10 Steps to buy a Yacht :
- Yacht buying process – A yacht purchase is an important decision and investment. Buying and owning a yacht is a source of pleasure, but we have found that the steps are never clearly explained. Each client and every yacht is different and in some way unique so each deal will differ; however there are a certain number of steps that are necessary.
- Defining your needs – The first step is to establish your yacht needs and preferences. We will liaise with you to clearly define the size, style, technical aspects, accommodation, intended use, cruising areas, budget and other factors that will focus your search to provide you with the best selection possible of existing yachts or perhaps a new build.
- Professional research and analysis – With the information gathered we use our tools and specialist knowledge to locate and present you with a selection of quality yachts. We use our global and local knowledge of the yachts available on the market, thanks with our own and subscribed databases, to find the best match for your wishes. We will always strive for the highest possible quality for you.
- Selection / Shortlist – A shortlist of yachts that meet your pre-set requirements will be presented. We will note the relevant points during the review of each yacht being considered. This process allows to refine the search to one or two shortlisted yachts. During this process we equally check the documentation of the yacht to ensure everything is in order.
- Inspection / Visit – Once a specific yacht is identified that meets as much of the selection criteria as possible a visit will be arranged. Your broker will accompany you during the visit to ensure everything is reviewed in detail.
- Offer and Negotiation – Rarely does a yacht actually sell for the initial asking price. We will advise you with consideration to market value and economic factors to suggest a correct offer price. The buyer is always in control of this process and the broker is simply your representative. Once the offer is accepted then we move forward to the Memorandum of Agreement or (MOA).
- Memorandum of Agreement (MOA) – The MOA is essentially an industry specific contract binding the buyer and seller with some custom terms to respect in regards to the sale of the Yacht. In general, the accepted industry contract in Europe is the MOA of MYBA (Mediterranean Yacht Brokers Association). It is important that an appropriate legal adviser is involved for the conclusion of the purchase contract.
- Sea-trial – Once the MOA has been signed by both parties and the deposit has been paid, a sea trial is scheduled. During the sea trial the prospective buyer is able to get a feel for the vessel and also to make sure that the technical systems are operational. Your broker will be attending, along with other key people you may invite. If at the end of the sea trial there is something wrong, then this can be negotiated or the yacht rejected.
- Survey – If moving forward following the sea trial, it is important to commission a professional marine surveyor to review all structural and technical elements of the yacht. Other specialists may also be required if an issue is raised by the surveyor. The resulting survey report will be issued. Any items raised during the survey may be grounds for further negotiation on the purchase price or be cause for rejection of the yacht. If the report is accepted then we move to the completion and handover of the vessel.
- Completion and Handover – Under the terms of the MOA, documentation, transfer of ownership, and payment must all be finalized to a predetermined target date. Your broker will liaise with your legal counsel during the final procedure leading to handover of the yacht at a specific time and place. Finally, your broker will liaise with your legal advisor during the final procedure leading to the delivery of the yacht at a specific time and place.
