Unless the services of a boat escrow agent are enlisted, buying or selling a boat requires a high level of trust on the parts of both the purchaser and seller. The purchaser relies on the word of the seller that the boat is in the condition that they say it’s in, and while pre-purchase mechanical checks can uncover many issues, there are still elements that the purchaser relies on the seller to disclose. The seller trusts that the purchaser will provide them with the agreed sale price at the agreed time and will follow through with the deal to completion.
Unfortunately, business transactions which are conducted with a stranger, particularly those of a financial nature, cannot be based on trust alone. It is essential that whether you are buying or selling a boat, you enlist the services of an escrow agent such as those provided by Escrow.com to ensure that the security and finances of both parties are protected.
Once the purchaser has decided on the boat that they want to buy and has agreed on a price with the seller, they will contact Escrow.com and have a list of terms and conditions written up which are to be fulfilled by both parties. Whilst not limited to, the terms of escrow will include items such as the agreed price, the condition that the boat will be received in, the service history, delivery details and often a cooling off period.
The cooling off period gives the buyer an opportunity to satisfy themselves that the boat has been delivered in the condition it was promised. Once the escrow terms have been agreed by both parties, the Purchaser will deposit the money for the boat into a secure online account set up by Escrow.com, who will then confirm with the vendor that these funds are available for transfer once all contractual obligations have been met. Once funds are available, the vendor will arrange delivery of the boat as agreed in the initial escrow contract.
Once the boat is received by the purchaser, they have a period to arrange relevant inspections to satisfy that the boat has been received in the condition that was agreed upon in the original escrow terms. If and when the buyer is content that the boat has been received in the condition that was initially promised, they will confirm this with Escrow.com, who will arrange the funds to be disbursed to the seller and the escrow transaction will be finalized.
If any disputes or disagreements arise during the boat purchase process, the services of the third party escrow agent will be utilized to resolve these with a solution that is agreeable by both parties and referring to the original terms and conditions.
Enlisting the services of Escrow.com during a boat sale offers a level of security to all parties involved. It ensures that there is no financial threat to either the seller or purchaser as the funds remain in a holding account until the purchaser is satisfied with the boat and eliminates the risk of the buyer not paying the seller once the boat has been delivered.
Contact www.escrow.com for further details including low-cost fees on how Escrow.com can help with your boat purchase.