A Boat ShowEveryday!

First, decide how much you want to spend or can afford. Most people pull a number out of the air without the benefit of professional advice. An accurate source of information is to talk with a marine lender, even if you plan to pay cash for the yacht.

A marine lender will review your financial situation and advise you how much a bank would be willing to lend. Armed with this information, you can target your search for potential yachts based on a price range that is realistic.

Determine what type of vessel you plan to purchase—size, draft, type, and more. This is a challenging process that requires research and soul searching to find the right yacht that matches your plans and budget. Do you really need a bluewater yacht if you're only going to be a weekend cruiser?

The next big decision is new or used. Newer is generally better because maintenance and repairs increase with age, and newer yachts have more advanced design and construction. For a given price, you can go older and bigger or newer and smaller. Many newer yachts have more room in a smaller size than older yachts.

Nothing in the purchase process can substitute just sitting on a potential yacht and feeling it. Yacht buying is a visceral process. Hopefully the joy, excitement, and adventure of owning a yacht creates priceless memories.

Determine how you want your yacht equipped. You need to set at least your minimum requirements, keeping in mind that additional equipment will add to the price of the vessel.

Your broker can help you understand what equipment is essential versus optional based on your intended use, and advise on fair value for various upgrades.

You can avoid legal hassles, save time, and save money by selecting a qualified yacht broker. Not all brokers are created equally. With thousands of yacht brokers and hundreds of brokerages to choose from, how do you select a good broker and company? How can you feel confident they have the knowledge, skill, and desire to work hard for you?

Find a broker who has earned the title of Certified Professional Yacht Broker (CPYB). This proves they have the knowledge, commitment, and ethics to earn the highest accreditation in the industry. Less than 100 have achieved this status in Florida. Working with a CPYB is your assurance of ethical, professional advice with your interests always protected.

After finding a yacht you like, place an initial bid on the vessel. The first bid must be accompanied by a check or wire transfer representing ten percent (10%) of the bid amount, made out to the brokerage's escrow account.

If your purchase depends on financing, make sure your initial bid reflects this. It's helpful to obtain pre-approval because sellers want to minimize time off market and will limit time allowed for financing. We can furnish you with marine financing contacts.

Your broker may recommend competent surveyors but should never select one for you—that would be a conflict of interest. We do not recommend finding a surveyor by using Google search, as many appear on the first page simply because they pay to be there, not because they are qualified. Good surveyors don't need to resort to this tactic because they stay busy through reputation.

The survey and sea trial takes a full day. The surveyor performs a cold engine check, inspects all systems, inventories everything, hauls the yacht for bottom inspection, and conducts a sea trial. Following the trial, they review findings with you and provide a full written survey within two to three days. You typically have 48 hours after receiving the survey to accept or reject the yacht.

Once the yacht is accepted, the closing agent begins final preparations for purchase at the date specified in the Purchase Agreement. This professional handles all the legal documentation to ensure a smooth transaction.

All paperwork, often called "running papers," will be presented to buyer and seller for proper notarized signatures. These documents should be kept aboard the vessel at all times.

All funds due must be cleared in full at time of closing. It's important to deposit funds either through wire transfer or certified check to the broker's escrow account well in advance of the closing date.

You will officially take possession of the vessel following closing. Unless prior arrangements have been made, the seller is not responsible for dockage after closing. Congratulations on your new yacht!

Following the survey, you'll need to arrange for insurance with coverage effective on the day of closing. If no Florida State Sales Tax is to be collected and forwarded, then out-of-state buyers are required to sign a tax waiver attesting that the yacht will be removed from Florida waters within 90 days.

You can stay up to 180 days by purchasing an extended cruising permit for $425 prior to the end of the first 90 days. Your broker can provide guidance on the documentation required for your specific situation.