Snug Harbor
Veteran Member
Did the broker use the YBAA (Yacht Brokers Association of America) purchase and sales agreement? Hopefully the broker is a member and used the standard contract. If so, you are entitled to a full refund of your deposit minus any expenses incurred on your behalf. You would have had to approve such an expense (haul-out for example). There is an "Acceptance of Vessel" date, if you haven't accepted the boat in writing by that date then you have rejected the boat and the deposit comes back to you. No reason required for not accepting the boat.
That all assumes use of the YBAA document of course, a good argument for always using a YBAA member brokerage because their forms are standardized. The brokerage should have a dedicated escrow account for holding deposits. In over 25 years in the business, nobody has ever requested a 3rd party hold the deposit.
That all assumes use of the YBAA document of course, a good argument for always using a YBAA member brokerage because their forms are standardized. The brokerage should have a dedicated escrow account for holding deposits. In over 25 years in the business, nobody has ever requested a 3rd party hold the deposit.