Details Details provides complete marine escrow, documentation, and closing services for yacht and boat transactions. We handle every detail — from financing to final handover — so you can enjoy a smooth, stress-free experience.

What to expect when buying a boat

Navigating the Journey from Acceptance to Closing

Purchasing a boat is meant to be an enjoyable and exciting experience, promising countless future adventures on the open seas. However, the journey from the Acceptance of Vessel (AOV) stage to the actual closing date involves a series of steps and potential hurdles that buyers should understand and prepare for. Due to the costs involved, it does not make sense to carry out many of these functions until the Buyer has decided to proceed with the transaction, so it is literally all hands-on deck as soon as the AOV is signed by the Buyer. It is therefore critical to retain a realistic timeframe on when closing can actually take place including how to project the time required, the factors that can influence the timing of your boat purchase, including financing, registration issues, as well as the role played by the closing agent.

Acceptance of the Vessel (AOV):

The final acceptance occurs when the Buyer has removed any contingencies in the purchase contract and has completed the survey and sea trial to his satisfaction and both parties agree to move forward to closing. By signing the AOV the buyer confirms that he is satisfied with the vessel’s condition and the agreed terms of the sale.

2. Financing:

Because securing financing can be one of the most time-consuming steps in the entire sales process, it is generally taken care of at the beginning of the sales process. However, even though Banks and lending institutions may have processed and approved a Buyer’s loan application before the survey of the vessel, they will still need to receive a copy of the survey in order to appraise the condition of the catamaran before agreeing to finally fund the transaction. The financing process can also face delays due to additional requirements from the lender such as the need for further appraisals or slow internal processing times. Ensuring you have pre-approval or working with a lender experienced in marine loans helps mitigate many of these delays.

3. Insurance

This is a critical factor in the transaction, and it is typically required to be in place by the finance company before funding can be released. Buyers must obtain suitable insurance coverage, which can involve additional time to compare policies and ensure all requirements are met. Delays to closing can occur if there are issues with the loan approval or insurance acquisition.

4. Title and Documentation Checks:

It is very important that you ensure that the catamaran you are buying has a clear title, including checking for any liens or encumbrances that could affect the new owner. Generally, this process can be relatively straightforward, but it can also be very complex if the vessel is foreign-registered or has multiple owners.

5. Current Vessel Flag & Registration:

If the vessel is currently registered outside the U.S., additional steps are required to de-register the vessel in its current country and re-register it in the U.S. This can involve dealing with both foreign and domestic bureaucracies as well as requiring the translation of documents, which can sometimes add several weeks to the closing timetable. For vessels currently documented with the U.S. Coast Guard (USCG), obtaining an abstract of title is crucial before moving forward with the closing. The abstract of title is instrumental as it reveals any existing liens or confirms a clear title. USCG processing times can range from 3 to 6 weeks, depending on the volume of applications and the completeness of the submitted paperwork. Closing cannot proceed until this document is received and reviewed.

6. Post Survey Inspection and Repairs:

If the surveys or sea trials (conducted prior to acceptance) uncovered issues that needed to be addressed, negotiating repairs or adjustments to the sale price can extend the timeline for the closing. Depending on the severity of the issues and the availability of repair services, as well as any requirements specified by the lender involved, this can add days or weeks to the process.

Role of the Closing Agent

The Closing Agent plays a critical role in ensuring all documentation is in order and the transaction proceeds smoothly. Given the potential complexities and delays, it is realistic to expect the closing agent to need at least 10 business days from the agreed-upon AOV date to finalize everything. This period allows the closing agent to:
Confirm that all documentation, including title transfers and registrations, is complete and accurate.
Verify all financial transactions and ensure funds are properly transferred.
Effect communication with all parties involved—the seller, brokers, financiers, surveyors, and the closing agent.
Being proactive in gathering required documents, staying informed about the progress of each step, and having contingency plans for potential delays will help ensure a smoother transaction.
Address any last-minute issues or discrepancies that may arise.
Setting Realistic Expectations.
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