Whether you are starting from scratch or perhaps a boat purchase is something you have been considering for some time, Yacht Brokers World recommends using YachtingLawyers Buying a Boat Guide as a useful starting point to guide you through the process of buying a used racing yacht. You might also want to take a look at our FAQ’s page:-
Top 5 tips for buying a second-hand boat:
1. Always use a Professional Yacht Broker. They are there to protect both the buyer and the seller and act as the intermediary throughout the transaction. Only the vendor pays the Broker so there is no reason not to have this safeguard in place.
2. Avoid making verbal offers, always make it clear with the seller that if an offer is made it will be subject to a written contract (Sale and Purchase Agreement) being entered into.
3. Always make an inventory of the machinery and equipment on board a vessel to be included in the sale. The inventory forms part of the contract and should be initialled and agreed by both parties after a joint inspection.
4. A deposit of 10% is industry standard but there is nothing to prevent the buyer from negotiating a lesser amount.
5. When making an offer, always make clear it is subject to a satisfactory survey being carried out (Conditional).