Frequently Asked Questions

Have you found the vessel of your dreams? Here are your next steps!

Fill out a purchase agreement with your broker (or directly with the seller for private sales) that outlines your offer price, deposit amount, and any contingencies.
A deposit of 10% of your offer price is typically required to hold the boat, and the seller has three days to accept or negotiate further.

At a minimum, your purchase should be contingent on a marine survey. For sailboats, consider adding a rigging survey. For powerboats, an additional mechanical survey for the engine(s). A sea trial or demonstration is also recommended to experience the boat on the water.

After the survey is completed, the marine surveyor will provide a fair market value and identify any potential issues, which you can then discuss with your broker. A reputable broker will help you determine which items need to be addressed and if a price reduction is warranted. Note: It’s important to have any necessary repairs or replacements handled by a professional service company rather than the seller.

These contingencies give you the flexibility to back out of the deal if something doesn’t feel right or if the survey reveals significant problems. Once you’ve cleared all contingencies and accepted the vessel, the process moves forward to closing.

Closing typically takes place at the brokerage or through a title company. During this stage, the vessel registration is transferred, sales tax and licensing fees are paid, and funds and titles are exchanged through escrow. Closing usually takes 1-2 weeks, but the timeline can vary depending on licensing requirements and the responsiveness of all parties involved.

Check out this article for more info on the Boat Buying Process!

A marine survey is a thorough inspection of a vessel, usually a boat, by a licensed marine surveyor to determine its condition, safety, and value. The surveyor examines the vessel’s interior and exterior, including its structural integrity, equipment, electrical and plumbing systems, and overall condition. They may also haul the vessel out of the water to inspect the bottom.

At minimum, your purchase should always be contingent on a marine survey. For sailboats, consider adding a rigging survey, and for powerboats, an additional mechanical survey for the engine(s). A sea trial or demonstration is also recommended to experience the boat on the water.

Read more about boat surveys HERE!

Boat loans are typically secured by the vessel itself, making them asset-based loans. The availability of financing options varies based on factors such as the borrower’s creditworthiness, the type of boat, its age, and the loan amount.

For more information, read our financing process article HERE.

Although there is no law requiring Washington boat owners carry insurance, if you moor your boat at a marina you may be required to show them proof of insurance. And, if you’re financing your boat, your lender will likely require both comprehensive and collision.

Click HERE for more info on Washington State boat insurance

It depends on the marina!
If you are in the market to buy a new boat and are in need of a slip, check in with your local marinas asap. If they do not offer transferable slips, then you will want to be placed on their waitlist (there’s always a waitlist).

Boat brokers receive, on average, a 10% commission. This can be divided between multiple brokers, or all to one broker if they are representing both buyer and seller.

There are so many great resources for new and experienced boaters!
Here are some of our favorites:
Wooden Boat Magazine
Passagemaker Magazine
NW Yachting
48° North
Discover Boating