Glossary
The language of the deal.
Every abbreviation, document, and tool you'll hear on a Monday-morning sales meeting. Bookmark this page your first week.
Documentation
6 terms- Hull Identification NumberHIN
- The unique 12-character serial number stamped on the transom of every boat manufactured after 1972. Required on every PSA. Photograph it on every listing intake.
- USCG DocumentationUSCG Doc
- Federal Coast Guard registration in lieu of (or in addition to) a state title. Required for vessels over 5 net tons that operate in coastwise trade or fisheries. Check active status before listing.
- Purchase & Sale AgreementPSA
- The contract that governs the sale of a vessel. We use the IYBA standard PSA. Effective date drives every downstream deadline (survey, acceptance, closing).
- Bill of SaleBoS
- The instrument that transfers title from seller to buyer at closing. Notarized for documented vessels.
- Exclusions List
- Written list of items physically on the boat at signing that are NOT included in the sale (tender, personal electronics, art, fishing gear). Attached to the listing agreement. Missing exclusions cause closing fights.
- Payoff Letter
- Statement from the seller's lender showing the exact amount required to satisfy the loan as of a specific date. Required before closing on a financed boat.
Deal Flow
7 terms- Sea Trial
- On-water demonstration where the buyer (and usually their surveyor) verifies the vessel performs as represented. Typically follows offer acceptance and precedes the formal survey.
- Acceptance of VesselAoV
- The buyer's written acceptance (or rejection, or conditional acceptance) of the boat following survey and sea trial. The PSA contains a hard deadline for delivering it.
- Escrow
- Neutral third-party account that holds the buyer's deposit and the closing funds. We never accept funds broker-to-broker — always through the closing agent.
- Survey
- Independent inspection of the vessel by a licensed marine surveyor (SAMS or NAMS). Generates the report the buyer relies on to accept or renegotiate.
- SAMS / NAMS
- The two recognized surveyor credentialing bodies: Society of Accredited Marine Surveyors (SAMS) and National Association of Marine Surveyors (NAMS). Insurance and lenders generally require one of the two.
- Co-BrokerageCo-Broke
- A deal where the buyer and seller are represented by different brokers. Commission is split per the listing agreement — defaulting to 50/50 unless stated otherwise.
- Pocket Listing
- An inventory the seller is willing to sell but hasn't formally listed on the MLS. Shared inside HSY only — never forwarded externally.
Industry
4 terms- International Yacht Brokers AssociationIYBA
- Industry trade association that publishes the standard PSA, runs the primary yacht MLS, and sets ethics standards we operate under.
- Palm Beach International Boat ShowPIBS
- Late-March boat show in West Palm Beach. One of the two biggest sales events of our year (alongside FLIBS in October).
- Fort Lauderdale International Boat ShowFLIBS
- October boat show in Fort Lauderdale. The largest in-water boat show in the world.
- Miami International Boat ShowMIBS
- February show in Miami. Kicks off our spring selling season.
Tech / Tools
4 terms- Runnerr
- Our in-house CRM, DMS, and marketing platform. Single source of truth for leads, showings, documents, deals, and automations.
- Boat Wizard / YachtBroker
- MLS / saved-search system used across the industry. Refreshes nightly — open it with coffee.
- ProSeller
- Pricing & comparables tool used to build market analyses (active listings, sold comps, days on market).
- Seakeeper
- Gyroscopic stabilizer system. Common upgrade and a frequent buyer question — know whether each display boat has one.
Compliance
3 terms- Know Your CustomerKYC
- Identity verification we perform on buyers (and sometimes sellers) — government ID, proof of funds, beneficial ownership for LLC purchasers. Required before closing.
- LLC Purchase
- Buyer takes title through a limited liability company instead of personally. Requires the operating agreement, formation documents, and authorized-signer evidence at closing.
- FinCEN Beneficial Ownership
- Federal requirement to disclose the natural persons behind any LLC that holds title to a vessel above certain thresholds. Coordinate with the closing agent on every LLC deal.