Buying a Used Boat in Florida, Part 1: Brokers, Deposits, and Title

The Fort Lauderdale International Boat Show runs October 28 to November 1, 2026, and its organizer calls it the largest in-water boat show in the world. Over the next few months a lot of money will change hands in South Florida for used boats and yachts. Florida law has specific rules for how those deals are supposed to work, and most buyers never read them until something goes wrong.

This is Part 1 of a two-part guide to what the Florida Statutes actually say about buying a used boat. This part covers yacht brokers, where your deposit is supposed to sit, titles, liens, and getting the title into your name. Part 2 covers hull damage disclosure, “as is” sales, and sales tax. Where the statute is silent, we say so. How any of this applies to your deal is a question for a consultation, not a blog post.

Already have a boat deal that went sideways? Start a free case review or call (561) 455-4455.

Who is allowed to broker a yacht sale in Florida

Florida’s Yacht and Ship Brokers’ Act is sections 326.001 through 326.006 of the Florida Statutes. It defines a “broker” as a person who, for or in expectation of compensation, sells, offers, or negotiates to sell; buys, offers, or negotiates to buy; solicits or obtains listings of; or negotiates the purchase, sale, or exchange of yachts for other persons. A “salesperson” is someone employed by a broker to perform any acts of a broker. Fla. Stat. 326.002(1), (3).

The Act’s definition of “yacht” matters. It covers a vessel propelled by sail or machinery in the water that exceeds 32 feet in length and is manufactured or operated primarily for pleasure, or is leased, rented, or chartered to someone else for that person’s pleasure. Fla. Stat. 326.002(4). A vessel that does not exceed 32 feet is outside that definition, and the broker rules below are written for yachts. A smaller boat is outside this Act, not outside contract, fraud, and consumer protection law.

Licensing and the bond behind it

A person may not act as a broker or salesperson unless licensed under the Act. Fla. Stat. 326.004(1). The statute lists exemptions, including a person who sells his or her own yacht and a transaction involving the sale of a new yacht. Fla. Stat. 326.004(3)(a), (d). The “division” that administers the Act is the Division of Florida Condominiums, Timeshares, and Mobile Homes of the Department of Business and Professional Regulation. Fla. Stat. 326.002(2), 326.003(1).

Before a broker’s license issues, the broker must deliver a surety bond or irrevocable letter of credit of $25,000. A salesperson posts $10,000. Fla. Stat. 326.004(7)(a), (9). The statute then says who that bond is for: any person injured by the fraud, deceit, or willful negligence of any broker or salesperson, or by a broker’s or salesperson’s failure to comply with the Act or other law, may file an action for damages upon the respective bonds against the principals and the surety. Fla. Stat. 326.004(11). The surety’s aggregate liability in any one year may not exceed the amount of the bond. Fla. Stat. 326.004(7)(b).

Pro tip: before you sign anything, ask whether the person handling the sale holds a Florida yacht broker or salesperson license, then verify it yourself through the Department of Business and Professional Regulation’s license search.

Dealing with a broker or seller who misrepresented a yacht? Request a free case review.

Where your deposit is supposed to sit

Most yacht buyers have never heard of this section. A broker shall place any funds received pursuant to a transaction into a trust account in a savings and loan association, bank, trust company, or other financial institution located in Florida having a net worth in excess of $5 million, until the broker disburses those funds. A separate record must be kept of all such moneys received and their disposition. Fla. Stat. 326.005(1).

At the closing of a transaction in which title to a yacht is transferred, a broker must give the seller and the purchaser an itemized closing statement that includes the selling price and all charges and credits, a description of any yachts exchanged, and the amount of any consideration. If the transaction closes through escrow and the escrow holder renders a closing statement revealing that information, that is deemed compliance by the broker. Fla. Stat. 326.005(2).

A broker who intentionally fails to comply with the trust account requirements commits a felony of the third degree, and the failure to establish a trust account or to place funds in it is prima facie evidence of an intentional and purposeful violation. Fla. Stat. 326.005(3).

What the trust account statute does not say

Section 326.005 is addressed to a “broker.” The Act defines that word by what a person does for or in expectation of compensation, not by whether the person holds a license, and the Division may institute enforcement proceedings against any unlicensed person. Fla. Stat. 326.002(1), 326.006(2)(d). The Act contains no separate category called “sales agent” or “dealer.” Whether the particular person who took your money meets the definition is a question of fact. The section also does not say when, or how, a deposit must be returned if a sale never closes. Those answers depend on your contract and your facts.

Paid a deposit and have neither the boat nor your money? Tell us what happened. The review is free and there is no obligation.

Grounds for discipline that double as warning signs

The Division may suspend or revoke a broker’s or salesperson’s license for, among other things: a substantial and intentional misrepresentation in a yacht transaction upon which any person relied; a false warranty of a character likely to influence, persuade, or induce; continued misrepresentation or false warranties in yacht transactions, whether or not relied upon; acting for both the buyer and the seller without the knowledge and written consent of both; commingling the principal’s money or property with the broker’s own; and fraud or dishonest acts in the conduct of any yacht transaction. Fla. Stat. 326.006(2)(e)1. through 6.

The Division may also impose a civil penalty of up to $10,000 per offense against a broker, salesperson, or unlicensed person, and may bring an action in circuit court on behalf of a class of yacht or ship purchasers for declaratory relief, injunctive relief, or restitution. Fla. Stat. 326.006(2)(d)3., 4. That is a regulatory remedy. It is separate from whatever claims you may have on your own.

Title: what the paper proves and what it does not

Florida’s vessel titling law is Part I of Chapter 328. Each vessel that is operated, used, or stored on the waters of this state must be titled by Florida, and the owner of a vessel for which Florida is the state of principal use must deliver a title application not later than 30 days after the later of the date of a transfer of ownership or the date Florida becomes the state of principal use. Fla. Stat. 328.03(1). The statute lists exceptions, including a documented vessel (one with a federal certificate of documentation) and a vessel held by a dealer for sale. Fla. Stat. 328.03(2)(a), (e).

A certificate of title is prima facie evidence of the accuracy of the information in the record that constitutes the certificate and of the ownership of the vessel. Fla. Stat. 328.03(5). That is strong, but it is not the whole story.

The clean title trap

Two sentences in Chapter 328 matter here. First: possession of a certificate of title does not by itself provide a right to obtain possession of a vessel. Second: absence of an indication of a statutory or common-law lien on a certificate does not invalidate the lien. Fla. Stat. 328.065. A title with no lien noted on it does not mean nobody has a claim against the boat. We cover how liens against vessels are enforced in our post on maritime liens and vessel arrest in Florida.

Financing liens work differently. With exceptions the statute lists, a security interest in a vessel may be perfected only by delivering to the Department of Highway Safety and Motor Vehicles an application for a certificate of title that identifies the secured party, or an application to add the security interest to an existing certificate. Fla. Stat. 328.12(1), (3). The Department’s files must be searchable by hull identification number, vessel number, and owner of record, and must contain all title brands known to the Department, the name of each known secured party, the name of each person known to be claiming an ownership interest, and all stolen property reports received. Fla. Stat. 328.055(2), (3).

The statute also protects certain buyers. If, while a security interest is perfected, the Department creates a certificate of title that does not indicate the vessel is subject to the security interest and does not contain a statement that it may be subject to security interests not indicated on the certificate, a buyer of the vessel, other than a person in the business of selling or leasing vessels of that kind, takes free of the security interest if the buyer, acting in good faith and without knowledge of the security interest, gives value and receives possession of the vessel. Fla. Stat. 328.145(2)(a). Read the certificate for that “may be subject to” language. If it is there, this protection is not. “Good faith” is defined as honesty in fact and the observance of reasonable commercial standards of fair dealing. Fla. Stat. 328.0015(1)(m).

Pro tip: run the hull identification number through the Department’s records before the deposit, not after. The statute ties your protection to what you knew, what you paid, and whether you took possession.

Getting the title into your name

On a voluntary transfer of an ownership interest in a vessel covered by a certificate of title: if the certificate is a written certificate and the transferor’s interest is noted on it, the transferor shall promptly sign the certificate and deliver it to the transferee; if the certificate is electronic, the transferor shall promptly sign and deliver to the transferee a record evidencing the transfer of ownership. The transferee has a right enforceable by specific performance to require the transferor to comply. Fla. Stat. 328.22(1)(a) through (c).

A failure to comply does not render the transfer ineffective between the parties, but, with exceptions the statute lists, a transfer without compliance is not effective against another person claiming an interest in the vessel. Fla. Stat. 328.22(3). Except as otherwise provided in the chapter, a person who purports to sell or transfer a vessel for which a certificate of title is required without delivering a duly assigned certificate of title to the purchaser commits a misdemeanor. Fla. Stat. 328.21(1).

Seller will not sign over the title or a lien surfaced after closing? Start with a free case review.

The Part 1 checklist

Before the deposit leaves your account:

• Confirm whether the boat is a “yacht” under Fla. Stat. 326.002(4), because that decides whether the broker rules apply.
• If it is a yacht, verify the broker’s or salesperson’s license and ask where your deposit will be held. The statute says a Florida trust account. Fla. Stat. 326.005(1).
• Search the Department’s title records by hull identification number. The Department must keep them searchable that way and must record secured parties, title brands, ownership claims, and stolen reports. Fla. Stat. 328.055.
• Make sure the title is signed and delivered at closing, and that an itemized closing statement is provided if a broker is involved. Fla. Stat. 328.22(1), 326.005(2).

Continue to Part 2: hull damage, “as is” sales, and sales tax. Our firm handles contract, fraud, and maritime disputes for boat owners across South Florida. Learn more on our maritime law and business litigation pages, or start a free case review today.

Frequently Asked Questions

This article describes Florida statutory text as of October 2026 and is general information, not legal advice. Statutes change and how they apply depends on the facts. For advice about your situation, contact Ludwin Law Group.