The purchase agreement

A brokerage sale runs on an industry-standard contract (for example MYBA or IYBA). It sets price, deposit, survey and sea-trial conditions, the acceptance date and what happens if either party walks away. The detail protects you.

Deposit and escrow

Your deposit (commonly 10%) should be held in a broker or lawyer’s escrow account, not paid to the seller. If the deal falls through under the contract terms, it is returned.

The survey allowance

A well-drafted contract lets you accept, reject or renegotiate after survey and sea trial. Material defects can justify a reduction or a withdrawal with deposit refunded. Never waive this clause lightly.

Clean title

Before closing, confirm the seller can pass clean title free of mortgages, liens or unpaid dues. On larger yachts a maritime lawyer runs these checks. NGY coordinates contract, escrow, survey conditions and closing.