Buying a yacht is exciting, and it should be. It also involves a lot of money moving between people who have often never met, so the process is built around protecting both sides. Once you understand the sequence, it's much less intimidating.
Here's how a typical brokerage purchase works in the U.S., the way I walk my clients through it in Fort Lauderdale and the Hamptons.
1. Get clear on the brief before you shop
Before we look at a single listing, I want to know how you'll actually use the boat: day trips to the sandbar, weekends in the Bahamas, summers out east, or entertaining at the dock. Number of guests, whether you'll run her yourself or with a captain, and where she'll be kept all narrow the field quickly.
This is also the moment to talk to your insurance agent and, if you're financing, your lender. The standard purchase agreement puts the responsibility on the buyer to line up satisfactory financing and insurance before the acceptance date, so it pays to start early.
2. The written offer (purchase and sale agreement)
When you find the right yacht, the offer goes in writing on a purchase and sale agreement. Most U.S. brokers use the standard form provided by the Yacht Brokers Association of America (YBAA), which spells out the price, the deposit, the survey and sea trial process, an acceptance date, and a closing date.
The offer usually includes the yacht's inventory, meaning what conveys with the boat (tenders, toys, electronics, spares). Small details like this are much easier to agree on now than at closing.
Expect some back and forth on price and terms. My job is to keep the negotiation calm and grounded in what comparable yachts have actually sold for.
3. The deposit, held in escrow
Once the agreement is signed, the buyer places a deposit. The International Yacht Brokers Association describes the pleasure-vessel industry standard as 10% of the offer, held by a neutral third party, which is usually the broker's escrow account or an attorney.
Under the YBAA agreement, surveys and inspections can begin once the deposit funds are collected in escrow. Professional brokers keep these funds in a dedicated trust account, separate from their operating money.
4. Survey and sea trial
This is the most important step for you as the buyer. You hire an independent marine surveyor (I'm happy to share names, but the surveyor works for you). The standard agreement says the buyer pays the direct costs of the survey, and the seller makes the yacht available and is responsible for operating her during the trial run unless agreed otherwise.
A typical pre-purchase survey includes an in-water inspection, a short haul-out to look at the bottom and running gear, and a sea trial. Many buyers add a separate engine and generator survey. I cover this in detail in Yacht Surveys and Sea Trials Explained.
5. Acceptance (or renegotiation)
After the survey report comes back, you have three options before the acceptance date:
- Accept the yacht in writing and move toward closing.
- Renegotiate, usually on price or on repairs, if the survey turned up issues that weren't disclosed or expected.
- Reject the yacht. Under the YBAA form, if written acceptance isn't received by the acceptance date the buyer is deemed to have rejected the vessel. The deposit is then returned after any survey-related charges, such as yard bills and haul-out fees, have been paid.
That written acceptance is a real milestone. After it, the deposit is generally at risk if the buyer walks away, so we only send it when you're comfortable.
6. Documentation, title and closing
While the survey is happening, the paperwork runs in parallel. Larger yachts in the U.S. are usually documented with the Coast Guard's National Vessel Documentation Center (NVDC). Any vessel of at least five net tons that is wholly owned by U.S. citizens is eligible. For a documented yacht, an Abstract of Title shows recorded owners, mortgages and liens, so we can confirm the seller can deliver clean title.
At closing, the balance of the price is paid in collected funds, any existing mortgage is paid off and released, and the seller signs a Bill of Sale (Coast Guard form CG-1340 for documented vessels, which must be notarized). The selling broker then distributes funds according to the closing statement.
Taxes are part of closing too. In Florida, sales or use tax is generally due unless an exemption applies, and there is a maximum tax per boat. See Florida Sales and Use Tax on Yacht Purchases.
7. After closing
You'll need insurance bound from the moment you take ownership, a slip (book early in Fort Lauderdale in season and in Sag Harbor in summer), and, if she's coming from out of state, registration in Florida within the time limits set by the Department of Revenue.
I stay involved after the sale. I can introduce you to captains, yards, detailers and the service partners I trust, so your first season is about enjoying the boat.
A realistic timeline
Every deal is different. Survey scheduling, yard availability, financing, weather, and whether the yacht is documented or titled all affect timing, so I'd treat any fixed number of days as a guide rather than a promise. The acceptance and closing dates in your agreement are what count, and we set them with enough room for a proper survey.
