Who is my broker? Do I have to conclude a central contract? Surround yourself with people who know what they are doing and who have a good track record, including: surveyors, lawyers, superyacht managers, brokers and VAT/accountant advisors. Make sure your agreement, special conditions, and list of documents are all written. The most common form of agreement on the sale and purchase of used super yachts is the Mediterranean Yacht Brokers Association (MYBA) Sale and Purchase Form, known as the MYBA Memorandum of Agreement (MYBA MOA). Any additional conditions or changes to the standard conditions must be registered (e.g.B. transfer of charters currently booked for the season or certain works of art to be withdrawn). It is important that oral agreements are recorded in writing. You must weigh carefully before signing a personal guarantee that will amortize the obligations of the selling or buying company. This can affect the ownership structure you have carefully set up and cause tax problems when selling. The reality is that you should never underestimate the importance of having a thorough understanding of legal processes, legal certificates, transactional documents, tax position and different forms necessary for the sale or purchase of a super yacht. As stated above, the Worldwide Yachting Association (MYBA) form is the most common standard Memorandum of Understanding used for the sale and purchase of super yachts in Europe.
The rest of this document is only available to i-law.com online subscribers. • Who is expected to do so? It is common for the broker or the seller`s lawyer to cling to it. They may, however, commercially agree that it will be held by the buyer`s broker or lawyer. Each party that holds a deposit should be an established company and should probably need up-to-date information. If you can`t agree on who holds the deposit, you can win a bank as a stakeholder.. . .