The Buying Process

Our job and purpose at the WOY is to make the buying process a simple one and 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. Each client and every yacht is different in some way, so no single deal is ever quite the same – However, here is a rundown of the main steps that we generally incorporate in the buying process
Your requirements - The first consideration for us 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 a number of other considerations that will help us to narrow down the search and present you with the best possible options.

Professional analysis and research - At this point we will use the information that we have and apply it to locating a selection of 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. We will always look out for the highest possible quality for you and this very much includes value.

Yacht selection and presentation - 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.

Yacht inspections - 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 queries you may have.
Making an offer and negotiating - Very seldom does a yacht actually 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 on to the contract.

Memorandum of Agreement (MOA) – The MOA is essentially the contract that binds the two parties with preformatted and some personalised conditions to respect with regards to the exchange of goods. There are many considerations to be taken into account 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.

Sea trials - With an MOA signed and a deposit paid then 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 present (within the capacity allowance of the vessel). Hopefully, this is a very enjoyable experience and 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.

Survey - 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. We will recommend impartial and professional marine surveyors and other specialists if required, though it is entirely your choice who you use. A survey report will be issued in due course and we will consider the results. If they are acceptable then we shall move on to the next stage – If not, then the yacht can be rejected or we will renegotiate the terms.
Completion and delivery – 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!
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