WorkBoat.ai · Recorded transaction flow
How a maritime vessel deal closes
A deal is more than a signed document and a wire. This is the complete 13-phase walkthrough of how WorkBoat.ai keeps the buyer, seller, funds, documents, and final transfer aligned.
Thirteen phases, one controlled closing
Each phase records what happened, who acted, and which conditions must be satisfied before the next step can begin. The workflow supports vessel sales, charters, and complex back-to-back acquisitions.
- 01
Phase 1 · initiated
The deal opens
The seller posts the vessel — specifications, documents, and photographs — and a buyer opens a deal against it. From this moment both parties are 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
Phase 2 · pending kyc
Both sides prove who they are
Identity, entity, and signing authority are checked on each side before any terms are discussed. Neither party can see the other’s documents until both have cleared.
SellerIdentity and ownership verified
KYC approved
Recorded in the deal
BuyerIdentity and entity verified
KYC approved
Recorded in the deal
Gate · KYC
Buyer and seller must both be approved. One side clearing does nothing.
- 03
Phase 3 · open negotiation
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
Offer 3 · $735,000
Recorded in the deal
BuyerOffers, then accepts the counter
Terms agreed
Recorded in the deal
Gate · Legal context
Governing law, venue, currency, and language must all be settled before an LOI can be drawn.
- 04
Phase 4 · loi pending
The letter of intent is drawn
The LOI is generated from the terms that were actually agreed, not retyped from memory. Both parties read the same document. Nothing in it can drift from the negotiation record.
SellerReviews the draft
LOI v1 issued
Recorded in the deal
BuyerReviews the draft
LOI v1 issued
Recorded in the deal
- 05
Phase 5 · loi executed
Both signatures land
The letter of intent is executed by both sides and time-stamped. The terms are now locked and the deal moves to money.
SellerSigns
Executed
Recorded in the deal
BuyerSigns
Executed
Recorded in the deal
Gate · LOI signed
Signed by buyer and seller. A single signature holds the deal here indefinitely.
- 06
Phase 6 · escrow pending
The escrow account opens
An escrow account is created for this deal alone, with funding instructions carrying a reference the incoming payment has to match. Money that does not match is not credited.
SellerWaits — nothing to do
Awaiting buyer funds
BuyerReceives funding instructions
Reference issued
Recorded in the deal
- 07
Phase 7 · escrow funded
Money arrives and is held
The buyer wires the deposit or the full price. The seller sees confirmed funds and knows the deal is real — but it is held, not sent, and nothing reaches them yet.
SellerSees confirmed funds
Escrow funded
Recorded in the deal
BuyerFunds the escrow
Held in escrow
Recorded in the deal
Gate · Escrow funded
The full target amount must be confirmed present. Partial funding does not open the gate.
- 08
Phase 8 · due diligence
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
- 09
Phase 9 · acceptance pending
Accept, or walk
The buyer decides on the record. This is the last point at which walking away is cheap — and if they walk, the escrow goes back to them, not into a dispute.
SellerAwaits the decision
Acceptance pending
BuyerAccepts the vessel
Acceptance recorded
Recorded in the deal
Gate · Buyer acceptance
Recorded acceptance by the buyer. If they decline, the deal terminates and the escrow returns.
- 10
Phase 10 · definitive docs
Closing documents are prepared
Bill of sale, title instruments, mortgage satisfactions, and lien releases are drawn and deposited. They sit verified in the deal — held, and not yet delivered to anyone.
SellerDeposits title and releases
Documents held
Recorded in the deal
BuyerDeposits closing paperwork
Documents held
Recorded in the deal
- 11
Phase 11 · pre release review
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
Gate · Admin release
Every condition on the checklist is re-verified before release is armed.
- 12
Phase 12 · settlement ready
Everything is staged
All conditions are satisfied and the release is armed. The disbursement waterfall is set — who is paid, in what order, and how much. One instruction now moves everything.
SellerPayout destination confirmed
Waterfall set
Recorded in the deal
BuyerTitle transfer staged
Ready to release
Recorded in the deal
- 13
Phase 13 · closed
It all releases at once
Documents become effective, title transfers, and funds disburse in a single step — never one without the other. Both sides keep a complete record of every offer, document, approval, and payment.
SellerReceives funds
Settled
Recorded in the deal
BuyerTakes title
Closed · recorded
Recorded in the deal
Always-on controls
The record stays intact
- A dispute freezes the deal at any point so no party can move funds or documents around it.
- A termination returns escrow according to the recorded deal conditions.
- 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 WorkBoat.ai workflow.