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must be registered (e.g.B. transfer of charters currently booked for the season or certain works of art to be withdrawn).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.

Although the parties are free to choose an alternative standard form (perhaps superyacht VAT will be paid? Or is VAT charged? Has VAT been recovered? What will be my ownership structure and do I need a VAT structure? Please note to all subscribers that the MYBA electronic contract application procedure and terms of use have been changed. You will find the details under the “Subscribe” tab. Thank you very much. What should I do if the buyer changes flag? What should I do if I sell with charters after graduating? As regards VAT on the purchase price, should the delivery take place in international waters or within the EU? • Are there any mortgages, fees or other charges registered against the super yacht (since they must be relieved 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 Transscript of Registry which shows that your Superyacht is not cluttered. The lawsuit can become more complicated if the mortgages are registered against the super yacht. I want to keep the same flag? Will the current flag influence the use of the super yacht? What is related to changing flags? Will the new flag include this type of super yacht in its register as a private or commercial superyacht? Are there any special conditions or items I want to keep on the super yacht (e.g.B. transfer of an upcoming charter or certain items defined before closing)? This practice describes the aspects of selling and buying super yachts, which are very different from similar transactions on merchant ships. For more information on the situation with regard to merchant ships in general, please see the practical notice: sale and purchase of used ships. Yacht builders will usually offer to use their standard construction contract for the construction of super yachts, or the parties will negotiate a bespoke contract. For more information on shipbuilding contracts for other types of ships, see practice note: Shipbuilding contracts.

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.. . .

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