What Happens After You Accept an Offer

Introduction

Accepting an offer on your boat feels like the finish line — but it's actually closer to the halfway point. Between accepting an offer and receiving the final payment, there are several important steps involving a written agreement, an independent survey, a sea trial, and a formal closing process. Understanding what happens at each stage — and what can go wrong — helps sellers navigate the process confidently and protects both parties.

Step 1: The Purchase and Sale Agreement (PSA)

Once you and the buyer have verbally agreed on a price, the agreement must be put in writing before it has any legal force. The Purchase and Sale Agreement (PSA) — also called a Memorandum of Agreement (MOA) in some markets — is the formal contract between buyer and seller. It specifies:

The agreed purchase price
What is included in the sale (equipment list)
The deposit amount and where it is held (escrow)
The deadline for completing the survey and sea trial
The conditions under which the buyer can withdraw and recover their deposit
The deadline for final payment and completion

This document protects both parties. The buyer is protected because they can withdraw (and recover their deposit) if the survey reveals serious issues. The seller is protected because if the buyer withdraws without cause — or simply changes their mind — the deposit may be forfeited.

Your broker will prepare the PSA using a standard industry form (such as the YBAA or ABYA forms) and both parties sign before the deposit is paid.

Step 2: The Deposit Into Escrow

Once the PSA is signed, the buyer pays the deposit — typically 10% of the agreed purchase price. This is held in an escrow account: a segregated account controlled by the broker, not by either party. The deposit cannot be released to you (the seller) until the transaction closes successfully, and cannot be returned to the buyer without cause under the PSA terms.

The escrow deposit signals that the buyer is committed and serious. If they walk away without valid grounds (i.e., the survey comes back clean and they simply change their mind), the deposit is typically forfeited — and forms part of your compensation for taking the boat off the market during the survey period.

On our platform, the broker manages the communication and coordination through the entire post-offer process, keeping both parties informed at each stage. Your broker team has access to the full conversation thread and can post internal notes to coordinate without the buyer seeing your internal discussions.

Step 3: Arranging the Marine Survey

After the deposit is paid, the buyer arranges their independent marine survey. This is the buyer's responsibility and expense — you do not choose or commission the surveyor. Your role as the seller is to:

Arrange the haul-out — Agree with the buyer on a boatyard where the hull can be inspected out of the water. If you have a preferred yard, suggest it, but the buyer has the right to choose their yard. Coordinate access and timing with the boatyard.
Have the boat accessible and ready — All lockers and compartments accessible, no items blocking the surveyor's access to the bilge, engine bay, or structural areas.
Be available to answer questions — The surveyor may contact you or your broker to ask about specific items or history. Answer honestly and promptly.
Not be present during the survey — In most cases it is better for the seller to step back and let the surveyor work independently. Your broker can be present if needed.

The typical timeline from deposit to completed survey is 7–14 days. This window is usually specified in the PSA.

Step 4: The Sea Trial

The sea trial usually takes place on the same day as or the day after the survey. For the sea trial:

Ensure the boat is fuelled and the engine has been started and is warmed up.
Have the boat ready to leave the berth at the agreed time — delays waste the buyer's (and surveyor's) time.
The buyer, often with their surveyor, will conduct the trial. You or your captain may operate the boat or the buyer may take the helm — agree this in advance.
Be honest if asked about any handling quirks — a buyer who discovers at sea that the boat tracks badly in reverse, for example, will be more alarmed than if you mentioned it upfront.

Step 5: The Survey Report and Renegotiation

Once the survey is complete, the buyer receives a written report from their surveyor. Almost every used boat survey finds something — this is normal and expected. The question is what the findings are, and how material they are.

The buyer's surveyor will typically classify findings into:

Urgent / Category 1 — Safety-critical issues requiring immediate attention
Significant / Category 2 — Structural or mechanical defects that need addressing
Maintenance / Advisory — Items to be addressed in the normal course of maintenance

Based on the report, the buyer has three options:

Accept the boat at the agreed price — If findings are minor and the price already reflects condition, the buyer may proceed without further negotiation.
Request a price reduction — The most common outcome. The buyer presents the survey and requests that the price be reduced by an amount that reflects the cost of significant findings. Approach this as a business discussion: get quotes for the work identified, and negotiate on the basis of factual cost evidence.
Withdraw from the purchase — If the survey reveals serious structural or safety issues, the buyer can withdraw under the terms of the PSA and recover their deposit in full. This is relatively rare on well-presented boats that have been honestly listed.

Responding to a Renegotiation Request

Expect some renegotiation — it is a normal part of the process. How you respond depends on:

The severity of the findings — Urgent, safety-critical items are harder to resist. Advisory items from a long list should not each be individually priced against you.
The market position of your price — If you priced the boat correctly and competitively, there may be less room to move. If you priced slightly high with room built in, this is where that room is used.
Your motivation to sell — How important is it to close this deal now vs. returning to market?

Your broker will manage this negotiation on your behalf, communicating with the buyer's broker (if they have one) or the buyer directly. Keep emotions out of it — a surveyor's job is to find problems, and what they find is not a personal criticism of how you cared for the boat.

Step 6: Closing — Final Payment and Documentation

Once both parties agree on the final price, the transaction moves to closing:

Final Payment

The buyer pays the balance of the purchase price — the agreed total minus the deposit already held in escrow. Payment is typically by bank transfer (SWIFT/CHAPS for international transactions). For large transactions, allow 1–3 business days for funds to clear.

Never release the boat or hand over documentation until the funds have cleared in the escrow or your account. This is a firm rule — no exceptions.

Bill of Sale

A Bill of Sale documents the transfer of ownership. It should include:

Full name and address of seller and buyer
Complete vessel description (make, model, year, LOA, hull identification number / HIN)
Agreed sale price and currency
Statement that the vessel is sold free of encumbrances (no outstanding finance)
Signatures of both parties, dated

Your broker will prepare this document. On our platform, contracts including the Bill of Sale can be signed electronically — our digital signing system supports multiple parties and generates a legally valid signed PDF automatically, eliminating the need for couriered documents and in-person signing. Each party receives their signing invitation by email and can review and sign from any device.

Title Transfer Documents

Provide the buyer with:

The original registration certificate (or a deletion certificate if the buyer is re-registering in a new jurisdiction)
VAT documentation
All service records, manuals, and documentation agreed in the PSA
Spare parts and equipment included in the sale
Keys, codes, and access credentials for all onboard systems

Outstanding Finance

If there is any outstanding marine mortgage or finance on the vessel, this must be settled at or before closing. Your lender must issue a release letter (sometimes called a discharge of mortgage) confirming that the charge is removed. You cannot transfer clear title to a buyer while finance remains registered against the vessel. Coordinate this with your lender and broker well in advance of the closing date.

Step 7: Handover

A professional handover makes a good final impression and reduces the chance of post-sale disputes. At handover:

Walk the buyer through all onboard systems — engine controls, electronics, heads, seacocks, safety equipment locations.
Demonstrate anything that has a quirk or is not immediately obvious.
Hand over all physical keys, codes, and fobs.
Confirm that all agreed inventory is aboard.
Note the engine hours at handover (take a photo).
Agree on who is responsible for marina fees up to and including the handover date.

After Closing

Cancel your insurance — Notify your insurer that the boat has been sold and request a pro-rata refund if applicable.
Cancel your marina berth — Give the required notice period to your marina to avoid unnecessary fees.
Notify the registration authority — Report the change of ownership to the relevant registry so the records are updated promptly.
Cancel any direct debits or standing orders — Marina fees, maintenance contracts, subscription services for chart updates, etc.
De-register the EPIRB and MMSI — Notify the relevant authorities (e.g., JRCC / MCA in the UK; FCC in the US) that the vessel has changed ownership, so emergency services databases are updated.

Timeline Summary

Offer accepted → PSA signed and deposit in escrow: 1–3 days
Survey and sea trial completed: 7–14 days
Survey renegotiation (if any): 2–5 days
Final payment cleared and closing documents signed: 3–7 days
Physical handover: same day or agreed date
Total post-offer to completion: approximately 2–5 weeks