I Want To Sell My Yacht. What Next?
As a yacht owner you have choices as to how you go about selling your yacht and you may want to try marketing it yourself at first, or you may have been approached at some time by a potential buyer who you can contact to see if they are still interested.
However, it is probably more likely that you will sell the yacht sooner and with less personal involvement if you appoint a broker within a reputable brokerage company who is specialised in selling yachts similar to your own. You can offer the yacht to a number of brokerage companies on a non-exclusive basis and co-ordinate all the visits yourself or via your captain or yacht managers etc., but for larger yachts, a central agent is normally appointed who will take care of all aspects of the sale on your behalf and will coordinate direct marketing and sending listing specifications, photos and videos etc. to world-wide brokers who may have clients to purchase your yacht.
The central agent will coordinate inspections to the yacht with the captain by potential customers. They may produce a direct buyer although statistically it is more likely that a joint sale through another broker bringing the buyer will occur. Once an offer has been accepted, the central agent will act on your behalf to bring a sale to its conclusion. This is normally done in a well-established and fair manner for all parties by following a MYBA Memorandum of Agreement or similar with the brokers ensuring that all legal, technical and compliance details are dealt with throughout the process.
A buyer’s sea trial plus possibly a technical sea trial, followed by hauling out the yacht and having a full purchase survey will be the way to determine the actual condition of the yacht and any defects which may need to be rectified or deducted from the selling price.
Both the buyer and seller may engage a specialised or marine lawyer for the larger transactions. The paperwork involved can be quite complicated and needs to be done very precisely to ensure a smooth delivery and re-registration. The commission for the sale will normally be paid by the seller at completion and deducted from the sales proceeds along with any outstanding expenses from the sea trial or survey etc.
Hamilton Marine can represent owners or offer advice on the best brokers to appoint, assist in agreeing the conditions and obligations of a central agent and suggesting how to present the yacht for sale from an impartial point of view. We can also assist during the sales process or represent the owners interests as required.