Is the super-yacht funded? If so, the bank`s agreement is generally required for the sale. At YACHTS INVEST, we also offer a registration service and a buyer may wish that we transfer ownership of a registered vessel on his behalf. A buyer may separately order the yacht broker on this issue, so that he acts only for the buyer when the title is transferred. A broker activity involves marketing the seller`s boat, which includes arreasing visits, negotiating terms of sale, processing paperwork and obtaining an agreement to distribute the sale price. A broker may also conduct property and financial account checks, provide documents supporting the vessel`s VAT status and, after receiving proof of classification, buildings and other rules. For this work, the broker usually charges the seller (and sometimes the buyer) an agreed commission, usually 10% of the gross selling price of MYBA members. Is it a pleasure to superyacht and recorded in private, or do I want to charter the super yacht? It covers all important aspects of the law on yachting in a single book Ab. Who`s my realtor? Do I have to enter into an agency agreement? Are there any mortgages, fees or other charges recorded against the super-yacht (because they must be unloaded upon delivery)? This is a question that any prudent buyer should ask, and if you sell, you must make sure that you can provide the transcript of the recording that shows that your superyacht is not contaminated. The process can become more complicated if he registers mortgages against the super yacht.
YACHTS INVEST offers these policies to guide its clients who cover some of the issues most frequently raised when using a yacht broker in connection with the sale or purchase of a boat: Now it is its second edition, The Law of Yachts and Yachting is a comprehensive treatise on yacht law and offers its readers an in-depth analysis of the law of the sea, as it is relevant to the superyachting industry. Written by a team of leading yacht professionals and researchers, it covers the legal issues that arise during the life of a yacht. The book is written for the lawyer, yacht broker and manager, who handles the operation of professional yachts, including financing, registration, chartering, insurance, compliance and accident management. The reality is that you should never underestimate the importance of having a thorough understanding of legal processes, legal certificates, transaction documents, tax positions and the various forms necessary to sell or purchase a super-yacht. Are there any special conditions, or items I would like to leave on the superyacht (i.e. the transfer of impending charters or some items repaired before closing)? The second edition will cover significant changes in the superyacht industry, such as.B. the new myBA 2017 charter formula, the wide yacht code (LY3) and the Smugglers Yacht Code, both of which will soon be consolidated in the new REG-YC, and the entry into force of the Maritime Labour Convention 2006, to name a few. At the time of the sale and before closing, the yacht broker must ensure that the vessel is duly unloaded from its pre-record at the request of the ship owner or a representative authorized on behalf of the owner. The request must be made in writing and contain the official number of the ship and the reason for the cancellation (sale). The original cancellation certificate (Cod) is returned by the owner who is listed on the certificate. Do I want to keep the same flag? Will the current flag have an impact on the use of the super-yacht? What is related to changing flags? Will the new flag include this type of superyacht as a private or commercial superyacht? Are all the legal documents of the super-yacht correct? Surround yourself with people who know what they`re doing and have a good balance sheet, including: surveyor, lawyer, super-yacht manager, broker and vat/accountant advisor. Make sure your contract, specific terms and conditions are all available in writing.