Closing, paying off finance and de-registration

At closing the lender is paid, the mortgage is released, the bill of sale is signed, and the registration is cancelled or transferred. Plan each step in order.

Updated 24 Oct 2026 2 min read

Key points

Ask your lender for a payoff letter early. It states the amount and the release procedure.
The buyer's funds go first to the lender, then to you.
Cancel or transfer the registration, and tell the insurer, the marina and the radio authority.

Seller's closing checklist

Payoff letter. Ask the lender for a written statement of the amount owed on the closing date and how it will release the mortgage. See Financing a yacht in Europe: marine mortgages and leasing.
Final inspection. The buyer checks that the boat is as agreed, with the inventory aboard.
Funds. The buyer pays by bank transfer into the account agreed. The deposit holder releases the deposit. See The deposit: how escrow protects you.
Lender paid first. The lender signs the release. The balance goes to you.
Bill of sale. You sign it. It names the buyer, the boat, its hull number, the price and the date. See Closing and handover: bill of sale, payment, documents, keys.
Documents and keys go to the buyer. Keep copies.

De-registration and transfer

What happens to the registration depends on the buyer's flag. If the buyer keeps the same flag, the register records the change of owner. If the buyer re-flags the boat, the old register issues a deletion certificate. Ask the seller's agent to start this early. See Transfer of ownership, flag change and de-registration.

Close your accounts

Cancel or transfer the insurance after the boat leaves your hands. See Marine insurance: cruising limits, agreed value, winter storage.
Tell the marina, end or transfer the berth contract. See Berths in Barcelona and the Med: wet berth, dry stack, renting vs buying a berth concession.
Cancel the radio licence or transfer it, and the beacon registration.
Close service accounts, such as the engine monitoring subscription.

Money and records

Keep the bill of sale, the transfer receipt and the release for several years. Your tax filing may need them. See Listing agreements and the costs of selling. Large payments need traceable transfers, and cash is capped by law. See Proof of funds and anti-money-laundering checks: what to expect.

If something goes wrong

A late payoff letter, a missing release or a registry delay can hold up closing. Ask your broker or lawyer to chase each one, and keep the buyer informed.

Also useful at step 3 Transfer of ownership, flag change and de-registration

General information, not legal, tax or financial advice. Rules change; check your own case with a professional or ask us.