Purchasing a yacht involves several steps to ensure a smooth and legally sound transaction. Here's a general outline of the next procedures you might consider after finding a yacht you like in Greece:
1. **Offer and Negotiation**: Contact the seller or their broker to express your interest and make an initial offer. Negotiate the terms of the sale, including the purchase price, any additional equipment or accessories, and the conditions of the sale.
2. **Acceptance of Offer**: Once both parties agree on the terms, the seller will accept your offer. This can be done verbally or in writing, depending on local practices and legal requirements.
3. **Purchase Agreement**: A purchase agreement or sales contract will be drafted. This document outlines the terms and conditions of the sale, including the purchase price, payment schedule, contingencies (such as surveys or sea trials), and other relevant details. You might want to involve a maritime lawyer to ensure the contract is legally binding and protects your interests.
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| Our first Yacht bought in Greece, 'Christina' a William Garden designed Teak Ketch, she made a perfect summer liveaboard. |
4. **Deposit**: You'll likely be required to provide a deposit, often around 10% of the purchase price, as a sign of your commitment to the purchase. This deposit is typically held in an escrow account until the deal is completed.
5. **Sea Trial and Survey**: Before finalising the purchase, it's advisable to conduct a sea trial and hire a professional marine surveyor to inspect the yacht. This helps identify any potential issues with the yacht's condition, systems, and structure. If significant problems are found, you can use this information to renegotiate the terms or even withdraw from the deal.
6. **Financing and Documentation**: If you're not paying the full purchase price upfront, you might need to secure financing. Your lender will require documentation such as the purchase agreement, survey report, and possibly your personal financial information.
7. **Title Search and Documentation**: It's crucial to ensure that the yacht has clear title and is free from any liens or encumbrances. Your maritime lawyer or broker can help with this process. The seller should provide the necessary documentation, such as ownership documents, registration, and any relevant certificates.
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| Christina in the distance - first visit to Lipsi in the Aegean. |
8. **Closing**: Once all conditions have been met, including financing approval and satisfactory survey results, you'll proceed to the closing. This is when the remaining balance is paid, ownership documents are transferred, and the yacht officially changes hands. The closing can take place at a notary's office or through a maritime lawyer.
9. **Registration and Documentation Transfer**: The yacht's ownership and registration will need to be transferred to your name through the appropriate maritime authorities. This might involve paperwork, fees, and compliance with local regulations.
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| Ouzeria taverna in Lipsi and of course octopus! |
10. **Insurance**: Don't forget to arrange for insurance coverage for your new yacht. This is essential to protect your investment and cover potential risks.
Remember that the specific procedures and requirements can vary depending on the country, local laws, and the practices of the parties involved. It's recommended to work with professionals who specialise in maritime transactions, such as brokers, lawyers, and surveyors, to ensure a successful yacht purchase.
