Ten percent is typical, says Scott. Once your offer is accepted, it's time for the sea trial, which usually involves the seller, the broker and you. If possible, try different situations. You should be on the water at least an hour. This is your chance to try all the systems and talk with the seller about each feature.
Some buyers opt to bring a surveyor along for the sea trial.
If you are not satisfied with the trial for any reason, this is your chance to back out of the purchase agreement with a full refund of your deposit. 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.