Selling a luxury yacht does not end when the buyer takes possession and you receive the sale proceeds. Questions about ownership, payment, taxes or the vessel’s condition may arise later. A complete closing file can help you respond with accurate information.
Keep these seven records to document what happened at closing:
1. Final signed bill of sale
Keep the final state or Coast Guard bill of sale, including the yacht’s identifying information, purchase price and signatures.
2. Purchase agreement and amendments
Keep the signed agreement, attachments and later written changes involving repairs, delivery, included equipment or closing terms.
3. Tax payments and exemption documents
Save receipts, tax returns and documents showing why an exemption applied. Also keep records showing where delivery occurred or whether another jurisdiction collected tax on the transaction.
4. Registration and ownership documents
Keep copies of any state registration cancellation, Coast Guard filing or other notice showing that ownership changed.
5. Mortgage and lien releases
Save documents showing that recorded ship mortgages, financing liens and known claims were paid and released.
6. Closing and disbursement statement
Keep the final statement showing deposits, commissions, loan payments and other payments made from the sale proceeds.
7. Condition reports and seller disclosures
Save survey reports, maintenance logs, repair invoices and written disclosures provided to the buyer. These materials can show what information was available when the sale closed.
Keep tax records for at least three years after filing and longer when federal or state rules require it. Because deadlines for contract claims vary, confirm the applicable period before discarding the closing file.
Store secure digital copies of signed documents, photos, videos, surveys and repair invoices in case the originals are lost or damaged.
Resolve gaps before closing the file
Review the file for missing signatures, unpaid balances and documents that still require filing. Addressing those issues promptly can make it easier to answer later questions about the sale and reduce the risk of a post-closing dispute.
