1.YACHT SELECTION


OWNING A YACHT AFFORDS YOU THE FREEDOM TO NAVIGATE THE WORLD AT YOUR OWN SPEED. YOU HAVE THOUSANDS OF MAKES AND MODELS TO CHOOSE FROM, ONLY LIMITED BY YOUR IMAGINATION AND INTERESTS.

YOU MAY HAVE A SHIP BUILDER YOU LIKE, OR HAVE YOUR HEART SET ON A FEW MUST-HAVE FEATURES.

WHETHER YOU PREFER TO BUILD COMPLETELY CUSTOM, DESIRE GUIDANCE WITH A PRE-DESIGNED MODEL RANGE OR PURCHASE A PRE-EXISTING YACHT, YOU WILL FIND YOURSELF NAVIGATING THROUGH NEW, EXCITING LIFE EXPERIENCES.

OUR DATABASE AND DIRECTORY INCLUDES CURRENT LISTINGS FOR SALE, AS WELL AS A GUIDE FOR PRE-DESIGNED MODEL RANGES, AND DETAILS OF ALL SHIP BUILDERS TO MAKE RESEARCHING AND SELECTING YOUR IDEAL YACHT AS SEAMLESS AS POSSIBLE.

2.CHOOSING A BROKER


ONCE YOU HAVE IDENTIFIED THE EXISTING YACHT OR THE SHIP BUILDER YOU WOULD LIKE TO EMPLOY, THE NEXT STEP IS CONTACTING THE SUITABLE BROKER OR COMPANY.

HIGHLY KNOWLEDGEABLE ON BOTH YACHTS AND THE CURRENT MARKET, THEY ARE A USEFUL SOURCE OF INFORMATION.

EACH EXISTING YACHT ON THE MARKET WILL BE UNDER THE DIRECTION OF ONE OR MORE BROKERS WHOSE JOB IT IS TO MANAGE THE SALE.

OUR DEDICATED BROKERAGE TEAM IS AT YOUR FULL DISPOSAL TO ASSIST YOU IN SOURCING ANY TYPE AND SIZE OF YACHT, WHETHER NEW OR PREOWNED.

OUR BROKERS CAN ASSIST YOU IN PROCEEDING TO THE NEXT LEVEL.

3.FINANCING A YACHT


IF OF INTEREST, YACHTS.IN WORKS WITH SEVERAL FINANCIAL INSTITUTIONS WHO WILL ASSIST WITH THE PURCHASE OF YOUR NEW OR PRE-OWNED YACHT.

TERMS VARY, ALTHOUGH USUALLY A PORTION OF THE LOAN AND INTEREST PAYMENTS CAN BE DELAYED UNTIL THE END OF THE LOAN TERM, WHEN PAYMENT CAN BE RECEIVED THROUGH REFINANCING OR USING SALE PROCEEDS.

IF CHOOSING THIS METHOD OF FINANCING, LENDERS MAY ALSO WANT A SAY IN WHICH COUNTRY THE YACHT IS KEPT AND REGISTERED, AND MAY ALSO REQUIRE DIRECT PAYMENT OF CHARTER MONIES TO THE BANK ITSELF.

4.MEMORANDUM OF AGREEMENT (MOA)


IF YOU CHOOSE TO BUY AN EXISTING YACHT, TYPICALLY A DETAILED AGREEMENT KNOWN AS A MEMORANDUM OF AGREEMENT (MOA) IS DRAWN UP AND SIGNED BY BOTH PARTIES AFTER YOUR SELECTION IS MADE AND FINALIZED. YOU SHOULD ENSURE THE MOA DESCRIBES THE PARTIES’ RIGHTS AND DUTIES WHEN ISSUES ARE RAISED, INCLUDING RIGHTS TO CANCEL ALL TOGETHER. THE MOA SHOULD ALSO LIST ALL THE EQUIPMENT TO BE INCLUDED IN THE SALE, FROM NAVIGATION AND SAFETY EQUIPMENT TO ALL INTERIOR ITEMS, AND ALL MATTERS SUCH AS THE DOCUMENTATION NEEDED TO ENABLE A SMOOTH TRANSFER OF LEGAL TITLE. IMPORTANTLY, THE MOA MUST STATE THE YACHT WILL BE TRANSFERRED COMPLETELY DEBT-FREE.

IT IS RECOMMENDED PROSPECTIVE BUYERS HAVE THEIR YACHT SURVEYED BEFORE CLOSING THE PURCHASE. THIS INCLUDES HAVING THE VESSEL HAULED OUT OF THE WATER BY A QUALIFIED AND INSURED SURVEYOR. IF SATISFACTORY, A SEA TRIAL IS ALSO RECOMMENDED.

5.THE BUILD CONTRACT


WHEN ARRANGING TO HAVE A YACHT CUSTOM OR SEMI-CUSTOM BUILT, THE PURCHASE PROCESS DIFFERENT FROM ALREADY COMPLETED YACHTS. THE KEY DOCUMENT HERE IS THE BUILD CONTRACT, AND SHIPYARDS USUALLY HOLD A STANDARD SET OF CONTRACTUAL TERMS THEY WILL OFFER YOU, ALTHOUGH AMENDMENTS CAN TYPICALLY BE MADE TO INCORPORATE PERSONAL REQUIREMENTS. IN THIS INSTANCE, IT’S NOT JUST THE TOTAL COST OF THE PROJECT WHICH MUST BE AGREED, BUT ALSO THE INSTALLMENTS IN WHICH IT MAY BE PAID, AS WELL AS FACTORING IN FLUCTUATIONS IN MATERIALS COSTS AND EXCHANGE-RATES.

THE CONTRACT WILL GENERALLY REFLECT THE STRICT RANGE OF REGULATIONS THAT SHIP BUILDERS FACE IN ACUTE DETAIL, OUTLINING THE YACHT’S SPECIFICATIONS AND INCLUDING WHERE THE YACHT WILL BE USED, WHETHER FOR CHARTER OR PRIVATE USE, AND THE FLAG WHICH IT WILL FLY. A GUARANTEE OF MATERIALS AND WORKMANSHIP FOR A GIVEN WARRANTY PERIOD SHOULD ALSO BE OUTLINED.

6.PAYMENT


IF PURCHASING AN EXISTING YACHT, 10% OF THE PURCHASE PRICE IS TYPICALLY PAID UP FRONT, WHILE THE BALANCE IS USUALLY PAID ONCE THE YACHT AND ALL DOCUMENTATION HAS FORMALLY CHANGED HANDS.


IN TERMS OF CUSTOM AND SEMI-CUSTOM YACHTS, AN OVERALL AMOUNT FOR YACHT CONSTRUCTION WILL HAVE BEEN AGREED UPON IN CONTRACT. THE MOST BENEFICIAL OPTION IS OFTEN TO AGREE FOR PAYMENTS TO BE MADE FOLLOWING THE COMPLETION OF BUILD STAGES TO ACCOMMODATE FOR DELAYS IN MATERIAL DELIVERY OR OTHER UNEXPECTED INTERRUPTIONS.

7.DELIVERY & ACCEPTANCE


BEFORE THIS CRUCIAL AND EXCITING STEP CAN TAKE PLACE, IT IS IMPORTANT THAT ALL LEGAL DOCUMENTS RELATING TO TITLE ARE PRESENTED PRIOR TO THE FINAL PAYMENT BEING MADE.

IF THIS STEP IS NOT COMPLETED, THE YACHT CANNOT BE REGISTERED AND THEREFORE CANNOT LEGALLY SET SAIL.

THE TAX IMPLICATIONS RELATING TO THE PLACE OF DELIVERY MUST ALSO BE AGREED UPON. AT THIS TIME, THE YACHT WILL BE OFFICIALLY TESTED AT SEA BY AN EXPERT REPRESENTATIVE YOU APPOINT TO ENSURE ITS PERFORMANCE MATCHES ITS DESIRED SPECIFICATIONS.

PROTOCOL, DELIVERY AND ACCEPTANCE MUST BE SIGNED BY BOTH PARTIES.

8.FLAG REGISTRATION


YOU HAVE A LEGAL OBLIGATION TO REGISTER WITH ONE PARTICULAR COUNTRY, AND FLY THE APPROPRIATE MARITIME FLAG, KNOWN AS AN ENSIGN.

TYPICALLY, MOST YACHTS TEND TO FLY THE RED ENSIGN AS IT INDICATES HIGH SAFETY STANDARDS, WHICH ADDS TO A YACHT’S PRESTIGE AND RESALE VALUE.

THE RED ENSIGN IS A MARK OF THOSE VESSELS REGISTERED IN THE UK OR ONE OF A FEW COMMONWEALTH COUNTRIES INCLUDING BERMUDA, THE BRITISH VIRGIN ISLANDS, THE CAYMAN ISLANDS, GIBRALTAR, GUERNSEY, JERSEY AND THE ISLE OF MAN.

9.INSURANCE


AS IN ANY MAJOR PURCHASE, INSURING AGAINST ACCIDENTS IS VITAL WHEN PURCHASING YOUR OWN YACHT.

IT IS IMPORTANT TO ENSURE YOU HAVE THE APPROPRIATE INSURANCE TO SPREAD RISK AND BRING CERTAINTY, WHICH CAN BE INCREASED BY DISCLOSING ANY AND ALL INFORMATION TO THE UNDERWRITER IN DETERMINING RISK AND PREMIUM.

ALWAYS CONSIDER WHERE THE UNDERWRITER IS BASED, AS SOME COUNTRIES ARE NOT RIGOROUS IN REGULATING THEIR FINANCES, LEAVING YOU PRONE TO LACK OF COVERAGE SHOULD YOUR UNDERWRITER LOSE FINANCING.

10.DOCKING CHOICE


NO MATTER WHERE YOU BASE YOUR YACHT AROUND THE WORLD, PRICES FOR WHERE YOU MOOR VARY, ALTHOUGH IT ALWAYS TENDS TO BE A MAJOR EXPENSE, PARTICULARLY IN THE MORE EXCLUSIVE OF MEDITERRANEAN HARBOURS.



OFTEN IT CAN BE MOST BENEFICIAL TO PURCHASE A MOORING, ALTHOUGH IT IS RECOMMENDED THAT BEFORE MAKING ANY PURCHASE, THE EXACT NATURE OF THE SALE IS THOROUGHLY EVALUATED TO CHECK WHICH EXTRA CHARGES MAY STILL BE LEVIED BY MARINA MANAGERS AND WHAT TAX IMPLICATIONS ARE ATTACHED.

11.CREW SELECTION


THIS PROCESS VARIES DEPENDING ON IF YOU HAVE CHOSEN TO PURCHASE A NEW OR EXISTING YACHT.

OFTEN, WHEN INVESTING IN AN EXISTING YACHT, IT IS PRACTICAL TO KEEP THE CURRENT CREW ONBOARD AS THEY WILL ALREADY BE APPROPRIATELY TRAINED AND FAMILIAR WITH THE VESSEL’S FACILITIES AND CRUISING AREAS.

IT IS OFTEN ADVISABLE TO INCLUDE THE CREW AS A CONDITION OF PURCHASE OF YOUR YACHT.

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