The agreement should spell out how and where the yacht is to be kept and used, how it will be financed and insured, who will provide the maintenance, who and when will use it, a conflict resolution clause and other items. The purchase of a used yacht presents a complication which is not encountered in real estate and automobile acquisitions. In addition to the regular liens of record such as mortgages, vessels are subject to maritime liens , also known as hidden liens . A person who has performed work on the yacht or provided services or supplies to it may have a claim against the vessel itself and therefore a lien. Some liens may be registered with the county clerk or other local authority where the vessel has been registered or used, but that is not always the case.
Yachts can move and incur liability in areas that are very far from the point of sale.
There is no certain way to identify all possible liens and the history of the vessel is usually the best way to establish clear title.