• What is the process? Agreement signed, conditional upon sea trial and survey. Deposit paid (the standard deposit is 10% of the purchase price but a different sum could be negotiated). Always have the sea trial first and, if you’re happy, move on to the condition survey conducted by a marine surveyor. It is never advisable to do the condition survey before the sea trial, but if you cannot avoid it you must ensure that the MYBA MOA is amended to adequately deal with this. Typically, the MYBA MOA will have an addendum which will deal with all documents that will be delivered by the seller to the buyer and vice versa. • Who should the deposit be paid to? It is customary for the seller’s broker or lawyer to hold it. However, you can commercially agree for it to be held by the buyer’s broker, lawyer or a professional escrow agent (who will receive a fee for doing so). Any party holding a deposit should be an established company and they are likely to need up-to- date customer information on both parties. If you cannot agree on who holds the deposit, you could get a bank to act as the stakeholder.
The sale and purchase of a yacht is like buying or selling an apartment — it’s floating real estate and should be treated with the same respect.
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