USed Catamaran Buying Guide
Buying a Used Catamaran with Leopard Brokerage
Expertise You Can Trust: Nobody Knows Used Leopard Catamarans Like We Do.
Navigating the pre-owned catamaran market can be complex. At Leopard Catamarans Brokerage, our experienced team is here to simplify the process for you. As the world’s leading experts in used Leopard catamarans, we’ve outlined every step of your journey to becoming a proud owner.
After exploring various options, you’ll find the perfect catamaran. When you’re ready to make an offer, we guide you through the formal process using our standardized Purchase and Sale Agreement.
Key Elements of Your Offer:
Deposit
10% deposit due when your offer is presented, held securely in our escrow account. Your money is 100% safe. We accept checks or wire transfers.
Acceptance
Typically, offers are accepted within a day or two, though international owners or holidays may extend this.
Contingencies
Sales commonly include a marine survey, sea trial, and personal inspection. While financing can be a contingency, we recommend securing loan pre-approval before making an offer.
Acceptance/Rejection Date
This is the final date for you to formally accept or reject the vessel in writing.
Closing Date
The date by which payment is due and title is transferred to you.
The Offer Process:
1. We present your signed Purchase and Sale Agreement to the seller.
2. The seller often counters. This negotiation typically happens verbally over a few days.
3. Once a price is agreed upon, a written agreement confirms the terms and final price.
4. Congratulations! Your boat is now officially “Under Offer.”
These crucial steps usually happen on the same day. As the buyer, you cover the cost of the survey and haul-out, while the seller provides the captain for the sea trial.
Marine Survey
This is vital! Choose your surveyor carefully. We can provide a list of qualified professionals, but recommend selecting a member of the National Association of Marine Surveyors (NAMS) or the Society of Marine Surveyors (SAMS). You’ll need a survey report for insurance and, if applicable, financing.
Sea Trial
Lasting a couple of hours, the sea trial demonstrates the boat’s performance under stress and allows you to inspect the sails. Some surveyors charge an additional fee to attend.
After reviewing the survey and sea trial results, you must formally accept or reject the vessel. Once both buyer and seller agree to terms, your boat is officially “Under Contract.”
Important Note: Failure to formally “Reject” the vessel by the Acceptance/Rejection Date is considered an Acceptance. Failing to close on an accepted vessel can result in forfeiture of your deposit.
Now it’s time to finalize the transaction. We recommend hiring a trusted documentation agent (we can suggest experienced professionals).
Documentation
Your documentation agent will:
Perform a clear title search on the boat.
Prepare all necessary ownership transfer documents.
Handle the vessel’s registration or federal documentation.
Key Information Needed:
- Buyer’s Exact Name: Will a spouse or partner be included?
- Ownership Structure: Will you incorporate?
- Address: Your preferred mailing address.
- New Boat Name: If you plan to rename it.
Sales Tax (Florida Specific)
Sales tax regulations vary by location. Here’s what to know if the boat is located in Florida:
Boats in Florida: A 6% Florida sales tax (capped at $18,000) is collected at closing, unless a valid Affidavit for Exemption is executed, and the boat is removed from Florida waters within 90 days. We advise reviewing Florida sales tax statutes if you plan an exemption.
Boats Outside Florida: Not subject to Florida sales tax. However, a notarized Tax Affidavit from the Dealer (Leopard Catamarans Brokerage) and Purchaser, stating the boat’s non-Florida location, plus copies of the purchaser’s valid photo ID or Passport, will be required at closing.
Closing
Modern closings are typically streamlined.
- Fund Transfer: You’ll wire the payment to our secure escrow account. Please note, funds must be “cleared” into our account before closing. For international wires, this can take 2+ days, so we recommend initiating the transfer a week before closing.
- Final Steps: Once funds are cleared, phase-out work is complete, and all documentation, registration, and insurance are in order, you will sign the “Acceptance of Vessel” and “Acceptance and Release” forms.
- Transfer: Only when all these elements are finalized will funds be transferred to the seller, and the official “Running Papers” sent to you.
Loans: Inform us immediately if you’re financing, as lenders often have specific documentation requirements.
US Duty Fees: Be aware that foreign-built boats may be subject to a 1.5% US duty fee when entering US waters. Discuss this with your documentation service or consult your country’s laws.
More questions? Send us a note or give us a call.