MarineClose · Recorded transaction flow
How a maritime vessel deal closes
A deal is more than a signed document and a wire. Follow the same 9-phase customer journey from opening through settlement, with the recorded milestones and party actions that keep the buyer, seller, funds, documents, and final transfer aligned.
Nine phases, one controlled closing
Each customer phase contains the milestones, party actions, and protective checkpoints needed to advance. Protective checkpoints are built into the journey and open only when the required conditions are satisfied. The workflow is designed for broker-led commercial vessel sales. Eligible teams can also use it for direct purchases and back-to-back sales.
- 01
Customer phase 1 of 9
Initiate Transaction
Create the deal and invite the parties.
Recorded milestone 1
The deal opens
The seller records the asset, available specifications and supporting documents, and a buyer opens a deal against it. From this moment both parties work in one shared, recorded workspace rather than a thread of emails.
SellerLists the vessel
Specs · documents · photos
Recorded in the deal
BuyerOpens a deal
Deal room created
Recorded in the deal
- 02
Customer phase 2 of 9
KYC Verification
Verify the identity of every economic party.
Recorded milestone 1
Identity and authority review
Each side can provide identity and company information and evidence of who may sign. Designated reviewers record the outcome. Document visibility follows each permitted share; an appointed holder may require additional checks. This does not establish ownership or legal authority, or imply a live screening provider.
SellerIdentity review and separate title checks
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BuyerBuyer identity and company evidence
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Protective checkpoint · ⟦missing:content.2ea5804ebd1877bf⟧
Designated reviewers record their assessment. Access follows explicit permissions, not a blanket two-party clearance. Holder requirements are confirmed separately.
- 03
Customer phase 3 of 9
Negotiate Offers
Exchange and accept the commercial terms.
Recorded milestone 1
Terms go on the table
Offers and counters carry the whole shape of the deal — price, deposit, inspection window, closing window, and conditions. Every version is kept, so nobody argues later about what was agreed.
SellerCounters on price and terms
Counteroffer recorded
Recorded in the deal
BuyerOffers, then accepts the counter
Terms agreed
Recorded in the deal
Protective checkpoint · Legal context
Governing law, venue, currency and language must be proposed before an LOI draft is generated. They stay proposals for the parties and their counsel.
- 04
Customer phase 4 of 9
Letter of Intent
Prepare and execute the Letter of Intent.
Recorded milestone 1
The letter of intent is drawn
The LOI draft is generated from the recorded proposed terms, so both parties review the same text. It is a draft for review; which parts bind depends on its wording and on the parties' counsel.
SellerReviews the draft
LOI v1 issued
Recorded in the deal
BuyerReviews the draft
LOI v1 issued
Recorded in the deal
Recorded milestone 2
Both signatures land
Both sides sign the letter of intent and the signatures are time-stamped. Which terms bind, and what stays open, depends on the LOI wording; the platform does not lock terms on its own.
SellerSigns
Executed
Recorded in the deal
BuyerSigns
Executed
Recorded in the deal
Protective checkpoint · LOI signed
Signed by buyer and seller. Until both have signed, the deal waits here.
- 05
Customer phase 5 of 9
Escrow Funding
Record deposit arrangements. No funds holder is agreed yet and live funding is not available.
Recorded milestone 1
Payment instructions are agreed
The parties agree transaction-specific deposit and purchase instructions: who holds funds, which account, and which approvals allow release. No funds holder is agreed or live yet, and the holder must confirm its account arrangements before any money is sent.
SellerReviews the instructions
Awaiting buyer funds
BuyerReceives instructions once the holder confirms them
Reference issued
Recorded in the deal
Recorded milestone 2
Payment is submitted, then confirmed
Once funding is available, the buyer sends the deposit or price as instructed and marks it submitted. It counts as received only after the holder confirms it, and nothing reaches the seller until the holder authorizes release.
SellerSees holder-confirmed status
Escrow funded
Recorded in the deal
BuyerSubmits payment as instructed
Held in escrow
Recorded in the deal
Protective checkpoint · Escrow funded
Only payment the holder has confirmed counts. A submitted payment does not open the gate.
- 06
Customer phase 6 of 9
Due Diligence
Complete inspections, surveys, and document review.
Recorded milestone 1
The buyer inspects
Survey, sea trial, engine hours, class and registration records, and lien search are tracked against the inspection window agreed in negotiation. The clock is the one both sides signed up to.
SellerProvides records and access
Survey · sea trial · title
Recorded in the deal
BuyerInspects and reviews findings
6 of 6 items complete
Recorded in the deal
- 07
Customer phase 7 of 9
Buyer Acceptance
The buyer confirms the vessel condition.
Recorded milestone 1
Accept, or walk
The buyer records acceptance or rejection after due diligence. The recorded deal terms and any applicable dispute process govern what happens next.
SellerAwaits the decision
Acceptance pending
BuyerAccepts the vessel
Acceptance recorded
Recorded in the deal
Protective checkpoint · Buyer acceptance
Recorded buyer acceptance is required before final documents and settlement can proceed.
- 08
Customer phase 8 of 9
Final Documents
Sign the definitive closing documents.
Recorded milestone 1
Closing documents are prepared
Bill of sale, title instruments, mortgage satisfactions and lien releases are drafted, reviewed and kept in the deal record. Delivering a document to the buyer is separate from recording it with a registry such as the USCG.
SellerProvides title documents and releases
Documents held
Recorded in the deal
BuyerDeposits closing paperwork
Documents held
Recorded in the deal
Recorded milestone 2
A last check before anything moves
The whole file is reviewed against the closing checklist — funds, documents, verifications, and conditions. This is the deliberate pause that catches what everyone else discovers afterwards.
SellerNothing required
Under review
BuyerNothing required
Under review
Protective checkpoint · Admin release
Each condition on the checklist is reviewed before release is requested from the holder.
- 09
Customer phase 9 of 9
Settlement & Close
Approve release, distribute funds, and archive the deal.
Recorded milestone 1
Ready to request release
When the agreed conditions are recorded as met, the proposed payout split is prepared for the parties' approval. Only the funds holder can release money, under its own authorized instructions.
SellerPayout details for holder confirmation
Waterfall set
Recorded in the deal
BuyerClosing documents ready to deliver
Ready to release
Recorded in the deal
Recorded milestone 2
Release, delivery and recording
The holder releases funds once it has authorized release; closing documents are delivered as agreed; registry recording follows on the registry's own timeline. These steps are coordinated, not simultaneous, and are not guaranteed to happen together. Both sides keep a record of offers, documents, approvals and payment status.
SellerReceives funds the holder releases
Settled
Recorded in the deal
BuyerReceives the title documents
Closed · recorded
Recorded in the deal
Always-on controls
The record stays intact
- Raise a dispute in the deal room and notify the independent holder under the deal instructions. MarineClose cannot freeze or recall funds or documents already released; a platform flag alone does not stop an external payment.
- A termination or dispute is handled according to the recorded deal conditions and applicable process.
- Every offer, approval, document, and payment is recorded for both sides.
Ready to run a cleaner close?
See the customer-facing journey, enforcement gates, and supported deal structures in the broader MarineClose workflow.