Having found a yacht, you negotiate a price with the broker and reach an agreement. You should be supplied with an inventory for the yacht so you know exactly what is included in the sale.
You need a solicitor to act for you during the sale. Your solicitor will protect you by ensuring that there are no encumbrances or debts on the yacht, and that the ownership situation and titles are clear.
The solicitor will prepare an M.O.A. (Memorandum of Agreement) stating all the details of the transaction, including terms, dates and payments, and what comes with the boat. This Memorandum should be conditional on a survey. The M.O.A. is signed by both Buyer and Seller.
You arrange a survey of the yacht and, on the basis of this, either agree the price, re-negotiate, or in some cases the wisest action may be to walk away!
Thinking of buying a yacht in Greece? There are bargains to be had, especially at the end of the yacht charter season. But there are pitfalls to be aware of too.
The majority of Greek yachts listed with brokers are former charter yachts, known as Greek professional yachts. Some people shy away from them, believing it equivalent to buying a second-hand vehicle from a car hire firm. Not all charter yachts are ill-used or poorly maintained.
In fact, a lot of the professional yachts in Greece are owned by individuals rather than yacht charter companies. The owners charter them out in order to benefit from VAT and other tax advantages.
Often the owner will charter for the minimum number of days required to retain professional status and cover the annual mooring and maintenance costs of the yacht.
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