Boat escrow services in Annapolis, MD
Neutral third-party escrow for private boat sales and brokered yacht deals: the buyer’s money and the seller’s boat change hands only when every condition of the sale is met. Serving the East Coast.
Nobody has to trust a stranger with the money
A boat sale between two people who have never met comes down to one question: who goes first? The buyer does not want to wire a large sum to someone they found online. The seller does not want to sign over a title before the money has cleared.
Escrow removes the question. The buyer’s funds are held by a neutral third party while ownership is verified, liens are cleared and the documents are signed. When everything is complete, the money goes to the seller — and to any lender that has to be paid off — and the boat goes to the buyer.
Protecting buyers. Protecting sellers. Closing with confidence.
Who does what: escrow funds are held by Final Approach Law. Processing and closing are handled by Chesapeake Yacht Services, a bonded Maryland boat dealer. (Maryland DNR dealer license no. 68117)
Funds held in escrow are disbursed only in accordance with the executed closing and escrow agreement and the written instructions of the parties. Deposits are applied or returned according to the purchase and sale agreement.
Start a closingEscrow, step by step
The same order on every deal. You can follow each step on the Closing Status page.
Agreement
Buyer and seller sign the purchase and sale agreement and the closing and escrow agreement.
Funds to escrow
The buyer sends the purchase funds — or the deposit, on a brokered deal — to escrow. Never to the seller.
Ownership and liens
We check the vessel’s USCG documentation or state title against the seller’s identification, run the lien search, and obtain a payoff letter from every lienholder.
Acceptance
The survey is completed or waived, contingencies are cleared, and the buyer’s acceptance is signed.
Closing documents
Closing statement, bill of sale and the state or Coast Guard transfer documents are signed.
Disbursement
Any loan on the boat is paid directly to the lender, the balance is paid to the seller, and the transfer is filed. The buyer takes the boat free and clear.
The three ways a private boat deal goes wrong
Wiring money to a stranger
A wire to a private seller is unrecoverable if the boat has a lien, if the seller is not the owner, or if the seller simply does not deliver. Wire it to escrow instead.
A boat that still has a loan on it
The most common reason people come to us. The lender is paid directly from escrow at closing, the lien is released, and clear title passes to the buyer. The seller receives the balance.
A seller who is not the owner
Ownership is checked against the documentation or state title and matched to the seller’s identification, and a warranty of title is signed before closing. If the names do not match, the closing does not proceed until they do.
Deposits and escrow for brokerages
A buyer’s deposit can be held in escrow under the purchase and sale agreement and either applied at closing or returned according to the contract’s terms. Purchase funds are held the same way, so neither side of the transaction holds the other side’s money.
Your client. Your commission. Our closing expertise.
Fees
Every deal is different — private or brokered, a lien to pay off or not, USCG-documented or state-titled. Call or text (410) 310-7366 or email closings@closemyboat.com with the basics and we will quote it. There is no charge to ask.
Start a closingEscrow questions
Do I need an escrow service when buying a boat?
It is not required by law, but it is how you avoid wiring a large sum to a stranger on a promise. For any private sale, and for any deal where the seller still owes money on the boat, escrow is the safe way to close.
How does escrow work?
A neutral third party holds the buyer’s funds while the conditions of the sale are met — ownership verified, liens cleared, documents signed. When everything is complete, the funds are disbursed to the seller (and any lienholder) and the boat is transferred to the buyer.
How does escrow work when buying or selling a boat?
Once you have a signed agreement, the buyer sends the funds to escrow. We verify ownership and liens, coordinate the survey and any contingencies, and prepare the closing documents. At closing the documents are signed, any loan on the boat is paid off from escrow, the balance goes to the seller, and the registration or documentation is transferred to the buyer.
Should I wire money directly to a private seller?
No. Wire it to escrow instead. A wire to a private seller is unrecoverable if the boat has a lien, if the seller is not the owner, or if the seller simply does not deliver.
Can I buy a boat that has a loan on it?
Yes, as long as the loan is paid off at closing. We coordinate the payoff from escrow so the lien is released and you take the boat free and clear.
I need a third party to hold escrow funds for a marine transaction
That is our core service. Funds are held in escrow and released only when every condition of the sale is met. Call or text (410) 310-7366, email closings@closemyboat.com, or start the intake form.
Who can hold escrow for my yacht brokerage?
We coordinate escrow for brokered deals so the buyer’s deposit and purchase funds are held by a neutral party rather than by either side of the transaction.
Can third party hold a buyers boat deposit?
Yes. A buyer’s deposit can be held in escrow under the purchase and sale agreement and either applied at closing or returned according to the contract’s terms.
More on the FAQ page — 31 questions, answered.
Every closing uses all three
Documentation services
Bill of sale, title and lien search, lien release, and the USCG or state transfer paperwork — prepared, reviewed and filed.
Documentation servicesClosing coordination
One team runs the 23-item closing checklist and keeps buyer, seller, brokers and lender moving to a completed transfer.
Closing coordination