If you do like the boat, the next step is to schedule a survey. Your broker can provide you with a list of surveyors, but you are responsible for hiring one. If you plan on financing a used yacht, your lending institution will require a professional survey, which involves removing the boat from the water so the hull can be inspected. Wise buyers will also hire a marine mechanic to examine the engine. Once the surveys meet approval, the sale is almost complete.
Most purchase agreements allow the buyer several days after the survey to close the deal.
Agreements do vary, however, so it's important to read yours carefully, says Scott. A few more words to the wise. For superior coverage, buy your boating insurance from a marine insurance specialist, says Scott, and consider financing even if you can afford to buy outright. You'll have the financial support of that institution if a title dispute or other problem arises, says McLaughlin. If the yacht has a galley and a head, the boat qualifies as a second home, meaning you can deduct the interest on your income tax.