Memorandum of Agreement Approved by the Mediterranean Yacht Brokers Association

Surround yourself with people who know what they are doing and have a good track record, including: surveyor, lawyer, superyacht manager, broker, and VAT consultant/accountant. Make sure that your form of agreement, special conditions and list of documents are all written. The most common form of agreement for the sale and purchase of second-hand superyachts is the Mediterranean Yacht Brokers Association (MYBA) Sale and Purchase Form, known as the MYBA Memorandum of Understanding (MYBA MOA). Any additional conditions or changes to the standard conditions must be recorded (e.g.B. transfer of charters currently booked for the season or artwork to be removed). It is important that verbal agreements are recorded in writing. You must think carefully before signing a personal guarantee that assumes the obligations of the selling or buying company. This can affect the ownership structure you have carefully set up and lead to tax issues when selling. The activity of a broker consists in marketing the seller`s boat, including organizing visits, negotiating the conditions of sale, processing documents and obtaining agreement on the distribution of the sale price.

A broker may also conduct title and financial checks, provide documentation to support the VAT status of the vessel, and provide evidence of compliance with the class, vessel, and several other provisions. For this work, the broker usually charges the seller (and sometimes the buyer) an agreed commission, usually a total of 10% of the gross selling price for myba members. Will the superyacht be paid VAT? Or is VAT taken into account? Has VAT been recovered? At YACHTS INVEST we also offer a registration service, and a buyer may wish us to transfer ownership of a boat registered in their name. A buyer can engage the yacht broker separately in this matter, so he acts only for the buyer at the time of the transfer of ownership. Are there any special conditions or items I would like to leave on the superyacht (i.e. the transfer of upcoming charters or certain items that were determined prior to completion)? Are all the legally required documents of the superyacht in order? Is the superyacht funded? If this is the case, the bank`s consent to the sale is usually required. At the time of sale and prior to completion, the yacht broker must ensure that the vessel is properly removed from its previous register at the request of the owner or an authorized representative on behalf of the owner. The request must be made in writing and include the official number of the vessel and the reason for the cancellation (sale). The original deletion certificate (COD) must be returned by the owner named on the certificate. Will it be a privately registered amusement superyacht, or would I like to charter the superyacht? Who is my broker? Do I have to enter into a central office contract? The reality is that you should never underestimate the importance of having a thorough understanding of legal processes, legal certificates, transaction documents, the tax situation, and the various forms required to sell or buy a superyacht. Do I want to keep the same flag? Will the current flag affect the use of the superyacht? What is involved in changing flags? Will the new flag include this type of superyacht in its registry as a private or commercial superyacht? • Are there any mortgages, fees or other charges registered against the superyacht (as these must be unloaded upon delivery)? This is a question that any prudent buyer should ask themselves, and if you are selling, you need to make sure that you can present the transcript of the recording that shows that your superyacht is not cluttered. The process can become more complicated if mortgages are registered against the superyacht.

YACHTS INVEST provides this policy to guide its clients and answer some of the most frequently asked questions when using a yacht broker in connection with the sale or purchase of a boat: in both cases, cancellation/registration fees may apply. More than a hundred new cases from the English courts, the Court of Justice of the European Union and the International Tribunal for the Law of the Sea. If you are already a subscriber, please enter your details below to log in. Discussion of Incoterms 2020, which can be included in purchase contracts from 1 January 2020. Amendments to the Merchant Shipping (Registration of Ships) Regulations, 1993, including the Merchant Shipping (Registration of Ships) (Amendment) (Exit from the EU) Regulations, 2019. ÐÐ3/4лÑÑÑÐ ̧ÑÑ Ð¿ÐμÑаÑÐ1/2ÑÑ Ð²ÐμÑÑÐ ̧Ñ ÑÑÐ3/4й кÐ1/2Ð ̧гР̧ Is the buyer known? Who is the ultimate beneficial owner? Do I want a personal/mother warranty if a single-use vehicle is the buyer? • To whom should the deposit be paid? It is common for the broker or the seller`s lawyer to stick to it. However, you can economically agree that it will be owned by the buyer`s broker or lawyer. .