Buying & selling a yacht

Not usually. Taking a cruising yacht underway involves a captain and crew, marina line handling, engine warm-up and insurance liability, so vessels are first toured thoroughly dockside at no cost. Once you choose a yacht, you submit a written Purchase & Sale offer with a refundable 10% escrow deposit, and the formal sea trial and haul-out survey follow after acceptance.

Yes. Under the standard Yacht Brokers Association of America (YBAA) Purchase & Sale Agreement, accepting the vessel after sea trial and marine survey is at the buyer's sole discretion until the written Trial/Survey Acceptance deadline. Reject the vessel in writing before that deadline and the 10% deposit is returned promptly from bonded escrow.

No. As with residential real estate co-brokerage, the seller's listing agreement already sets a single commission, shared between the listing brokerage and your buyer brokerage at closing. You gain your own CPYB advocate, SoldBoats comparable pricing and survey negotiation leverage at no added cost.

The buyer selects and pays the independent SAMS or NAMS marine surveyor, the certified engine technician and the boatyard haul-out and power-wash fee directly, so those inspectors work for the buyer alone. The seller provides the vessel fuelled, insured and with a qualified captain or representative aboard for the sea trial.

Many states require no licence or exam to sell a yacht. The Certified Professional Yacht Broker (CPYB) designation, backed by YBAA and other maritime associations, requires verified full-time brokerage tenure, a national exam on maritime law, USCG documentation, tax compliance and ABYC standards, continuing education and a strict fiduciary code of ethics.

Most brokerage purchases close within 2 to 4 weeks of signing the Purchase & Sale Agreement: roughly 10 to 14 days to schedule the haul-out, hull survey, engine oil analysis and sea trial, then 5 to 10 business days for lender underwriting, insurance binding and USCG lien and title clearance.

Specialist marine lenders typically offer 15- to 20-year fixed-rate loans on qualifying recreational vessels with a 15% to 20% down payment, depending on vessel age, loan size and credit profile. They almost always require a current SAMS or NAMS condition-and-valuation survey, a hull insurance binder and, for larger cruisers, USCG documentation with a First Preferred Ship Mortgage.

Vessels of at least 5 net tons, generally most cruising boats of 26 feet and larger, qualify for federal USCG documentation. It establishes an internationally recognised chain of title, records mortgages and liens on an official Abstract of Title and simplifies coastal or foreign-port clearance. Many states still require tax compliance or validation decals on documented vessels kept in state waters.