Setting your brief
Before approaching a broker, a buyer needs a clear brief. This means understanding not just the size of vessel you want, but how you intend to use it — predominantly private use or charter, the primary cruising region, how many guests you typically host, and whether you want a crew-intensive flagship or a more manageable vessel. A clear brief makes every subsequent decision easier and focuses the search effectively.
The most common mistake first-time buyers make is letting the search drift — looking at vessels far outside the original brief because something interesting appears on the market. A good buyer's broker will keep the search focused. Establish your parameters and hold to them.
Choosing a broker
A buyer's broker is your most important appointment in the purchase process. They represent your interests exclusively, have access to both listed and off-market vessels, and manage the survey, negotiation, and closing process on your behalf. Their fee is typically paid by the selling broker from the commission — meaning independent buyer representation costs you nothing directly.
Choose a broker with specific experience in your target size range. A broker who specialises in 25–40 metre production yachts is not the right choice for an 80-metre custom build. The International Yacht Brokers Association and MYBA both maintain directories of qualified member brokers. See our guide to choosing a yacht broker for a detailed framework.
New build vs brokerage
This is the first strategic decision. A brokerage vessel is available now (or within weeks of closing); a new build takes three to seven years. The brokerage market offers immediate availability, known depreciation history, and the ability to inspect before committing. A new build gives you complete control over specification, the latest technology, and — at the top yards — a vessel that reflects exactly what you want.
For most first-time superyacht buyers, brokerage is the right starting point. It allows you to understand what you actually want from ownership before committing to a multi-year new build project. See our new build vs brokerage guide for a detailed comparison.
The search process
Once the brief is established and a broker appointed, the formal search begins. Your broker will present vessels matching your criteria — a combination of publicly listed yachts and off-market opportunities known only through broker networks. Expect to seriously consider three to six vessels before identifying the right one.
For each vessel under serious consideration, request: the full specification sheet, maintenance and refit records, classification survey history, and crew contracts if the vessel comes with crew. Your broker will obtain these from the central agent. Do not proceed to survey without reviewing all documentation.
Making an offer
Offers are made through your broker to the central agent under the MYBA Memorandum of Agreement framework. A deposit of 10% of the offer price is typically required within 3 business days of offer acceptance. The deposit is held in escrow — it is not released to the seller until closing.
The MoA grants you specific rights: a defined survey period (typically 14–21 days), a sea trial, and the right to withdraw within the survey period if the vessel's condition is materially different from its representation. Understand these rights before signing.
Survey and sea trial
Commission a qualified marine surveyor with experience in vessels of your target size and construction type. For a steel superyacht, the surveyor must have specific large-vessel experience — a generalist cannot adequately assess a 70-metre displacement motor yacht. The survey will typically take 3–7 days including a haulout and sea trial.
Survey findings form the basis for price renegotiation. Material defects — structural issues, classification lapses, major mechanical problems — are grounds for renegotiation or withdrawal. Minor defects are normal and expected. See our pre-purchase inspection guide for what a thorough survey should cover.
Closing the deal
Following a satisfactory survey and agreed price, closing involves: confirmation of the final purchase price, transfer of the balance of funds into escrow, execution of the Bill of Sale, and simultaneous release of funds to the seller and transfer of title to the buyer. Registration under the new flag state is handled in parallel.
Ensure you receive at closing: the Bill of Sale, Registration Certificate, Class Certificate, Safety Equipment certificates, and the full inventory. Your lawyer — and you should have a maritime lawyer involved — should review all documents before funds are released. The legal framework for the purchase is covered in our legal guide to buying a superyacht.
The purchase price is the beginning of the financial relationship with a superyacht, not the end. Budget for ownership costs before committing to the purchase.