If you’re looking to buy a yacht this year, you may be wondering whether to go it alone or to engage a team of luxury yacht brokers to help with the transaction. What are the advantages of working with the professionals? And can a yacht brokerage really turn a complex and potentially stressful process into one that’s, well, plain sailing? We answer your questions below.
What Is A Luxury Yacht Broker?
A yacht broker is a specialist who helps yacht buyers and sellers in the purchase or sale of a luxury vessel.
What Does A Yacht Broker Do?
A luxury yacht broker offers advice and expertise to help you what can be the difficult job of buying a yacht, making them especially helpful to those first-time owners who are new to the process. Once they’ve helped you to find your dream yacht, they will then protect your interests throughout the purchasing process, from the initial inquiry to the negotiations and paperwork, being by your side on the day of delivery to ensure everything runs smoothly.
Resources and Connections
A good yacht brokerage will ask lots of questions and listen closely to what you really want from your yacht, helping to determine the right kind of vessel for you at the best possible price. They have resources and connections, as well as an intimate knowledge of current market conditions and recent sale prices, and will know about the yacht’s background, its condition, and how long it’s been on the market.
Once they have found you the perfect yacht, your team of luxury yacht brokers will check that the vessel has a clean and unencumbered title, and that there is no outstanding marine mortgage secured on it.
Your yacht brokerage will then help you make a realistic offer, and if successful, prepare all the necessary documentation. This includes the initial Offer to Purchase and Bill of Sale, as well as certificates of ownership, security agreements, licensing and registration. Your yacht brokerage can also negotiate terms of the sale, date of possession, and inclusion or exclusion of repairs, furnishings and equipment. They will handle the transferring of funds, and pay all necessary taxes and other associated fees.
Sea Trial and Survey
If you are buying a brand-new vessel, it is your luxury yacht broker who will arrange a sea trial and engage the services of an independent marine surveyor. They will attend the sea trial and marine survey with you, and help you address any issues that may arise and put any problems in context. If required, they can help estimate the time and cost of any corrections, and obtain quotes for any necessary work. They will also make sure that your lender, if applicable, and insurance carrier receive a copy of the survey.
After the sale, your luxury yacht brokers can even help you find moorage and yacht maintenance, as well as any repair specialists or facilities. Your relationship may well continue long after you’ve bought your yacht, with your yacht brokerage available to assist you with crew placement, suggest classes on sailing and seamanship, and even connect you with other enthusiasts.
You could go it alone – but having a dedicated yacht brokerage by your side throughout the process will make the experience a lot easier and more straightforward. From then on, all you have to do is relax and enjoy your beautiful new yacht.
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