What is the recommended procedure to purchase a yacht?

It is highly recommended to visit the boat, physically, prior to committing yourself in any agreement (in writing).

It is very important being yourself in the boat!!!!!

Since you will spend much time in the boat (and under difficult conditions sometimes), it is very important to be sure about practical issues like headroom, size of the berths or even the space in the heads!!

After you are “convinced” that this is “the boat”, we highly advise the next steps:

1.Signing a Memorandum of Agreement (MoA) with the Seller(s) of the yacht with terms and conditions of the purchase (particulars of the specific yacht, price, place of delivery, equipment, running fees etc), to assure the time needed for conducting the necessary inspection (Condition Survey).

2.Once the MoA is signed by all parties (Seller, Buyer and Broker), a deposit will be transferred to the Broker’s (YD Yachts) bank account (usually 10% of the purchase price). The Broker will be acting as the Trustee for both parties (Seller and Buyer) till the conclusion of the sale. YD Yachts will pay it to the Seller on Closing date.

For the Greek Flagged boats, we highly recommend the Buyers to use the services of a Solicitor. See more in:  Do I need a Solicitor? – Yachts for sale, Preowned yachts, Yachts offers, Used yachts (ydyachts.com)

3.Afterwards, you should have the yacht inspected by the Surveyor of your choice.  All related expenses for the survey are paid by the Buyer, prior to the realization of the survey. On the acceptance of the boat (Letter of Acceptance) we proceed to the next step to finalize the transfer of the ownership. In case of vessel’s rejection by the Buyer,  the MoA will be rendered null and void and the deposit will be returned to the Buyer.

4.The payment of the balance purchase money will be paid by the Buyer to the Seller, provided that the Trustee (in association with the Solicitor who is acting in the Buyers’ interest) has received, by the Seller (and the Buyer),  in original, all the documentation required for the transfer of the boat to the Buyer, free of debts and encumbrances of any nature whatsoever, and allow the Buyer to proceed safely to the new registration (under Buyer’s name).

The above steps are the result of long time experience in yacht brokerage. The specific steps ensure a smooth and legal purchase of your yacht.