Yacht purchase and ownership source of pleasure, but we at Romeo United Yachts have found the steps are never clearly explained. Each client and every yacht is different, so there each deal with difference; however, there are a certain number of steps that are necessary.
The first step is to establish your requirements and preferences regarding the yacht. Romeo United Yachts will liaise with you to define the size, style, technical aspects, accommodation, intended use, cruising areas, budget and other factors that clearly will focus the search so you are provided with the best possible selection of yachts either existing or for new build.
With the information we have collected, Romeo United Yachts use our expertise and tools to identify and present an array of quality yachts. Combining our knowledge of the global and local markets with our own and subscribed databases, we can identify yachts that match your desires. We are dedicated to providing the highest quality possible, including value.
A shortlist of yachts that meet the predetermined requirements will be presented. Romeo United Yachts will keep track of the important points while analyzing each yacht. This procedure helps to narrow down the search to one or two desirable yachts.
If a yacht can be identified that meets most of the selection criteria, an inspection will be organized. Your Romeo United Yachts broker will accompany you during the visit to ensure everything is reviewed in every detail.
Rarely does a yacht actually sell for the initial asking price. Romeo United Yachts 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).
The MOA is essentially an industry specific contract that binds the buyer and seller with some personalised conditions to respect with regard to sale of the Yacht. Generally, the accepted industry contract in Europe is the MYBA (Mediterranean Yacht Brokers Association) MOA. It is important to have appropriate legal council involved for the purchase agreement to closing.
Once the MOA is signed by both parties and the deposit on account, a sea trial is scheduled. During the sea trial, the potential buyer can get a feel for the vessel and also to ensure that technical systems are operational. Your Romeo United Yachts broker will attend along with other key people you may invite. If at the end of the sea trial there is something that is not right, then this can be negotiated or the yacht rejected.
If moving forward following the sea trial, it is important to commission a survey of the yacht with a professional maritime surveyor to review all the structural and technical elements. 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 the cause for rejection of the yacht. If the report is accepted, then we move to the completion and handover of the vessel.
Following the terms of the MOA, the documentation, change of ownership and payment are all completed on a set target date. Your broker will liaise with your legal council during the last procedure leading to the handover of the yacht at a specific time and place.