The Moorings Yacht Brokerage Used Boat Buying Guide
Buying a Used Charter Yacht with Moorings Yacht Brokerage
Expert Guidance Every Step of the Way. Purchasing a pre-owned yacht, whether it’s a catamaran, monohull, or powerboat, can feel overwhelming. That’s where we come in. With over 35 years of experience and a global team of professional brokers, Moorings Yacht Brokerage makes the process straightforward, transparent, and stress-free.
This guide walks you through each step of the buying journey so you’ll know exactly what to expect—from choosing the right yacht to final delivery.
After exploring various options, you’ll find the perfect boat to purchase. 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
A 10% deposit is required at the time your offer is submitted. This deposit is held securely in our escrow account, ensuring your funds are fully protected. Payments can be made by check or wire transfer.
Acceptance
Most offers are accepted within one to two days, though delays can occasionally occur due to holidays or international time zones.
Contingencies
Most sales include a personal inspection, sea trial, and marine survey. While financing may be included as a contingency, we recommend arranging loan pre-approval ahead of submitting 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: When discussing your initial offer with your broker, you can choose to purchase the boat “as is,” which may lead to a lower price and a faster closing. However, most buyers opt to have the boat go through a comprehensive phase-out process at the charter base, ensuring it’s in good working condition before handover.
Here’s how the offer process works:
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.”
The next step is for you to schedule the marine survey and sea-trial. These usually occur on the same day. The buyer pays for the survey and haul-out, and the seller supplies 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
The purpose of the sea trial is to demonstrate that the boat’s parts operate under stress, and it gives you a good chance to take a good look at the sails. A sea trial usually lasts a couple hours, and some surveyors charge extra to go along on one.
After reviewing the results of your survey and sea trial, you must formally accept or reject the vessel.
Here’s where our process differs from standard brokerage deals: If the survey reveals issues not apparent at the time of offer, you’ll work with your broker to prepare a Conditional Acceptance of Vessel (CAOV). This document lists the faults identified by the surveyor, along with the corrective actions the base’s phase-out team will take.
Keep in mind, you’re not guaranteed brand-new replacements—only functional items that are equivalent to those not working properly. Once the Buyer, Seller, and Base Phase-Out Team agree on the CAOV terms, the sale moves “Under Contract.”
From there, work on the boat typically takes 6–8 weeks, depending on the base’s schedule. Once complete, you or your surveyor will conduct a follow-up inspection to confirm the agreed work was done. Some surveyors include this in their initial fee; others charge separately, so be sure to clarify in advance.
Acceptance of vessel and then failure to close can result in forfeiture of your deposit so be sure to remember that failure to “Reject” is considered an Acceptance of Vessel.
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)
The Florida Department of Revenue requires the following.
Closing on boats located in Florida requires the collection of a 6% sales tax (capped at $18,000) unless a valid Affidavit for Exemption is executed by the Seller and the Purchaser and the boat is removed from Florida waters within 90 days. We recommend reading the Florida statue of sales Tax if you don’t plan on paying the tax.
Boats closing outside the state of Florida are not subject to Florida sales tax. However, a Tax Affidavit signed and notarized by the Dealer (The Moorings Yacht Brokerage) and the Purchaser, which states the boat is not located in Florida will be required at the time of closing, as well as copies of a valid photo ID or Passport of the purchaser.
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.
Remember foreign built boats may be subject to US duty fees when US owners enter the boat into US waters. Check the laws of your country of origin or discuss with your documentation service.
More questions? Visit our Brokerage FAQs, or give us a call.