how does yacht brokerage work

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What A Yacht Broker Can Do For You

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Especially when buying or selling a large boat, the right broker can reduce stress and make the transaction go smoothly and painlessly.

A broker can take the complications out of buying or selling your next boat. (Photo: Michael Vatalaro)

When BoatUS member David Issacson bought his first boat 26 years ago, he searched the newspaper classifieds in the morning (remember those?), located a couple of candidates before noon, and by 3 p.m. wrote the seller a check for $1,000 for a 17-foot boat he took fishing that day. "It was so simple then," he says. "Pretty much like buying a cheap used car. I don't even think I got a bill of sale. It was all done with a handshake." Now that he's retiring, he's looking for his fourth boat, which he says will be much bigger, probably in the 42- to 45-foot range. "I have no idea what it's going to take now. I've never had a boat that was documented or had a loan on it. I don't even think they have classifieds in the paper anymore, and I'm not sure what the process is these days."

Issacson is exactly the type of person who could benefit from using a boat broker. Boat brokers are similar to real-estate agents, but with important differences: They're far less regulated, and their commission is 10 percent rather than six percent. Unlike realtors who must take classes, sit for an exam, and be licensed in every state, only boat brokers in Florida and California have to be licensed and only California requires an exam. In most other states, anyone can call themselves a boat broker. And while all brokers have certain legal responsibilities to their clients, selecting one should be done carefully. Ask around at your marina or boatyard and get referrals from others who have used a broker before. Talk to two or three and get a feel for them, just as you would with a real estate agent. One way to increase your chances of finding the right broker is to look for a Certified Professional Yacht Broker (CPYB). These brokers are members of the Yacht Brokers Association of America (YBAA), have taken a comprehensive exam, have pledged to abide by a code of ethics, and will work with the BoatUS Dispute Mediation Program (see links in sidebar).

If You're Selling

There are several advantages to using a broker, the biggest of which is exposure. Plastering "For Sale" signs in yacht clubs and marinas can't equal the power of a broker's listing, especially with larger boats that have a smaller pool of buyers who may not even be in the same state. Brokers typically list boats through websites such as Yachtworld, which is easily searchable by anyone, anywhere in the world. Only brokers can list boats on the site, which functions much like the Multiple Listing Service for real estate agents.

Here's How A Broker Can Help

If you're the seller, a broker will:.

• Advertise your boat. Brokers should list your boat on Yachtworld and advertise in other places where appropriate. Find out what their marketing plan is and get it in writing.
• Price your boat realistically. Brokers have access to recent sale prices and know a good starting point.
• Prescreen responses to advertising. This will avoid most tire kickers.
• Show your boat to prospective buyers. This will save you from wasting time with buyers who don't show up.
• Communicate all offers from potential buyers to you.
• Negotiate the selling price. This is where brokers can really earn their money.
• Draw up sales agreements and accept deposits. Many brokers can do this electronically over computers, tablets, and even smartphones.
• Arrange for sea trials and schedule surveys.
• Coordinate closing.
• Transfer funds to you. Now you can start shopping for your next boat.

Correctly pricing a boat is critical to getting it sold, and an experienced broker has a very good idea of what a boat will sell for and can price it accordingly. Brokers typically have access to what similar boats have sold for in the local area and they'll prepare a listing based on the kind of boat and type of buyers expected. They'll take photos, write an enticing description, and recommend things to improve the look and marketability of your boat. Brokers can also help you navigate some of the more confusing aspects of selling such as corporate ownership, loan payoffs, bills of sale, and other documents needed for transferring ownership. Aside from listing and advertising the boat, their most important job is helping move the process along once a buyer is found. Brokers can also help a buyer obtain financing and assist with changing the USCG documentation. While the 10-percent commission is usually not negotiable, brokers will sometimes discount it for a sale that might be falling apart because of a survey report or other defects found on a boat. The different listing contracts used by brokers can be confusing, but they're not complicated once you understand the two main types, a central agency agreement and an open listing agreement.

A central agency agreement (sometimes called an exclusive listing) means you've hired a specific broker to sell your boat. With this type of agreement, the broker typically lists your boat on Yachtworld and — this is important — is obligated to sell it through a co-brokerage arrangement. Co-brokerage means that if another broker finds a buyer for your boat, your broker agrees to split the commission with him. This incentive to help each other is why about 70 percent of all brokerage sales are co-brokered. Keep in mind, though, with this type of agreement, even if you bring in the seller or end up donating your boat, you'll still be liable for the broker's commission. The majority of brokerage sales are central agency agreements.

An open listing agreement means you've given more than one broker the right to sell your boat and you also retain the right to sell it on your own. The disadvantage is that because no broker is guaranteed at least a part of the commission, it's not very likely any of them will spend the money to list your boat on Yachtworld or pay for other advertising. There can also be confused communications between multiple brokers and potential buyers. On the other hand, a hungry broker may be more motivated to bring you a buyer because he would get the entire commission. With this type of agreement, if you find your own buyer, you don't owe anyone a commission. For either type, don't be pressured into signing for a longer term than you're comfortable with. Six months is typical, but don't be afraid to ask for less, though a broker typically needs at least a couple of months to generate interest. Usually, you can walk away from any contract after giving 30 days notice. Most agreements automatically renew, so give notice before that if you want to cancel. No matter what kind of listing, ask for biweekly progress reports.

Selling It Yourself

For Sale By Ow ner (FSBO) certainly sounds attractive. Not only do you pocket 10 percent more than if you used a broker, but you're in charge of the whole process. Selling it yourself has drawbacks, however. You won't be able to get the same kind of national exposure a broker can, and you'll be responsible for keeping the boat in top condition and available for showing. And, because most boat shopping occurs on weekends, expect to be tied down during your time off. Finally, like many others, you may simply dislike negotiating. But if you want to save some serious money, BoatUS can help. Our thousands of online classified listings are viewable by anyone, anywhere in the world, and we offer an escrow service that takes the anxiety out of the financial part of the transaction. We also offer members full documentation service, boat financing, comprehensive insurance, and on-water and roadside towing coverage.

If You're Buying

While owners may find the process of selling to be an anxious one, buyers are looking for their next dream boat and are likely to be enjoying looking around, trying to find the perfect fit. But buyers tend to get apprehensive once it comes to plunking down hard cash. This is where a broker can make the process less stressful. Brokers should have a separate bank account for holding deposits and there should be wording in the contract specifying what the sale is contingent upon as well as how and when the money will be returned if the sale falls through.

It's important to remember that the broker in a typical sale is getting paid by and working only for the seller, not the buyer. A broker will try to get the highest possible price (that's what his commission is paid from) and will try to sell his client's boat even if it's not necessarily the best deal for you. You're on your own with negotiations and paperwork advice. You can, however, enter into an agreement with a broker through a buyer's broker arrangement. A buyer's broker will represent you, not the seller. Once they know what you're looking for, they can scour their sources and suggest likely boats for you to view, assist in negotiating a price, and help with the paperwork. Typically, a buyer's broker gets a commission split from the seller's broker so there's no cost to you, but read the agreement before signing.

When it's time to seriously consider a boat, it will need to be hauled out and surveyed — something that's usually paid for by the buyer, though as with anything in a sale, that's negotiable. Never use a surveyor recommended by the broker or seller; it's critical to hire an independent, qualified surveyor (see links, below) who has no stake in the outcome. Not only will the survey uncover needed repairs and deficiencies, it will also establish a fair market value, all of which can be used for negotiations. It will almost certainly be needed for financing and insurance as well.

Useful Links

• Finding a Certified Professional Yacht Broker
• Find a Marine Surveyor
• BoatUS USCG Documentation Service
• BoatUS Financing
• BoatUS Insurance
• Find out if a Florida Broker is licensed

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Charles Fort

Contributing Editor, BoatUS Magazine

Charles Fort is BoatUS Magazine's West Coast Editor. He often writes local news items for BoatUS Magazine's Waypoints column and contributes to Reports, in-depth tech features in every issue written to help readers avoid accidental damage to their boats. He is a member of the National Association of Marine Surveyors, he's on ABYC tech committees, and has a 100-ton U.S. Coast Guard license. He lives in California.

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• Buying and Selling Boats
• What Is A Yacht Broker And How Do You Use One?

What Is a Yacht Broker and How Do You Use One?

A yacht broker is a trained professional, sometimes licensed, who is capable of helping sellers and buyers of yachts and boats with information, advice, and transaction management. But what exactly does a yacht broker do? Do you need one to buy or sell a boat? And is it usually worth hiring one?

Yacht Broker Basics

You can think of a yacht broker as similar to a real estate agent. This individual is usually professionally trained and highly knowledgeable about the dynamics of buying and selling yachts and boats, and their whole job is facilitating smoother, more mutually favourable boat transactions.

A yacht broker can help you with:

• Listing your boat for sale. If you're not familiar with the ropes of selling a boat, you might not know where to list it, how to list it, or how to market it in a way that makes it appealing to potential buyers. A boat broker can take care of almost all of this on your behalf, making your life much easier.
• Finding you a boat. Boat brokers can also represent you as a buyer, helping you find the right boat for your needs. If you've started browsing the markets and you're having trouble finding what you're looking for, a broker could be a huge advantage.
• Fielding and evaluating enquiries from buyers. As you're selling a boat, your broker will take care of fielding and evaluating enquiries from buyers. They can filter out the tire-kickers, answer questions from legitimate buyers, provide tours, and move the process forward.
• Negotiating. Brokers are excellent negotiators. If you hire a boat broker on your behalf, they'll be your emissary in negotiations, pushing for a price that works in your favour. Sellers try to sell the boat for as much as possible, while buyers push for lower prices.
• Facilitating transactions. Yacht brokers are also beneficial for facilitating transactions. They've overseen hundreds of boat transactions already, so they're prepared for virtually any challenges that arise when trying to finalise the deal.
• Attending inspections. Your broker may attend inspections, making sure that everything is done above board.
• Attending delivery. Your broker may also attend delivery, making sure that the transaction is finalised successfully.

Typically, the yacht broker is paid a commission, as agreed by the seller.

You can hire a yacht broker to help you sell or buy a vessel. Accordingly, there may be a seller’s broker and a buyer’s broker present during a transaction. Buyers are typically not responsible for paying a broker commission; instead, like in real estate, the selling broker usually splits the commission with the buying broker.

The Benefits of Using a Broker

What are the benefits of using a yacht broker?

• Expert advice. Many people choose to work with a boat broker so they can get access to expert advice. Even if you're a seasoned boat owner, there are nuances to buying and selling boats that you may not be aware of.
• Pricing guidance. Choosing a list price for your boat can be a massive headache; if you sell for too low, you could end up losing money, but if you sell for too high, it might take you too long to sell the vessel. A broker can give you expert pricing guidance so you list it for the perfect price for your needs.
• Better marketing. Yacht brokers are excellent marketers and advertisers. With their help, you can make your boat available to more people and sell your boat faster.
• Easy negotiations. Negotiating can be difficult , but you won't have to deal with it if you hire a broker. They'll take care of just about everything on your behalf; all you need to do is sign off on the final number.
• Higher sale prices. Often, brokers are able to help sellers fetch a higher sale price for their boat. In other words, they can more than pay for themselves.
• Smoother final transactions. Occasionally, last-minute wrinkles can jeopardise the success of a boat transaction. Brokers can mitigate this possibility and facilitate smoother final transactions.
• Peace of mind. Hiring a broker gives you more peace of mind that you’re handling this transaction appropriately.

Is a Broker Worth It?

Brokers can charge a commission in different ways. Sometimes, brokers charge a fixed commission. But more commonly, they charge a percent – usually, 10 percent of the purchase price in the USA, possibly a little lower in other parts of the world.

So, is a broker worth it? That partially depends on your goals and motivations, but in many cases, hiring a broker is more than worth it. They often pay for themselves by helping you get a higher sale price for your vessel, and they'll certainly make your life easier in the process.

How to Find a Broker

If you’re in the market for a broker, take advantage of our yacht broker directory . There, you can specifically look for brokers in your country or region, evaluate individual brokers, and choose the best fit for your needs.

You may also be able to find a broker by networking with other boat enthusiasts in your area. Chances are, if you have many contacts at the marina, someone you know already knows a reliable yacht broker.

Do You Really Need a Broker?

Is a broker truly necessary to buy or sell a yacht? The short answer is no. While brokers can provide you with a great deal of advantages and increase the convenience of buying or selling a vessel, we’re obligated to point out that selling or buying a boat totally on your own is possible. You'll just need to do more research and work on your own to do it – and you may end up seeing inferior results.

Regardless of whether or not you choose to work with a boat broker, TheYachtMarket is your home for everything boating. Browse our selection of new and used boats for sale , or list yours for sale today !

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What Does A Yacht Broker Do?

By Robert Bowman | Posted On Jun 07, 2022 Updated On Apr 16, 2024

Whether you are in the market to purchase a boat or sell your yacht , choosing a professional, experienced yacht broker can not only alleviate stress during the process, but also save you time and money . A yacht broker, similar to a real estate agent, is someone who works on your behalf during the selling or buying process of a luxury boat, negotiating on your behalf, and ensures the entire transaction is completed smoothly. While a yacht broker might be thought of as the "middle man" in the transaction, a good agent will provide an exceptional amount of value throughout the experience.

Take a stroll around any major boat show and it becomes apparent that there are thousands of yacht brokers from all over the world, all with varying degrees of experience, distinctive areas of focus, and with uncertain levels of support from the brokerage firm they represent. United Yacht Sales has more than 250 yacht brokers on our team alone that are all over the world. So how do you pick the right one for you? And if you know a broker already, is he or she the right one for your specific situation? Choosing the wrong broker can result in missing out on the perfect boat or prolonging the sale of your current one, both devaluing the final sale price and costing you more in maintenance. Hiring a reputable, knowledgeable broker can make a world of difference in your experience and how successful your search for a buyer or seller becomes.

At United Yacht Sales, we will match you up with the perfect yacht broker near you that specializes in selling your type of vessel. We have a phenomenal sales record of nearly 8,000 sold vessels and a robust database to help you find the right boat or the right buyer quickly. If you want to be connected with a professional broker right now, please call our main office at 1-772-463-3131 and we will find the right fit for your boat.

We have compiled a list of 8 questions to ask when choosing a yacht broker:

1.) Ask The Broker For Examples Of Similar Boats They Have Sold And Referrals

(Seen above: Broker Mordy Miltz had a successful day fishing with one of his longtime customers.)

"I've found that I often become friends with my clients after working on multiple transactions with them," says Mordy Miltz , a broker with UYS in both Florida and the Northeast. "When you spend hours with a client, looking at boats, working with them on the best scenario, you develop a level of trust and understanding with each other. That client knows that I am going to put them first and work as hard as I can to make sure they have a positive experience."

"Whether a potential client is interested in buying or selling a sportfish or a motor yacht, I have a list of referrals I can give them," he continued.

Don't be shy about asking for a broker's history. A reputable broker that has experience with a lot of different clients will undoubtedly have some testimonials or referrals to provide.

2.) Is The Broker Affiliated With Any Professional Organizations Or Have a CPYB Certification?

There are several organizations that exist in the yachting industry that don't necessarily guarantee you a successful selling experience, but they do require a particular level of ethical adherence to be members. The Certified Professional Yacht Broker program, also known as the CPYB program, requires thorough training of the broker and sets a benchmark of ethical standards. "A Certified Professional Yacht Broker (CPYB) is recognized as having achieved the highest level of industry accreditation, available to qualified yacht sales professionals," says a mission statement on their website.

Other regional organizations in the industry offer similar training, ongoing education, code of ethics, and support system. The International Yacht Brokers Association ( IYBA ) has grown substantially in membership as brokers all over the country join to have access to their MLS system and online tools. The Yacht Brokers Association of America ( YBAA ) is similar in its standards and holds its members accountable. Ask your broker what professional organizations he or she  belongs to!

3.) Ask Your Broker For a Market Analysis And Advertising Plan Before Signing An Agreement.

Is this asking price your broker suggested really in line with what boats are selling for in this market? Is the asking price set for a quick sale or to achieve the highest possible amount for you? How does the broker, and the brokerage firm that represents them, going to advertise your listing? These are all legitimate questions that can easily be answered at the beginning of the relationship by asking your yacht broker for a market analysis of your yacht and an advertising plan. Here are the things to look for:

• Did your broker compare your boat against any recent sales in the marketplace?
• When comparing your boat against other boats that previously sold, were there any major differences like engine power or equipment?
• What current listings has the broker compared your boat against and are they "apples to apples"?
• Did the broker check with anyone else in the organization that may have sold a similar boat recently?
• Will the broker and their firm adequately market the vessel? Or is there plan to simply list on Yachtworld and send an email to other brokers?

4.) Will Your Broker Create A Professional Presentation For Your Yacht?

Yes, iPhones do take amazing pictures, but do you really want your yacht represented online to thousands of buyers with amateur photos? "Good professional photography of a yacht you are trying to sell is a must," says John Blumenthal , United Yacht Sales broker. "My clients deserve an excellent presentation of their boat through both images and video, so that potential buyers can see themselves cruising in it, enjoying their free time. Good video really paints the picture."

United Yacht Sales has a network of professional photographers and videographers all around the country that have vast experience working on yachts. We also have an excellent distribution method of getting those pictures and videos out to as many people as possible. For our sportfishing boat clients, for example, we heavily advertise with Sportfish Trader , which has become a leader in getting the latest listings out to potential clients.

5.) Will The Brokerage Firm Send Your Boat To Other Websites Owned By Competitors?

United Yacht Sales utilizes all three major industry MLS services to list your yacht in every place possible. All three of these MLS services can send your boat for sale to places like Yachtworld.com, SportfishTrader.com, BoatTrader.com, and others. But did you know that your broker can also opt-in to sending your boat to other competitor broker websites?

At UYS, we believe in getting the most visibility possible to your listing so we send all of our yachts for sale to our competitors so that they too might have a chance to find a buyer. Not everyone does this and is a good question to ask your potential broker.

6.) When It Comes Time To Close, Whether Buying Or Selling A Yacht, Does Your Broker Have a Support Team?

Nothing is worse when you have spent weeks looking for a boat or waiting on a buyer, the survey has completed, you're ready to close, and your broker drops the call on the paperwork. Or worse, there's a problem after closing and attorneys need to get involved. The United Yacht Sales closing team is one of the best in the industry with decades of experience. They've seen it all and they've dealt with it all. It's one of the benefits that our clients appreciate when it comes to selling or purchasing a boat. Whether it's a straight forward closing or a tricky offshore deal, our support team will ensure everything is clearly communicated to your broker and you.

We hope that you consider selecting a United Yacht Sales professional broker for your yacht purchase or selling needs. We pride ourselves on putting our clients first and continually work at educating our team, as well as staying up-to-date with the latest technology. Our marketing budget is 100% committed to assisting our clients with helping to sell their boats, not put towards new boats in inventory or trade-ins. We invite you to experience the benefits of working with a true professional yacht brokerage firm, where our efforts are entirely focused on your experience.

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Yacht Brokerage Guide

From finding the right yacht to negotiating the contract, buying a luxury yacht is a huge investment of time, and can be an unnecessarily complex process if you don’t have the right yacht brokerage on your side.

With the right yacht broker representing and fighting for your interests, buying a yacht becomes hassle-free and downright exciting. Without the right yacht brokerage giving you expert industry and legal advice, buying a yacht can become fraught with stress and even financial risk.

So how do you choose the right yacht brokerage?

How do you find a yacht brokerage that will put all their resources to work for you, not just one broker. In a virtual sea of yacht brokerages all doing things the same old way, Worth Avenue Yachts stands out for its innovative, highly successful approach to buying and selling yachts. Rather than using one broker per client, Worth Avenue pools all its brokers’ knowledge, contacts, and experience to work for each and every client. This means that when you buy a yacht or sell a yacht through Worth Avenue Yachts, you’re benefitting from the resources and expertise of more than a century of our brokers’ combined experience.

It’s an approach that works.

Since launching in 2011, Worth Avenue Yachts has sold over 1.2 billion dollars worth of yachts, with a speed of sale over 50% faster than industry average. Worth Avenue Yachts was responsible for nearly 10% of all global yacht sales in the 100’+ range last year, and are an industry leader in the sale of Westport yachts.

Yet the Worth Avenue yacht brokerage service doesn’t stop with buying and selling yachts. With dedicated yacht charter brokerage , yacht management , and yacht construction divisions, Worth Avenue Yachts is the ultimate yacht brokerage to look after your yacht throughout its lifetime.

So how does the yacht brokerage process work when buying a yacht?

1. Your yacht broker will sit down for an in-depth discussion with you about your yachting preferences; do you want to buy an existing yacht or would you like to design your own yacht . They will establish what your needs are, what kind of designs you like, and how you would like to use your yacht. This is where the broker’s expert knowledge begins to become apparent, as they discuss the pros and cons of certain yacht builds and hull types, talk about typical resale values and charter opportunities, and get down to technical details you might not have thought about as a brand new yacht owner – such as whether the draft on that full displacement yacht you like will be too deep to navigate the shallow waters of the Bahamas. A good broker helps you avoid the costly mistakes of a first-time buyer.

2. Once your preferences have been narrowed down, the broker will get to work on your behalf, trawling through global databases and getting on the phone to their networks to locate your dream yacht. As an international yacht brokerage with a global network, Worth Avenue will not just limit their search to local yachts for sale, they will even tell you about yachts that aren’t technically on the market yet. Remember, with Worth Avenue Yachts, you’ll have the combined power of all the brokers working for you, not just one broker jealously guarding their leads and contacts, as often happens with other yacht brokerages with an individual broker-per client system.

3. They’ll then organize viewings of your shortlisted yachts. Where possible, your broker will recommend you charter out the yacht you have your eye on or a similar yacht so you can get a real sense of what the yacht is like to live on; how does it perform in the water, what are the noise levels like, is the space sufficient for your family and friends? The more yachts you tour and (ideally) charter, the more you’ll get a sense of what are the non-negotiables when it comes to onboard facilities, which yacht builds and designers you favor, and what kind of price you should expect to pay. An ideal place to view large numbers of yachts at once is at the major yacht shows , where Worth Avenue Yachts has a strong presence.

4. Once you’ve decided on a yacht, your yacht brokerage team swings into action on the legal side of the sale process – drawing up contracts, dealing with surveys and sea trials, and negotiating counteroffers. The expertise of a top yacht broker in these matters is absolutely indispensable – allowing you to avoid the pitfalls of the unwary and negotiating you the best deal possible.

From the first discussion right through to the day of delivery and beyond, a yacht brokerage is right there beside you, every step of the way.

Image courtesy of Drozdin Vladimir

What Do Yacht Brokers Do? 8 Things To Expect (Selling & buying)

From buying to selling boats and enjoying life on the high seas, the exciting life of a yacht broker seems like a dream to many.

What exactly is involved in their job?

This article will highlight some of the key responsibilities of a yacht broker.

Table of Contents

The 8 Main Functions Of Yacht Brokers

A yacht broker helps to make sure that everything goes smoothly behind the scenes of buying and selling a yacht.

They do a lot to help to make sure the stress of buying or selling a yacht is less stressful and can help to speed the process up.

1) Looking at the Boat

Whether the client is purchasing a boat or selling one, the yacht broker will first need to view the vessel.

This is in order to get a good idea of the condition of the yacht. He or she will need to appraise the condition of the boat.

Another responsibility is to talk to the crew about the maintenance schedule. The yacht broker will also need to look at the ship’s papers. Having all of the right certificates in order and documents is crucial to sealing the deal.

2) Appraising the Boat

The yacht broker will also want to talk to his industry contacts to get an idea for how much the yacht is sold for.

The yacht broker has the important job of saving the seller or buyer time and pain when it comes to selling a boat.

A yacht broker can help with assessing the boat and surveying it to make sure it is in premium condition. They will attend the survey with you, or for you, if you are not able to. The broker will act as the intermediary during the process of the sale.

3) Filling Out The Paperwork

The yacht broker’s job is to make sure that the paperwork gets done. This includes collating the documents for the actual closing of the sale, preparing technical specifications, to making sure the yacht has all of the appropriate certificates.

They will also guide the yacht owner through aspects such as loan payoffs, corporate ownership, bills of sale, and similar documents.

4) Briefing The Parties Involved

A yacht broker will need to direct clients to the best possible marine lawyer for their specific yacht.

The yacht broker may need to help encourage the deal to keep pushing through.

5) Marketing

Marketing is an essential part of the yacht broker profession, especially when they are representing the seller of a yacht.

In the past, a yacht broker operated out of a big office building, and people would walk by and visit because they were considering purchasing a yacht.

Now, in the era of the internet, people from all over the world have access to a yacht broker and their services.

The yacht broker may make use of advertising such as banner ads or videos. Marketing yachts effectively makes use of the internet, so a yacht broker may make posts on social media, classifieds, or their personal website to sell a yacht or find one.

Some yacht brokers might make a video walk-through of the yacht and explain the features to potential clients. Others will have a professional website that acts as a point of contact.

6) Duties While Selling

As stated above, the broker will list the yacht on Yachtworld and other appropriate outlets. They also have the responsibility of pricing the yacht reasonably. Brokers will have access to recent sales, and they know how much they should go for based on recent sales prices.

When they receive responses to the yacht adds, they will prescreen responses so as to find those that are most likely to lead to a sale.

A yacht broker will also have the duty of showing the boat to people who are interested in buying it. They’ll give them the tour, and be sure that the boat is in pristine condition.

The yacht broker will also answer any questions that the buyers have.

Another responsibility they have is to communicate negotiations with the yacht owner. They will also handle the pricing of the yacht , which is where they might get their earnings from.

Finding the right price is a big part of getting the boat sold.

Part of their job would be to take pictures of the boat and to write a description of it that entices buyers.

7) Securing the Sale

When a price is agreed upon, the yacht broker will draw up the sales agreements and will also accept deposits.

Modern technology allows them to do this electronically with smartphones, tablets, and computers.

A yacht broker will secure sea trials where the potential buyer will take it for a test drive on the water as well as schedule surveys.

After the sale is made, they will transfer the funds to the yacht owner.

A yacht broker can assist a buyer in getting financing for the yacht.

8) Duties After the Sale

The broker’s job doesn’t stop after the boat is sold.

They can also assist in docking, boat detailing, and refining it to meet the buyer’s needs.

Their industry connections can help a lot in this process after the boat is sold, and helps to make boat ownership a rewarding experience.

Types of Agreements With Yacht Brokers

Some yacht brokers take a 10% commission on the sale of the boat and might bring it down in order to secure a sale on a boat. There are different types of agreements.

A central agency agreement, or an exclusive listing, means that a seller has hired a specific broker to sell their boat.

The broker may then list it on Yachtworld or a similar site. They then enter a co-brokerage agreement. Co-brokerage is when another broker finds a buyer for the yacht, and the original broker splits the commission with them.

Almost 70% of all yacht sales are done in this way because of this incentive. In this agreement, even if an owner brings in a buyer or donates the boat, they are still liable to pay the broker commission.

Most of the yacht sales are completed with a central agency agreement.

Another type of sale is the open listing agreement. In this setup, the owner can bring in more than one broker for the sale.

The owner also retains the right to sell the yacht on their own.

A disadvantage to this type is because they are not guaranteed commission, they might not spend money that is necessary to advertise the boat. It also might result in communication errors among more than one broker and prospective buyers.

However, on the other hand, a motivated broker might be more likely to bring in a sale because then they would be guaranteed the entire commission. The typical length of the agreement is around six months.

Yacht Broker Duties If You Are Buying

Brokers help to ease buyer’s anxiety when putting down large amounts of cash for a luxury yacht.

They might set up a separate bank account for the transaction and the necessary deposits.

The contract will specify what the contingencies of the sale are, and also how much or how the money will be returned if the sale does not go through.

For the buyer, the yacht broker will have the advice they need to find the right boat at the right price. They’ll be able to open doors and find opportunities that benefit both parties and create a win-win situation.

They work as an advocate on behalf of the buyer and will be priceless when it comes to negotiating and securing a sale.

Know The Role Of The Broker

In most sales, the broker is a worker for the seller and not the buyer.

This is an important part to remember. Their job is to get the highest price possible to satisfy the buyer and to make money. It is possible for a buyer to enter into an agreement with a broker with a buyer’s broker agreement.

A buyer’s broker represents the buyer, not the person selling the boat.

When they know what type of yacht the buyer is looking for, they will search for it through their contacts and resources available to them. They will assist in finding the right boat for the buyer’s needs and budget as well as assist in the necessary paperwork.

A buyer’s broker will typically get a split in commission from the seller’s broker.

There may be no cost to the buyer for using a buyer’s broker, but be sure to read the details of the agreement before signing.

A yacht broker has priceless industry knowledge that will assist in the buying and selling of yachts. A trustworthy broker will help save buyers and sellers time and money when they are making the purchase. They’ll pool the talents and resources of a team of brokers to support the transaction go quickly and smoothly.

Finding the right yacht broker with experience and integrity will make a big difference in the process. A yacht purchase is a significant investment, and teaming with the right people helps to ensure that the investment is the right one.

They understand the market and all of the nuances involved in buying and selling.

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What You Should Expect from a Boat Broker

If you decide to work with a broker, remember that you have options. A brokers fee is always 10 percent upon the sale of the boat, but some offer more services than others for the same price. Brokers asking you for funds up front should be immediately discounted.

Photos by Melanie Neale

Responsiveness. How quickly a broker responds to your inquiry is indicative of how they will respond to potential buyers. Give them 24 hours, and move on if they don’t respond or if they make excuses as to why they didnt respond promptly. Most, if they miss the initial phone call, will call or email you back within minutes.

Marketing. All brokers have access to YachtWorld. Ask where else the broker will advertise your boat and expect to receive a written list of websites and print publications and social media. Good brokers also use SailboatListings, BoatTrader, Boats.com, and other sites. Ask whether they offer Enhanced Listings on YachtWorld.

Look at other listings. Ask a potential broker for links to some of their listings. If you don’t like the write-up, think the photos are shoddy, or if there isn’t enough information, move on.

Comps. The average buyer and seller, despite what they might find perusing ads and looking at resources like BUC, do not have access to actual comps. Your broker does. In addition to knowing what is currently on the market, your broker should offer you information on how many similar boats have sold in your region recently, what they were listed at, how long they took to sell, and exactly what they sold for.

Track record. Ask your broker what he/she has sold recently. A good broker will be ready with the answer.

Paperwork, escrow, and protection during the closing process. A broker will have an escrow account and will ask that all deposits be submitted to the account. The broker will have all the forms you need, and some even use programs like YachtCloser which simplify the process through e-signing. The broker works with a title/documentation company, and the buyer pays for all expenses associated with closing.

Import duty. If you have purchased a foreign-built boat and plan to sell it in the US to a US citizen (regardless of your citizenship), import duty must be paid. Your yacht broker will help you find a customs broker. Be wary of brokers who suggest ways to get around paying the import duty, such as closing offshore. If you are selling the boat yourself and fail to comply, both you and the buyer are liable for huge fines down the road.

Social Media. If this is something that the broker claims to do, ask where they post, what kinds of accounts they have, and how many followers they have. Posting on a personal Facebook page to 200 of the brokers closest friends is not enough. The post needs to be publicly shared on various forums.

Personality. You and your broker are forming a relationship, and chances are that you are already somewhat emotional about the sale of your boat. Your broker needs to understand this and be open and honest with you. Why work with someone you don’t like?

Melanie Neale is a lifelong cruising sailor, author, and mother. She works for Edwards Yacht Sales, www.edwardsyachtsales.com .

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Brokerage Services and Fees: What You Need to Know When Choosing and Buying a Yacht

Buying a yacht is a significant investment that requires time and expertise. If you lack the knowledge and time, you may need a yacht broker to help you through the process. However, many people confuse the role of a yacht broker with that of a real estate broker. This article explores the role of a yacht broker and the fees associated with buying a yacht.

The Role of a Yacht Broker

Yacht brokers play a crucial role in yacht buying and selling transactions. They have the necessary knowledge and experience to guide clients through the process. Unlike real estate brokers, yacht brokers offer specialized services tailored to the unique needs of their clients. They help with yacht search, brand recommendation, market pricing analysis, condition checks, advertising, and transaction support.

Brokerage Fees

The commission paid to a yacht broker is typically around 10% of the transaction value. However, for yachts costing more than $10 million, the commission is not more than 10%. The commission is usually shared between the buyer’s representative and the seller’s representative on a 60/40 or 50/50 basis. The commission is specified in the agreement between the boat owner and the broker and is paid after the transaction is complete. This motivates the broker to invest in the sale, knowing that their reward depends on it.

Payment and Transaction Process

The payment process for buying a yacht involves two payments. The first payment, usually 10% of the vessel’s cost, is made at the time of purchase. The second payment, which is 90% of the vessel’s cost, is made when all the transaction documents are ready, and the boat is complete. The boat is then removed from the register (if it is a secondary market), and a Bill of Sale is issued. The Bill of Sale is the main document indicating ownership of the yacht, and it is used to register the yacht in the owner’s country or a charter company.

MOA Yacht Purchase Agreement

The MOA contract is the primary contract used in yacht purchases. This contract fully protects the buyer’s rights. It cannot be found or downloaded from the internet, but a broker can provide it upon request. It is essential to read the contract’s terms since it may contain clauses requiring payment of a commission, even if the yacht is not sold.

Brokerage Fees and Negotiation

Large brokerage firms have fixed rates, and negotiation is not usually possible. Small brokers may be more open to negotiation, but this rarely happens since the brokerage community frowns upon it. A drop in one broker’s percentage can lead to a general drop in the market percentage, which is not desirable. Regular clients may receive preferential terms, but becoming a regular client requires owning several yachts.

Choosing and buying a yacht can be an overwhelming task. Working with a yacht broker can simplify the process and ensure a smooth transaction. The brokerage fees are usually around 10% of the yacht’s cost, and they cover a wide range of services, including advertising, condition checks, and transaction support. Before signing any contracts, it is crucial to read and understand the terms, including any clauses requiring payment of a commission, regardless of whether the yacht is sold or not.

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How to Become a Yacht Broker: Requirements Explained

Fun fact: U.S. boat sales can reach heights of up to $41 billion bucks each year. And while most people want to join the frenzy by saving up to buy their own boat, other clever cats join in on the big business by selling the boats. Yachts in particular can sell for a very pretty penny. So hopping in on the craze by starting a career as a yacht broker might get you a sweet slice of that $41 billion dollar business.

But although it might seem pretty lucrative to become a yacht broker, you can't really just head to the dealership and take on the role. On the contrary, there are quite a few hoops you might have to jump through to start a career in the yacht sales business. Wondering how to become a yacht broker? Here's what the job requires.

Basic Knowledge of the Business

First of all - would you buy a car from a guy who's never driven one? Exactly. Before you even think about becoming a yacht broker, you have to make sure you know what to tell your buyers. First hand experience with yachts should give you the upper hand in the business so that you know exactly how to sell a boat's good points and how to take attention away from its flaws.

Yacht brokers need to know the need-to-knows of the business. If you don't have a boat of your own, then you can visit your local marina and talk with the boat owners there. Visit a dealership and ask about boat specifics. You can even do research at home. It pays to know everything there is to know about boats if you want to really get your buyers to seal the deal especially if you don't have a lot of sales experience yet.

CPYB Certification

For the record - certification isn't required if you're wondering how to become a yacht broker. In fact, not a single brokerage requires it since they're more interested in experience in sales and skills. But it is helpful for buyers who want to make sure they’re dealing with someone with a good sales record.

That's exactly what certification is for. Presently, only the Yacht Brokers Association of America ( YBAA ) offers a course for certifying brokers, providing the title Certified Professional Yacht Broker (CPYB.) Applicants must be able to provide several documents to start the certification process. These include:

• Proof of present employment as a yacht broker for at least 1 year
• Proof of employment as a yacht broker for at least three years in the past 10 year period
• Proof of ethical yacht sales and necessary documentation
• A dedicated escrow/trust account for all client funds in trust
• Where applicable, the individual holds all necessary licenses required by the local government
• No violations for the last seven years of any surety or Codes of Ethics of any brokerage organizations or groups that the applicant is a part of
• Pass the CPYB exam

Individuals who comply with these requirements (among several others) are eligible to obtain certification as a Certified Professional Yacht Broker from the Yacht Brokers Association of America.

Alternatively E-learning courses and seminars are also helpful for developing skills. The Association offers courses on warranties, insurance, marketing, co-brokerage, and all of the nitty gritty details of being a yacht broker.

These e-seminars can be helpful in providing insight so you can navigate the work of selling boats, offering important knowledge on specifics that you might not be able to find anywhere else.

Do You Need a License for a Yacht Brokers Career?

To be clear, there are very few states that actually require a yacht broker to have a license . As of writing, only the states of Florida , California, and Virginia require yacht brokers a license to practice their trade through the local government. Other states have no yacht sales regulations.

The requirements for acquiring a license change between states, but you might expect some of these requirements to pop up during the process:

• At least 18 years of age
• A fixed place of business
• Employed as a yacht broker as your primary occupation in another state for at least three years OR
• Own and operate a business selling new or used yachts in the state for at least three years immediately after applying for a license OR
• Employed as a licensed yacht broker for at least a year out of the last five years in the state
• Relevant certification from the YBAA and licenses

These are a must for licenses in California, but Florida and Virginia might require completely different documents and regulations. Licensing process fees can cost you between $200 and $300 to become a licensed broker, depending on the place you're in. It may be helpful to check locally to get a better idea.

Renewal of licensing may have to take place annually depending on local regulations, but it can be different for different states. In some cases, you might also have to complete and pass a written exam to ensure that you're knowledgeable on the specifics of the industry before you can become a licensed broker.

Education, Degree, and School Requirements for the Career

Is a degree a must to become a yacht broker? Yacht brokerages will usually prefer employing yacht brokers with at least a Bachelor's Degree, but it's not uncommon for high school graduates to get jobs as yacht brokers. Of course, a college education and a Bachelor's Degree in business, marketing, sales, or any other related course can be helpful, but you will find it's not always a must in most states.

Selling yachts and sealing deals aren't really skills they teach you at high school -- you get that from years of sales experience. If you've got the chops to make sales and you know the ins and outs of yachts, then it shouldn't be impossible to get a job as a yacht broker -- even without a college degree or an extensive background in school based education especially if you pass the brokerage's exam and requirements.

How Much Do Yacht Brokers Make?

What's a yacht broker salary like? Yacht brokers work on a commission just like any other broker or salesperson career, which means that they make more when they sell more. According to statistics, a successful yacht broker can make a salary of as much as $120,00 a year if they're dealing with higher end yacht models. But that's a very generous estimate of what real figures actually look like.

If we're being realistic, a yacht broker can make an average of about $70,000 a year. That places their weekly salary payout at around $1,300 to $1,400. Of course, peak seasons do exist where sales increase, earning them an extra $500 to $1,000 a week if they're lucky.

Another helpful piece of information is that the amount they get in terms of commissions isn't permanent. Most brokers will ask for 10% of the total sales, but there are net commissions and percentage commissions.

With a net commission agreement, the broker gets the exact amount agreed with the clients regardless of whether or not the yacht is sold for a lower or higher price after negotiations. On the other hand, percentage commissions will earn the broker a specific percentage of the successful sales, which is affected by negotiations made on the sale.

You'll also have to consider the situation if there's a broker working for the buying end as well. The listing broker and selling broker will often have to split the commission from the sales. So if the clients agree to pay a 10% commission on the sale, the brokers won't get 10% each, but will instead get 5% each for a total cut of 10%.

Tips on How to Become a Yacht Broker

• First of all - connections are key in this career. Expand your network by visiting boat shows, dealerships, and other places where you can meet new people in the industry.
• It's helpful to ask a pro. Find and train at a yacht brokerage under licensed or experienced yacht brokers with lots of sales experience to get a better idea of the intricacies of the sale and relevant skills and knowledge.
• You must learn to accept rejection. Yachts are expensive, and even the most interested buyers can back off of a deal when their budget won't allow it.
• Maintain previous contacts. Prospective buyers who didn't push through in the past might be more comfortable to purchase a boat later in the future. It may be helpful to keep in touch.
• Be likable. You and your competition are all selling the same boats. It's your personality that will make all of the difference.
• Go online. A lot of your prospective buyers exist on the internet. If you want to reach a wider audience, try your hand at online marketing.
• Be teachable. If you don't have a lot of experience or a degree in marketing or business, make up for the school deficit by attending seminars and learning courses to expand your knowledge and skills.

FAQs About How to Become a Yacht Broker

Is it hard to become a yacht broker.

All jobs come with their own unique set of challenges. Becoming a successful yacht broker requires persistence and lots of exposure to the actual job. You will find that there are intricacies you'll only learn once you're out on the field since they're not taught in school or in textbooks. Work with a more experienced broker to learn more about what it takes to secure those sales.

What about luxury yacht brokers?

Selling luxury superyachts and gigayachts can earn you massive income in a single transaction, but it's not quite as easy as selling small fry. You're going to need lots of sales experience since you're going to deal with a yacht brokerage and corporations instead of not private individuals.

They might also be more particular about making sure their brokers education, preferring those that have a Bachelor's Degree in business, marketing, and other appropriate courses and not just a high school diploma. It's always best to start out with smaller boats and then work your way up by joining a brokerage firm for luxury yachts for the super rich clientele.

Quitting Your Day Job?

If you're thinking about quitting your day job to pursue your passion for boats, then it pays to know how to become a yacht broker. You'll find that it will take some serious sacrifice and learning before you can call yourself a success in the industry. But with the right contacts, proper licenses and experience, and lots of practice and exposure, you might just be able to secure for yourself a high paying job that puts you in the company of some of the richest communities around.

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The Real Estate Commission: How Much Are Agent Fees?

If you hire a  real estate agent  to help you buy, sell, or rent a house, this professional gets paid through the average real estate commission. So how much do you pay, and what for? Is there any wiggle room to negotiate this fee or the  closing costs  associated with it?

Allow us to tell you everything you need to know about real estate commissions,  from who pays  what to where that money goes during a real estate transaction.

Who pays the commission?

Rather than getting paid hourly or weekly fees, most real estate agents earn money only when a real estate deal goes through. Plus, the process can mean weeks or months of work.

In the past, the home seller paid the full commission for the services of both their own  listing agent  and the  buyer’s agent  (assuming the buyer has one).

However, the National Association of REALTORS® recently reached a settlement that went into effect Aug. 17, 2024. It includes several changes between the agent and buyer/seller relationship that benefit homebuyers.

In the past, sellers generally paid the buyer and seller’s agent fees. When the settlement takes effect, buyers will be responsible for compensating their agent.

However, as a seller, you have the choice of offering compensation to the buyer’s brokers. Why would you do this? As a way to make your listing stand out by making it more attractive to buyers.

What does the real estate agent commission cover?

Though people certainly have the option of selling (or buying) their house without a real estate agent, agents provide clients a wide range of services, including helping you price your home, marketing it (on the  multiple listing service , social media, and other venues), negotiating with home buyers, and ushering the home sale through closing.

As trained experts, real estate agents can help you fetch top dollar for your house and put out fires—while also alleviating some of the stress that comes with selling a home. (It’s no picnic!)

Are real estate agent commission fees negotiable?

Commission standards can vary from state to state and among brokerages. There are no federal or state laws that set commission rates—meaning  commission is negotiable .

In other words, if you’re a home seller, you can certainly ask your agent to reduce their commission, but be aware that they are not obligated to do so.

A factor to consider: Because the marketing dollars for a property generally come from the agent’s commission, a lower commission could mean less advertising for your house.

That being said, it doesn’t hurt to ask for a lower commission. Most agents won’t take offense, and the worst case is they say no. Or, if you’re truly tight on cash—say, because you’ve maxed out your budget buying your next home—you could opt for a transactional agreement, in which the listing agent will help you set an asking price, facilitate communication between you and the buyer, write the contract, and move the process along to closing for a flat fee or lower commission, but you won’t receive the agent’s full services. It’s not ideal, but it’s the right route for some people. However, not all agents offer transactional agreements, so you may have to shop around to find one.

Bottom line: Buying and selling a home are likely to be one of the biggest financial transactions of your life, so be sure you find an agent you trust to do a great job. This is not the time to shop solely on price.

Anything else I need to know about commission fees?

The contract you sign when you hire a real estate agent should outline all of the details about the agent’s total commission (and any  transaction fees  the agent charges). This is typically referred to as a listing agreement, and it also specifies how long the agent will represent you. (Listing agreements generally last 90 to 120 days.)

However, there are some exceptions. Firstly,  rental agents work differently  from purchase agents. It’s usually the landlord’s job to pay the rental agent’s fee, but that’s not set in stone.

Furthermore, commission is usually higher when selling a vacant lot (anywhere from 10% to 20%), since selling land often takes longer and requires more marketing dollars. Some auctions charge home buyers a 5% “premium,” or commission.

As a seller, you want a real estate agent who can broker the best sales price and terms for you, but good agents aren’t cheap. As with most things in life, you get what you pay for.

To learn more, check out our  Guide to Real Estate Commissions , which covers everything homebuyers and sellers need to know.

Daniel Bortz has written for the New York Times, Washington Post, Money magazine, Consumer Reports, Entrepreneur magazine, and more. He is also a Realtor in Virginia.

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RALEIGH, NORTH CAROLINA - AUGUST 16: Democratic U.S. presidential candidate Vice President Kamala ... [+] Harris speaks on her policy platform, including improving the cost of living for all Americans, at the Hendrick Center For Automotive Excellence on August 16, 2024 in Raleigh, North Carolina. This is the candidate's first major policy speech since accepting the democratic party nomination.(Photo by Grant Baldwin/Getty Images)

As a presidential candidate, Vice President Harris has piggybacked on many of President Biden’s tax plans, including his pledge not to raise taxes on anyone making under $400,000 a year . But she has plenty of other big plans for your taxes listed here that reprise Biden’s tax goals, with some of her own ideas thrown in.

They include raising top marginal rates on the top earners from 37% to 39.6%. In 2019, she floated a 4% “income-based premium” on households making more than $100,000 to pay for Medicare for All, but this has not yet resurfaced in 2024. Among the more controversial of the Biden proposals—which Harris has repeated—is a tax on unrealized capital gains for taxpayers with wealth greater than $100 million. It may be labeled a “billionaire tax,” though $100 million is a tenth of a billion.

Even so, few may want to defend billionaires (or someone with a mere $100 million for that matter) in the current climate. Some argue this fairly targets extremely wealthy Americans who have taken advantage of tax rules to pay lower rates than their secretaries. For example, wealthy people can tap their resources by borrowing money rather than selling something that would trigger tax. Some attack the proposal as a wealth tax that will chill investments of capital.

Unlike an income tax, Harris’ new wealth tax would work like this. Households worth more than $100 million would pay an annual minimum tax worth 25% of their combined income and unrealized capital gains. Say you purchase stock for $10 a share. It doubles to $20 in the first year, but you still hold it. Even though you haven’t sold it, that $10 gain would be subject to the new tax.

Real estate would work the same way. You buy a house, building, or land. The increase in value over time would be taxed every year, even though you still hold it. We have never had a tax on gains that are not “realized,” meaning sold. In that sense, this new tax would be groundbreaking, a point we’ll come back to.

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Apart from policy, there are administrative issues galore. How do you go about valuing everything every year to be taxed? Public company stock would be straightforward. But most assets could be a nightmare, and who in the end gets to carry the day on value? Disputes about value in tax cases are legendary and voluminous. Nearly every estate tax case with the IRS includes valuation disputes , often with competing experts. In income tax cases, charitable contributions of noncash assets such as real estate or crypto often also end up in major valuation fights.

Just imagine what annual value statements with tax returns might look like, in a world where the increase in value since last year turns into taxes. Capital gains have always been singled out for lower taxes, not higher. And except in the case of estate tax measured on death, it has been nearly sacred not to tax “earnings” you didn’t receive.

Besides, what if value spikes one year, you pay tax, and then it plummets the next year? You still have the now worthless asset and can’t sell it for much. So why the unheard-of shift to tax something before its time?

What is arguably the scariest part of this idea? What if this opens the door to a more generalized effort by the government to tax you on something that you still own? Right now the proposal is only to use this wealth tax for the truly wealthy. Not just billionaires, but also anyone with at least $100 million.

Once we start down this path, could we some years from now face a tax like this for someone with $20 million, $10 million, even $1 million? You get the idea. Even if the “billionaire’s tax” to hit anyone at $100 million passes, there could be court challenges based on what the U.S. Constitution says about the government’s taxing power. The Supreme Court has not fully ruled on a question like this, although one recent guidepost came in a 2024 tax case, Moore vs. USA , in which the Supreme Court upheld a tax on undistributed foreign assets.

The chances of this wealth tax passing may not be high. Harris would need to win, and both the Senate and House would need to be controlled by Democrats. In any event, this proposal could signal the dawn of new taxes and more coming. You can read more about Harris’ big plans for your taxes.

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• Copy URL https://www.pbs.org/newshour/politics/fact-checking-warnings-from-democrats-about-project-2025-and-donald-trump

Fact-checking warnings from Democrats about Project 2025 and Donald Trump

This fact check originally appeared on PolitiFact .

Project 2025 has a starring role in this week’s Democratic National Convention.

And it was front and center on Night 1.

WATCH: Hauling large copy of Project 2025, Michigan state Sen. McMorrow speaks at 2024 DNC

“This is Project 2025,” Michigan state Sen. Mallory McMorrow, D-Royal Oak, said as she laid a hardbound copy of the 900-page document on the lectern. “Over the next four nights, you are going to hear a lot about what is in this 900-page document. Why? Because this is the Republican blueprint for a second Trump term.”

Vice President Kamala Harris, the Democratic presidential nominee, has warned Americans about “Trump’s Project 2025” agenda — even though former President Donald Trump doesn’t claim the conservative presidential transition document.

“Donald Trump wants to take our country backward,” Harris said July 23 in Milwaukee. “He and his extreme Project 2025 agenda will weaken the middle class. Like, we know we got to take this seriously, and can you believe they put that thing in writing?”

Minnesota Gov. Tim Walz, Harris’ running mate, has joined in on the talking point.

“Don’t believe (Trump) when he’s playing dumb about this Project 2025. He knows exactly what it’ll do,” Walz said Aug. 9 in Glendale, Arizona.

Trump’s campaign has worked to build distance from the project, which the Heritage Foundation, a conservative think tank, led with contributions from dozens of conservative groups.

Much of the plan calls for extensive executive-branch overhauls and draws on both long-standing conservative principles, such as tax cuts, and more recent culture war issues. It lays out recommendations for disbanding the Commerce and Education departments, eliminating certain climate protections and consolidating more power to the president.

Project 2025 offers a sweeping vision for a Republican-led executive branch, and some of its policies mirror Trump’s 2024 agenda, But Harris and her presidential campaign have at times gone too far in describing what the project calls for and how closely the plans overlap with Trump’s campaign.

PolitiFact researched Harris’ warnings about how the plan would affect reproductive rights, federal entitlement programs and education, just as we did for President Joe Biden’s Project 2025 rhetoric. Here’s what the project does and doesn’t call for, and how it squares with Trump’s positions.

Are Trump and Project 2025 connected?

To distance himself from Project 2025 amid the Democratic attacks, Trump wrote on Truth Social that he “knows nothing” about it and has “no idea” who is in charge of it. (CNN identified at least 140 former advisers from the Trump administration who have been involved.)

The Heritage Foundation sought contributions from more than 100 conservative organizations for its policy vision for the next Republican presidency, which was published in 2023.

Project 2025 is now winding down some of its policy operations, and director Paul Dans, a former Trump administration official, is stepping down, The Washington Post reported July 30. Trump campaign managers Susie Wiles and Chris LaCivita denounced the document.

WATCH: A look at the Project 2025 plan to reshape government and Trump’s links to its authors

However, Project 2025 contributors include a number of high-ranking officials from Trump’s first administration, including former White House adviser Peter Navarro and former Housing and Urban Development Secretary Ben Carson.

A recently released recording of Russell Vought, a Project 2025 author and the former director of Trump’s Office of Management and Budget, showed Vought saying Trump’s “very supportive of what we do.” He said Trump was only distancing himself because Democrats were making a bogeyman out of the document.

Project 2025 wouldn’t ban abortion outright, but would curtail access

The Harris campaign shared a graphic on X that claimed “Trump’s Project 2025 plan for workers” would “go after birth control and ban abortion nationwide.”

The plan doesn’t call to ban abortion nationwide, though its recommendations could curtail some contraceptives and limit abortion access.

What’s known about Trump’s abortion agenda neither lines up with Harris’ description nor Project 2025’s wish list.

Project 2025 says the Department of Health and Human Services Department should “return to being known as the Department of Life by explicitly rejecting the notion that abortion is health care.”

It recommends that the Food and Drug Administration reverse its 2000 approval of mifepristone, the first pill taken in a two-drug regimen for a medication abortion. Medication is the most common form of abortion in the U.S. — accounting for around 63 percent in 2023.

If mifepristone were to remain approved, Project 2025 recommends new rules, such as cutting its use from 10 weeks into pregnancy to seven. It would have to be provided to patients in person — part of the group’s efforts to limit access to the drug by mail. In June, the U.S. Supreme Court rejected a legal challenge to mifepristone’s FDA approval over procedural grounds.

WATCH: Trump’s plans for health care and reproductive rights if he returns to White House The manual also calls for the Justice Department to enforce the 1873 Comstock Act on mifepristone, which bans the mailing of “obscene” materials. Abortion access supporters fear that a strict interpretation of the law could go further to ban mailing the materials used in procedural abortions, such as surgical instruments and equipment.

The plan proposes withholding federal money from states that don’t report to the Centers for Disease Control and Prevention how many abortions take place within their borders. The plan also would prohibit abortion providers, such as Planned Parenthood, from receiving Medicaid funds. It also calls for the Department of Health and Human Services to ensure that the training of medical professionals, including doctors and nurses, omits abortion training.

The document says some forms of emergency contraception — particularly Ella, a pill that can be taken within five days of unprotected sex to prevent pregnancy — should be excluded from no-cost coverage. The Affordable Care Act requires most private health insurers to cover recommended preventive services, which involves a range of birth control methods, including emergency contraception.

Trump has recently said states should decide abortion regulations and that he wouldn’t block access to contraceptives. Trump said during his June 27 debate with Biden that he wouldn’t ban mifepristone after the Supreme Court “approved” it. But the court rejected the lawsuit based on standing, not the case’s merits. He has not weighed in on the Comstock Act or said whether he supports it being used to block abortion medication, or other kinds of abortions.

Project 2025 doesn’t call for cutting Social Security, but proposes some changes to Medicare

“When you read (Project 2025),” Harris told a crowd July 23 in Wisconsin, “you will see, Donald Trump intends to cut Social Security and Medicare.”

The Project 2025 document does not call for Social Security cuts. None of its 10 references to Social Security addresses plans for cutting the program.

Harris also misleads about Trump’s Social Security views.

In his earlier campaigns and before he was a politician, Trump said about a half-dozen times that he’s open to major overhauls of Social Security, including cuts and privatization. More recently, in a March 2024 CNBC interview, Trump said of entitlement programs such as Social Security, “There’s a lot you can do in terms of entitlements, in terms of cutting.” However, he quickly walked that statement back, and his CNBC comment stands at odds with essentially everything else Trump has said during the 2024 presidential campaign.

Trump’s campaign website says that not “a single penny” should be cut from Social Security. We rated Harris’ claim that Trump intends to cut Social Security Mostly False.

Project 2025 does propose changes to Medicare, including making Medicare Advantage, the private insurance offering in Medicare, the “default” enrollment option. Unlike Original Medicare, Medicare Advantage plans have provider networks and can also require prior authorization, meaning that the plan can approve or deny certain services. Original Medicare plans don’t have prior authorization requirements.

The manual also calls for repealing health policies enacted under Biden, such as the Inflation Reduction Act. The law enabled Medicare to negotiate with drugmakers for the first time in history, and recently resulted in an agreement with drug companies to lower the prices of 10 expensive prescriptions for Medicare enrollees.

Trump, however, has said repeatedly during the 2024 presidential campaign that he will not cut Medicare.

Project 2025 would eliminate the Education Department, which Trump supports

The Harris campaign said Project 2025 would “eliminate the U.S. Department of Education” — and that’s accurate. Project 2025 says federal education policy “should be limited and, ultimately, the federal Department of Education should be eliminated.” The plan scales back the federal government’s role in education policy and devolves the functions that remain to other agencies.

Aside from eliminating the department, the project also proposes scrapping the Biden administration’s Title IX revision, which prohibits discrimination based on sexual orientation and gender identity. It also would let states opt out of federal education programs and calls for passing a federal parents’ bill of rights similar to ones passed in some Republican-led state legislatures.

Republicans, including Trump, have pledged to close the department, which gained its status in 1979 within Democratic President Jimmy Carter’s presidential Cabinet.

In one of his Agenda 47 policy videos, Trump promised to close the department and “to send all education work and needs back to the states.” Eliminating the department would have to go through Congress.

What Project 2025, Trump would do on overtime pay

In the graphic, the Harris campaign says Project 2025 allows “employers to stop paying workers for overtime work.”

The plan doesn’t call for banning overtime wages. It recommends changes to some Occupational Safety and Health Administration, or OSHA, regulations and to overtime rules. Some changes, if enacted, could result in some people losing overtime protections, experts told us.

The document proposes that the Labor Department maintain an overtime threshold “that does not punish businesses in lower-cost regions (e.g., the southeast United States).” This threshold is the amount of money executive, administrative or professional employees need to make for an employer to exempt them from overtime pay under the Fair Labor Standards Act.

In 2019, the Trump’s administration finalized a rule that expanded overtime pay eligibility to most salaried workers earning less than about $35,568, which it said made about 1.3 million more workers eligible for overtime pay. The Trump-era threshold is high enough to cover most line workers in lower-cost regions, Project 2025 said.

The Biden administration raised that threshold to $43,888 beginning July 1, and that will rise to $58,656 on Jan. 1, 2025. That would grant overtime eligibility to about 4 million workers, the Labor Department said.

It’s unclear how many workers Project 2025’s proposal to return to the Trump-era overtime threshold in some parts of the country would affect, but experts said some would presumably lose the right to overtime wages.

Other overtime proposals in Project 2025’s plan include allowing some workers to choose to accumulate paid time off instead of overtime pay, or to work more hours in one week and fewer in the next, rather than receive overtime.

Trump’s past with overtime pay is complicated. In 2016, the Obama administration said it would raise the overtime to salaried workers earning less than $47,476 a year, about double the exemption level set in 2004 of $23,660 a year.

But when a judge blocked the Obama rule, the Trump administration didn’t challenge the court ruling. Instead it set its own overtime threshold, which raised the amount, but by less than Obama.

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23 Lesser-Known Facts About Kamala Harris

Beyond the headlines, Ms. Harris has taken ballet, collected Converse sneakers and felt the influence of her grandfather, a diplomat.

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By Andrew Trunsky and Alyce McFadden

• Published Aug. 22, 2024 Updated Aug. 29, 2024

Kamala Harris’s long political résumé is well known and expansive: Before becoming vice president, she was a U.S. senator. Before that, she was the California attorney general and the district attorney in San Francisco. Here are some things you might not know about the Democratic Party’s nominee for president.

1. Her name translates to “lotus flower” in Sanskrit . It’s a near-mythical symbol in Indian culture, representing beauty, prosperity and fertility and is associated with the deity Lakshmi.

2. She has broken the most ties in U.S. Senate history. As vice president, she has often been called upon to cast a deciding vote when the Senate is deadlocked. Last year, she cast her 32nd tiebreaker, beating the previous record of 31 set by John C. Calhoun, who was vice president from 1825 to 1832.

3. She’s short (compared to presidents past). Five-foot-four, to be exact. If elected, she would be one of the two shortest presidents in American history. (The other is James Madison.) But her height checks in at just about average for an American woman.

4 . She knows how to deliver fries with that . Ms. Harris worked at McDonald’s between her freshman and sophomore years in college. She fried the fries, worked the ice cream machine and staffed the cash register.

5. Her best friend set her up with her future husband, Doug Emhoff . Their first “date” was an hourlong phone call, and they made plans to get dinner that weekend in Los Angeles, where he was based. “I could hardly wait to fly down,” Ms. Harris wrote.

6. She loves Doritos. In her memoir, she described the night in 2016 that Donald J. Trump won the presidency (which was the same night she got elected to the U.S. Senate). “No one really knew what to say or do,” she wrote. “I sat down on the couch with Doug and ate an entire family-size bag of Classic Doritos. Didn’t share a single chip.”

7. She attended both a Black Baptist church and a Hindu temple as a child . “My mother understood very well that she was raising two Black daughters,” she wrote in her memoir. “And she was determined to make sure we would grow into confident, proud Black women.”

8. Her prosecutorial style left some in Washington flummoxed. When Ms. Harris served in the Senate, she drew attention for her sharp questioning of witnesses. In 2017, as she was grilling then-Attorney General Jeff Sessions about his role as campaign surrogate for Mr. Trump and contact with Russian officials, a visibly flustered Mr. Sessions objected. “I’m not able to be rushed this fast,” he complained at one point. “It makes me nervous.”

9. She spent her high school years in Montreal . “It was a difficult transition,” she wrote, “since the only French I knew was from my ballet classes.”

10. She failed the California bar exam on her first try. “I couldn’t get my head around it,” she wrote. She soon realized her preparation amounted to “the most half-assed performance of my life.” She passed on her second attempt.

11. She tangled with Jamie Dimon. Ms. Harris got into a heated disagreement with Mr. Dimon, J.P. Morgan’s chief executive, when she was the attorney general of California. It happened during the financial crisis, when she was pursuing relief from big banks for homeowners who had faced foreclosure. “We were like dogs in a fight,” Ms. Harris recalled in her memoir. 12. But their most recent encounter was calmer. She eventually secured more than $20 billion in relief from the banks, and despite their history, Ms. Harris and Mr. Dimon had lunch at the White House in March.

13. She likes to cook . Ms. Harris loves food. She has ribbed her running mate, Gov. Tim Walz of Minnesota, about his “ white guy tacos ,” shared her turkey cooking tips and said that she liked to read recipes to unwind . In 2019 Ms. Harris posted a series of cooking videos to YouTube, including one with the actor Mindy Kaling that has been watched more than six million times. “Senator Harris, I say this with respect, you’re kind of a show-off,” Ms. Kaling quipped. “Right?” Ms. Harris replied.

14. She goes way back with Barack Obama. She hosted a San Francisco fund-raiser for his 2004 Senate run, then was the first major office holder in California to endorse his 2008 presidential bid, even as most Democratic heavyweights threw their support behind Hillary Clinton. The endorsement, seen by some as a political risk, paid off. Mr. Obama endorsed her bid for California attorney general in 2010, and on Tuesday he praised her as a uniter on a mission to “build a country that is more secure and more just, more equal and more free.”

15. But she once turned down a job offer in his administration. It was 2014, and Eric Holder, Mr. Obama’s attorney general, called her and said he was planning to step down. He asked if she was interested in succeeding him. She considered the offer but ultimately declined.

16. Mr. Obama once publicly opined about Ms. Harris’s looks. The former president called Ms. Harris “by far the best-looking attorney general in the country” — and later apologized. The remark came at a fund-raiser in 2013, right after he also complimented her on her smarts and dedication to the law.

17. Her grandfather was a diplomat. Ms. Harris’s maternal grandfather, P.V. Gopalan, was a civil servant in India. When she was a child, Mr. Gopalan served as a diplomat in Zambia. She has said he was among her “ favorite people ” and “ subconsciously influenced ” how she thinks.

18. She was a political activist in college. During her freshman year at Howard University in Washington, D.C., she spent many weekends on the National Mall protesting apartheid in South Africa.

19. She remains close with her line sisters in Alpha Kappa Alpha. At Howard, where she competed on the debate team and graduated in 1986, Ms. Harris joined the Black sorority. In July, she said that she kept a signed copy of a book by one of its founders, Norma Boyd, in her West Wing office “as a testament to our enduring legacy.”

20. She also belongs to a prominent, invite-only nonprofit for Black women. Ms. Harris joined The Links Incorporated in 2018. It’s one of the oldest groups of its kind in America — a service organization focused on Black Americans and other people of African ancestry. Members have included Rosa Parks, Betty Shabazz and the civil rights lawyer Constance Baker Motley.

21. Her footwear is distinct. Ms. Harris has a large collection of Chuck Taylors: a black pair, a white pair, Chucks with and without laces, Chucks for hot and cold weather, and “the platform kind for when I’m wearing a pantsuit.”

22. Her love of dancing has persisted from her childhood to the West Wing. While she was in Montreal, she started a dance group called Midnight Magic. More recently, videos of her dancing in public — to Q-Tip at a celebration of the 50th anniversary of hiphop, down an escalator , with a marching band of children — have gone viral on social media.

23. Thursday will be doubly important for Ms. Harris. She is set to formally accept the Democratic nomination on her and Mr. Emhoff’s 10th wedding anniversary.

An earlier version of this article misidentified a video in which Kamala Harris was dancing. It was from an event celebrating the 50th anniversary of hip hop, not her 50th birthday.

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Alyce McFadden is a reporter covering New York City and a member of the 2024-25 Times Fellowship class, a program for journalists early in their careers. More about Alyce McFadden

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