Glad it was helpful!

@ByronPrice-bb5do, thanks for your question and welcome to the industry. Yes, it's normal for yacht deals to use an escrow account, and it's the recommended practice. Escrow services in yacht transactions help protect both the buyer and the seller by acting as a neutral third party. Here are some of the key benefits: 1. Protection of Funds: The buyer deposits the purchase funds into the escrow account, ensuring the seller that the money is available without the buyer handing it over directly before receiving the yacht. 2. Title Transfer Assurance: Escrow ensures that the transfer of ownership (title) happens correctly. The seller gets paid only after the title and all necessary documents are confirmed. 3. Inspection and Sea Trials: Escrow allows time for the buyer to conduct surveys, sea trials, and inspections before finalizing the deal. If issues arise, they can be addressed before the funds are released. 4. Security: Both parties have peace of mind knowing that the transaction is being handled securely, reducing the risk of fraud or disputes. Some reasons someone might decide NOT to use an escrow service include: - Trust between parties: If the buyer and seller already have a long-standing relationship or trust each other, they might decide to bypass using an escrow service. - Cost: Escrow services may have fees, so some might avoid them to save money, although the potential risks can far outweigh the savings. - Small deals: For smaller yacht transactions, some may feel that an escrow account is unnecessary. However, skipping escrow adds significant risks, including potential fraud, disputes over ownership transfer, or complications during the inspection period, so every deal we broker includes our escrow service. Hope this helps!