Buying a Yacht
An overview of the yacht purchase process
Steps to buying a yacht
Much like buying real estate, once you have found the yacht you want to buy, there are several steps before you close the deal. We will guide you through these.
- Making an offer: We prepare the Purchase & Sale Agreement for you to print, sign and return to us. We then present this to the seller. At this point there may be some negotiation over price, which we will mediate.
- Pay a deposit: Once your offer has been accepted you will need to deposit 10% of the sale price in our escrow account. Should the sale not go through, your deposit will be returned in full (minus the standard bank charge).
- Survey: We will provide a list of reputable surveyors who can conduct an assessment and report on the condition of the vessel.
- Acceptance: Based on the survey results you then choose to accept or reject the deal. If accepted, the deposit becomes non-refundable.
- Closing the deal: All being well, you send the balance of the purchase price to our escrow account where it will be held until the closing date. On the closing date we hand over the notarized Bill of Sale to you, along with the keys.
The vessel is now yours!
How we can Help
During this process, you will also need to think about a few other administrative points. We will explain the next steps and put you in contact with the right professionals for each of the following:
- Financing – we will refer you to professionals in the marine finance industry if needed
- Insurance – we will ensure the right paperwork is forwarded to the necessary people
- Registration – Provide you with referrals to documentation agents who can assist with international registration
- Dockage – With our network of local contacts we can help you find a suitable slip for your boat
- Management, Maintenance and Repairs – For BVI based boats, 123 Hulls also provides maintenance, management and repairs.