If you wish to purchase a Yacht in Italy, there are many factors that need consideration expecially if you have no the opportunity to come and visit the yacht in person or if you are not familiar with Italian rules and language.
Main steps to follow:
- Initial inspection and negotiation.
Our team will assist you in undertaking your formal offer by drafting a Letter of Intent (LOI).
- Memorandum of Agreement (MOA).
For a large number of yacht transaction, parties very often use the Mediterranean Yacht Broker Association (MYBA) Sales and Purchase Agreement MOA form. However there are similar forms which you can use, just make sure that all clauses are included and amended as agreed by the Parties.
Instructing an expert maritime lawyer is highly suggested since it is of essence to include the entire list of paperwork in the MOA and Addendum.
- Deposit payment upon signature of the MOA.
10% of the purchase price is usually transferred onto the Stakeholder account, the deposit is held subject to the terms of the MOA.
- Sea trial & condition Survey
You can appoint your own surveyor or if you do not have one in Italy, we can provide a list of expert marine surveyors for you to choose from.
Following the survey report the Buyer can decide whether to accept or reject the yacht.
In case of defects, the Seller can either decide to fix these defects or make a reduction on price.
- Bill of Sale signature
Before completing our team will make sure that all documents are ready, that all the requirements of the Flag state and Classification Society, Insurrance etc. have been accurately checked.
- Payment of the Balance
At closing the Stakeholder will release the balance to the Seller against delivery of the yacht and seller's documents previously listed thanks to your maritime lawyers' assistance.
Of course the above is just a simplicistic list explaining the entire process, and many issues might arise or need to be clarified during the transaction.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.