Yacht Buying Process

Step #1 — THE OFFER:

Your offer will be presented to the owner along with a check for $1,000 which will be held in your file until acceptance of price is reached.
Be prepared to negotiate your offer to an acceptable purchase price.


Prestige Yacht Sales will have your offer accepted and signed by the seller. At this time we will require a 10% deposit.


This should be done as soon as you get agreement on your purchase price.
We maintain a list of surveyors. We are happy to provide you with a copy of our list.


We can assist you through this process and make the proper recommendations.

Step #5 — FINANCING:

If you are borrowing money from a marine lending source, we would be happy to assist you with all requirements for your loan.
In most cases, the lender will require a survey and USCG documentation to be done.
Cost varies and is your responsibility to pay for the USCG documentation at the time of closing.

Step #6 — THE SURVEY:

The day of your survey, in most cases, the vessel will be put in the water (if the boat was seen on land). This is done at the sole risk and expense of the boat owner. All associated costs of the survey are the responsibility of the boat buyer. If the boat needs to be hauled for your surveyor to inspect the bottom of the boat, this is your expense. We require that any surveyor or engine surveyor is an approved, accredited surveyor (ask us for a list or website for surveyors)
Try www.namsshipchandler.com or www.marinesurveyors.us.


You can discuss the survey with your surveyor and Prestige Yacht Sales. In most cases, you will receive a hand written deficiency list.
Please ask us how to handle issues on the list. In most cases, our broker will discuss the deficiency list with the seller and come to an agreeable resolution.
During this time, your surveyor should be preparing the formal written report that we will need to provide to the financing company and the insurance company.


There are many facets to a completed proper closing. All of the appropriate documents need to be prepared.
We will be working with the documentation company (when documentation is required, usually over 26 feet and using a marine lender).
On smaller vessels (less than 26 feet) you will be state titled.

Step #9 — TITLE WORK:

In the state of New Jersey title work is prepared by Prestige Yacht Sales and usually completed in 30 days after closing.
During the 30 day period, you will receive from Prestige Yacht Sales, at closing, a temporary boat registration (good for 21 days).
Identification Required: You will be asked at closing for your drivers license (we need to make a photo copy), your social security number, your home address, and date of birth, so that we can prepare the required documents for NJ Division of Motor Vehicles work to be done including power of attorney for the purchasers. All purchasers that are going to be on loan papers or part of ownership must attend the closing.

Step #10 — THE CLOSING:

Usually about 30 minutes. You will be signing your loan papers, USCG documentation papers (if applicable), a ships preferred mortgage (if applicable), NJDMV paper work. We will be collecting New Jersey. State sales tax of 7% if you are a New Jersey resident.
All funds must be bank certified check, money orders, or cash. There are no exceptions at time of closing.


From time of agreement of price to time of closing, usually takes 2-3 weeks in season.
During the winter months, we would usually delay surveys and sea trials to a warmer time in the spring.
Ask your broker as every deal is a little different and requires different handling.