Buying guide
Buying guide As part of the buying process, we will provide you with a great deal of information with regards to the future use and yacht experience you are looking for as it is one of the major consideration when purchasing.
Your requirements
The first consideration for us is to establish what your requirements and preferences are regarding to the yacht market. We will liaise with you to get a good picture of the size, the style, all technical aspects, number of accomodations, what is your intended use, your preferred berthing location and cruising areas, your budget and any other consideration that will help us to present you the best adapted options available.
We will present you a shortlist of yachts that meet your requirements and should be of interests. Your broker will note the relevant pros and cons for each yacht according to your comments and preferences to to draw comparisons with similar vessels. With good reviewing of the best available options, you will decide with your broker which yacht(s) merit a first visit to organize a meeting to provide you more insights and answer any inquiries you may have.
If this visit is considered as love at first sight, your broker will advise you with consideration to market value and other economic factors, the correct offer for the choosen yacht. If the agreement is validated by both parties we shall move to the MOA.
The Memorandum of Agreement
The MOA (Memorandum of Agreement) is the contract that binds the two parties regarding the conditions discussed and considerations taken into account to make sure that the transaction goes smoothly. With a sined MOA and a deposit paid, you have the right to take the yacht out for a sea trial (usually up to 4 hours) to check out the real feel of the vessel when cruising, her handling and other technical aspects you were looking for. Your borker will be present and you may invite any other people you would like to present onboard (within the capacity allowance of the vessel). If the sea trial consolidates your choice we shall recommend that you commission a survey on the yacht that shall cover all structural, technical and aesthetic aspects of the yacht to avoid any surprises. A survey report will be issued and can allow you to finalize the transaction.
The WOY will advise you on the further exchanges regarding ownership, yacht registration and yacht management to take care of all these procedures to prepare the yacht handover to the very happy new owner you are!
Buying process
Buying a yacht is the ultimate luxury experience and a dream for most humans. Throughout the size spectrum we have the experience, the network and all the resources to support you in the overall process. Our broker will work closely with you to remove the stress from your yacht purchase and allow you to leave the ownership experience. The aim of our team is, according to our market knowledges, the understanding of your needs, and the evaluation of the yacht you have or you are looking for, to find the best solution. Our market investigation will help you to create the perfect project for you and your loved ones.
Our purpose is to facilitate the buying process as much as possible to create an enjoyable experience for all our clients. We are acutely aware what a big decision and important investment a yacht is no matter what the size or style. It should always be a source of pleasure for the owner and to that end we help our clients with whatever their needs are along every step of their ownership. This starts particularly with the buying process.
The buying process:
Our goal is to establish what your requirements and preferences are with regards to a potential yacht. We will liaise with you to get a good picture of the size, style, technical aspects, accommodation, your intended use, preferred berthing and cruising areas, budget and several other considerations that will help us to narrow down the search and present you with the best possible options.
Regarding the information we have, we will start to select quality yachts that will satisfy your criteria. We use our global and local knowledge of what is available on the market along with our own and subscribed databases to find yachts that correspond to your wishes and description.
A shortlist of yachts that meet your requirements and should be of interest to you will be presented. At which point your broker will note the relevant pros and cons of each yacht for your consideration. This should allow you to scrutinize the details and narrow down the search. Even if your ideal yacht is in the selection, it is always good to draw comparisons with similar vessels to appreciate the market possibilities. – With good reviewing of the best available options and possibly adding more, you will then usually decide with your broker which yacht or yachts merit a firsthand inspection. Your broker will arrange this with consideration to your schedule and accompany you on any visits to provide insight and suggestions and answer any inquiries you may have.
Very seldom does a yacht sell for the price that is being asked. We will advise you with consideration to market value and other economic factors that may come into play as to what we suggest is a correct offer on your chosen yacht. You will always be in control of this process, and we will simply represent you. Often the offer will start out low and there may be negotiations involved with counter offers. If we achieve an agreement accepted by both parties then we shall move onto the contract. The memorandum of Agreement (MOA) is the contract that binds the two parties with preformatted and personalized conditions to respect with regards to the exchange of goods. There are many considerations to be considered here and your broker will advise you on each one to make sure that the transaction goes smoothly. The WOY advocates the use of MYBA (Mediterranean Yacht Brokers Association) MOA’s as they are a highly respected industry standard.
With an MOA signed and a deposit paid, you have the right to take the yachts out for a sea trial (usually up to 4 hours, but this can often be negotiated). This allows you the occasion to literally check out the real feel of the vessel when cruising, her handling and consider any technical aspects that may need considering. Your broker will accompany you and you may invite any other people that you would like to be present (within the capacity allowance of the vessel). Hopefully, this is a very enjoyable experience that consolidates your choice. However, in the unfortunate event that you are not satisfied with the yacht after the sea trial, then you will have the opportunity to reject it and we shall look at other options. If the vessel passes the sea trial to your satisfaction, then we shall recommend that you commission a survey on the yacht that shall cover all structural, technical, and aesthetic aspects of the yacht. There may be some problems that we are already aware of, but it is always worthwhile avoiding any surprises and therefore thoroughly advocated to have an independent survey.
Subject to the terms of the MOA being satisfied by both parties then we shall finalize the transaction making sure that everything is anticipated and in order. There will be a further exchange of funds and documentation to allow the ownership and registration of the yacht in the chosen entity of the new owner. WOY will advise on and take care of all these procedures and will happily liaise with your personal legal advisor if required. Then finally we will arrange the handover of the yacht at a designated time and place to the very happy new owner!
Good to know:
While the existing yacht market can permit clients to acquire a vessel at competitive prices, specialized shipyards also offer clients the possibility to build their dream yacht, following the build, monitoring, and having several options at each stage of the construction process. New technologies and materials allow designers and to stimulate their creativity and explore new designs and features. There is also somewhere in between, where several yards including Feadship and Amels have semi-custom lines whereby a client can choose a hull design and then elaborate a great deal on the layout, uses, and interior design of a yacht. We would be very happy to discuss the availability and options of such yachts and we have the relationships with the shipyards to make this happen efficiently and cost effectively. We can additionally broker an attractive deal with any new build production yacht that you choose.