as one of the regions premier Yacht Sales, Brokerage and Service providers
Keith Mayes • 310-503-4634 • annapolisyachtsales.com
In 2012 Keith joined Annapolis Yacht Sales as a Broker. He has a great knowledge of boats and a passion for sailing, and with more than 30 years of sales experience, Keith understands the importance of meeting and exceeding clients’ expectations He is committed to making every sale, whether new or used, a fun and enjoyable experience for his clients.
Deanna Sansbury • 410-629-9186 • annapolisyachtsales.com
Deanna is a Certified Professional Yacht Broker with Annapolis Yacht Sales. She has experience with many brands of boats especially Beneteau and Lagoons, winning the Beneteau Top Gun award in 2017 for the most sales in North and South America. Prior to becoming a full time Yacht Broker, Deanna and her husband decided to live aboard a Lagoon 410 and cruised along the ICW landing the in the Keys and the Bahamas.
Carl Beale • 757-287-2007 • bluewateryachtsales.com
Carl Beale is originally from Smithfield, Virginia and grew up in Hampton Roads. He graduated from James Madison University with a degree in Finance and is certified by the FINRA as a Financial Advisor. He first joined the Bluewater team in 1995 and has been involved with the company at different capacities for over 20 years. Carl has worked as a boat detailer, a delivery captain, a demo captain and a sales professional in his tenure, and his love for boating has recently brought him back to the Bluewater team. Carl’s favorite thing to do is spend time with his 6-year-old son, Lawson. Carl prides himself on helping his customers find the right boats so that he can watch them develop their appreciation for the water.
David Black • 443-944-6122 • bluewateryachtsales.com
Matt joined the Annapolis Yacht Sales team with more than 30 years of marine experience on his resume. A born and raised Annapolitan, he earned his 100-Ton Masters Coast Guard License and delivered boats up and down the East Coast, Bermuda, Caribbean, and trans-Atlantic. He joined AYS in 2014, as the After Sales Coordinator and in 2018 he was honored with the Outstanding Marine Wizard Award. In the Fall of 2019, Matt made the move from Service to Sales and joined the Sales Team. He is excited for the opportunity to help clients through the entire buying and selling process for both power and sail boats.
Jud Black • 757-846-7909 • bluewateryachtsales.com
Jud Black is a partner in Bluewater and has spent nearly every working hour in the boat business since age 15. He joined Bluewater in 1988 to run their small boat division selling Whaler, Seacraft, Zodiac and Evinrude outboards. This division was later consolidated into Bluewater Yacht Sales, where he joined the ownership and management team. Jud is currently on the Board of the Virginia Beach Billfish Tournament. He has been honored as one of the country’s top salespeople by Johnson Outboards, Regulator Marine, Hatteras Yachts and Viking Yachts over the years. His recreational interests are, not surprisingly, sportfishing and boating, plus the occasional camping trip. He has been lending his extensive experience to Bluewater clients for over 30 years.
Mark Connors • 757-406-1673 • bluewateryachtsales.com
Born in Winston-Salem, NC, Mark Connors got his start in the marine industry in 1993 while living in Annapolis, MD. After attending Hampden-Sydney and Washington College, he began his career in Annapolis working for the Annapolis Sailing School and Powerboat School. Afterwards, Mark formed Connors Marine Services where he ran a busy yacht delivery and maintenance service before becoming a broker and subsequently manager for Baker Marine. Mark was recruited by Jarrett Bay Yacht Sales in 2006 as Broker-in-Charge of their Virginia office. A long-time member of the Norfolk Yacht and Country Club, Mark is as much at ease with his cruising customers as he is chasing billfish offshore.
Chris Hall, Jr. • 757-509-0742 • bluewateryachtsales.com
Chris Hall Jr. claims he has 48 years in the business with all 48 at Bluewater Yacht Sales, and well, who can argue? Father, Chris Hall started Bluewater when Chris was a year old. He began his career washing boats, has worked in service, run the parts department and run the marinas among other jobs leading up to his role as a sales professional. An accomplished sailor, diver and fisherman, Chris has also raced inboard hydroplanes under the family name. Having experienced most aspects of the business from production and service to sales, Chris has a unique perspective of the industry which helps him in his position at Bluewater.
Scott James • 757-570-3944 • bluewateryachtsales.com
A lifelong resident of York County, VA, Scott started fishing the Mid-Atlantic Coast with his father and grandfather at a very young age and fishing crab pots from his own boat while in his early teens. He acquired his Coast Guard Masters License and eventually left the electric utility business to make a living on the water. Over ten years ago, Scott started selling and brokering boats and yachts and has developed lasting relationships with boat manufacturers, marinas and customers, many of these customers in overseas markets. The move to Bluewater Yacht Sales in the fall of 2012 was a natural progression. He is always eager to share his love for the water with customers and friends.
Scott Macdonald • 703-307-5900 • bluewateryachtsales.com
Scott MacDonald brings a lifetime of boating experience and a passion for fishing to our Grasonville office at Mears Point North Marina. Happiest far from shore in the canyons, he still loves chasing native brook trout in Vermont, watching smallmouth hammer a topwater bait or seeing a blue marlin explode out of the water. Scott is a career sales professional and former business owner. His 35 years of domestic and international sales experience assures that he can quickly assess the needs of his clients and use his experience to find the right boat at the right price and to market his client’s boats to maximize their returns. He is a licensed Florida broker and a USCG Master Captain.
Chuck Meyers • 703-999-7697 • bluewateryachtsales.com
Chuck acquired his Coast Guard Masters license at age twenty and after graduating from Catholic University of America, and he made the decision to turn his passion for yachting into a full-time career. In 1994, he went to work managing a large marina and boatyard on the Potomac furthering his skills in both maritime management and the yacht service fields. In 1999, Chuck started a career in yacht brokerage and has since established a loyal base of clients who have entrusted him with the sale and purchases of their vessels. Chuck joined Bluewater/Jarrett Bay Yacht Sales with the opening of their Maryland office in 2005 after working for several years with two other national yacht brokerages.
Hank Sibley • 804-337-1945 • bluewateryachtsales.com
Hank began in the boat business working with his father at the boatbuilding firms Gloucester Yachts and Chesapeake Powerboats in the mid 1980’s. He has since worked in sales capacities in the construction and marine supply businesses, and prior to joining Bluewater in 2011, he sold new and brokerage boats in Virginia Beach. Hank is a long time sportfisherman and has known the Chesapeake since his youth. Recent years have found him offshore as well as part of Team Marlin Maniac. He and his wife Beverly have two boys, and make their home in West Point, Virginia. His boatbuilding and fishing background is a valuable asset in matching clients to their perfect boat.
Troy Waller • 804-878-9097 • bluewateryachtsales.com
A graduate of East Carolina University and Old Dominion University, Troy came from the Sports Industry, where he served in various roles including sponsorship sales, facility management, and game day events. Later, he expanded his sales career by selling and promoting spirits. He became the State Manager at Republic National Distributing, and most recently worked with Zing Zang drink mixes in the positions of CEO and Sales Director. He joined the Bluewater Yacht Sales team in 2017 and has seen a track record of success in his endeavors. His interests include boating, fishing, and watching all types of sports. He has been a boat owner since he was 14 years old and he looks forward to representing his clients that share the same passion he holds for boating.
Brenda Wilmoth • 410-687-2000 • baltimoreboatingcenter.com
Baltimore Boating Center is a full service marina and successful Yacht Brokerage on Middle River in Baltimore County. Family owned since 1965 – Brenda Wilmoth is at the helm and has helped to introduce thousands of people to the boating lifestyle on the Chesapeake Bay, along with 3 full time brokers in the office. Very blessed to enjoy a life of working and playing in boats!
P.J. Campbell • 410-820-8689 • campbellsyachtsales.com
Campbell’s Yacht Sales has over five years of experience in the yacht sales industry. It was started as a branch of Campbell’s Boatyards and Custom Yachts, which has been a vibrant business for over 25 years. P.J. Campbell has sold boats ranging in size from a small power boat to large power and sail boats. Their office is located at the Bachelor Pt. facility in Oxford, Talbot County, Maryland. In addition to the YachtWorld site, Campbell’s Yacht Sales also promotes their boats on their website, in many print publications, and social media sites to get the most publicity for the boats they have listed!
Taylor Williams • 410-745-4942 • cbmm.org/boatsales
The Chesapeake Bay Maritime Museum’s Charity Boat Donation Program, run by director Taylor Williams, has made donating and buying boats straightforward and easy for more than 20 years. From luxury boats to dinghies, CBMM accepts and sells donated boats all year-round, and offers long-standing boat sales and lease/charter operations, as well as the Charity Boat Auction each Labor Day weekend. Whether you donate or buy a boat, 100% of the proceeds go toward supporting the children and adults served by CBMM’s education, curatorial, and boatbuilding programs.
Jake Boulay • 410-827-8080 • Whalertowne.com
Jake Boulay has been a member of the Chesapeake Whalertowne sales team since 2015. Prior to moving into sales, Jake handled logistics and service management. During his tenure he has gained an in depth knowledge of the Boston Whaler and Mercury Outboard brands. Jake’s lifetime of experience on the water gives him a true understanding of the best boat to fit your needs.
Rick Boulay Jr • 410-827-8080 • Whalertowne.com
Rick Boulay Jr has been a member of the Chesapeake Whalertowne sales team since 2006. Since joining the sales team Rick has become one of the highest volume sales producers for Boston Whaler nationwide and an expert within the Boston Whaler Yacht program. Whether you are looking for Brokerage Services or New Boat Sales Rick can help you get the boat you are looking for (or looking to sell) quickly and for the best value. Rick is the General Manager of Chesapeake Whalertowne and also a member of the Boston Whaler Design Team.
Bart Hiltabidle • 410-827-8080 • Whalertowne.com
Bart Hiltabidle is one of the most recognized names in the Annapolis boating community. Bart has helped shape Boston Whaler’s legacy in the Annapolis area. Whether you are in search of a 13’ Super Sport or the flagship Boston Whaler 420 Outrage, Bart has the knowledge and expertise to help narrow your search to the perfect boat. Chesapeake Whalertowne opened a new and exciting location in downtown Annapolis in 2018 featuring waterfront access and an indoor showroom at the base of Ego Alley.
Gordon Inge • 804-896-3003 • DYCBoat.com
Gordon Inge, Chesapeake Yacht Sales Yacht Broker, has years of experience in boating, service and sales. CYS and Deltaville Yachting Center, located on Broad Creek in Deltaville, Va. has been owned/operated by Lew and Onna Grimm for 18 years. Named ‘Best of the Bay’, ‘Best Place To Buy A New Boat’ and ‘Best Boating Facility’. CYS is a dealer for new Catalina Yachts from 12’ to 55’. With a large inventory of preowned power and sailboats onsite, or by doing a professional search, Gordon will get you in the right boat for your needs.
Jason Hinsch • 410-507-1259 • curtisstokes.net
A native of Miami, Florida Jason grew up around boats and boating. He started sailing at the Coconut Grove Sailing Club at the age of 8 and got his first boat, a sunfish, at 11. He worked for his father, a professional yacht captain, 7 summers running from the age of 14; working out of Jones Boat Yard and Richard Bertram Yacht Yard, maintaining Trumpy, Burger and Feadship motor yachts. A long-time resident of the Annapolis and an Eastport Yacht Club alumnus, Jason cruised the Chesapeake for 10 years aboard his Columbia 10.7, and is now avid racer on the Bay.
Mike Titgemeyer • 410-269-0939 • crusaderyachts.com
Crusader Yacht Sales is a dealer / broker in Annapolis, conveniently located at Port Annapolis Marina on Back Creek and at Spring Cove Marina in Solomons. Specializing in cruising sail boats and downeast / traditional power boats, CYS brokers are experienced boaters and passionate about sharing their experiences and expertise. CYS are dealers for Tartan Sailboats & Legacy Power Boats while also offering complete brokerage services for sail and power. Contact any of the CYS brokers for a professional and personal sales experience!
Cori Williams • 804-366-8461 • oystercoveboatworks.com
Whether you are looking to sell your boat, buy a new/used boat or service your existing one, OCB is here to ensure a smooth, effortless & enjoyable experience. With almost 10 years of sales experience let Cori put her skills to work to find you your next boat. She treats everty customer like they are the only one she has and works from start to finish to ensure they are getting the best price, condition and value for the money. With knowledge, enthusiasm and a love for the water let Cori help you with your next boat.
John Kaiser • 443-223-7864 • yachtview.com
John Kaiser, Jr. maintains a 100-ton USCG Master license since 1985. Growing up in a boatbuilding family (Kaiser Yachts in Wilmington, DE), John has been directly involved in the construction, design and chartering of the highest quality yachts. Founded in 1988, Yacht View Brokerage, LLC located in Annapolis, MD, has been successfully listing, selling and co-brokering listings with many of the finest yacht brokers locally and around the country. Yacht View even offers customers complimentary dockage (for up to 80’ feet) in a beautiful, secure setting on the Severn river. With a target listing to sale time of less than 90 days, John and Jackie are a true power/sailing couple on the Chesapeake Bay.