How can Yachtsnet offer these lower rates? |
Yachtsnet's lower
brokerage commission rates are possible primarily because we do not
have expensive marina-based offices, or use many magazine display
advertisements. Despite their expense, these typical yachting press
brokerage adverts give only very sketchy details of the individual
boats available, and to find out more you have to either have to wait for details
to be posted to you, or look online for more information. With Yachtsnet, however, buyers can see
full details online almost immediately, and we take great care to make sure that the entire boat is presented in large, high quality photographs. We also state the date our photographs were taken. |
Buying a boat through Yachtsnet |
Yachtsnet aims to make the process as simple as
possible - starting with letting you see full, accurate and honestly
presented details, and multiple good quality high resolution photographs,
directly on our web site. |
If you call us, you will be able to speak to someone
who has seen the boat advertised, and will give an honest assessment
of it's condition, and any work likely to be required. |
When you decide to actually visit a boat, Yachtsnet
staff or the owner will meet you and accompany you to see the boat. It
is at this point that you will find the full benefit of Yachtsnet's
detailed and accurate listings. You will not have to waste
time looking at unsuitable boats, or boats in far worse condition
than expected. |
Once you have found a boat, the sale process itself
is in many ways more complicated than buying a car, or even a house.
Yachtsnet makes checks that owners have "clear title"
to boats offered - ie that they are legally entitled to sell.
This will have been done on all boats offered for sale through Yachtsnet.'s brokerage service. NB - Boats on our "classified ads" page are not inspected by Yachtsnet, and you will be dealing direct with the seller, not through us. |
If you choose to make an offer, it is normal (and
generally strongly recommended) to do so "subject to survey".
Yachtsnet will not recommend any individual surveyor to you, but
will be happy to give you a list of local surveyors. This list
of surveyors is also available online. |
As well as "subject to survey" it is possible to make an offer "subject to survey and sea trial". In this case the survey normally comes first, and the purpose of the 'sea trial' is not for you to decide whether or not you like to boat, but to test specific things which cannot be assessed by a shore-based survey, such as running an engine under load. |
If the seller accepts your offer, Yachtsnet will
draw up a sale agreement, which includes the inventory, and is signed by both buyer and seller. At this point we require payment of a 10% deposit * against
the purchase price. This deposit will be held in a separate
Clients Account at our bank. Once the deposit is put down,
the boat is off the market pending your survey. Yachtsnet will then
liaise with your appointed surveyor, and the boatyard, to arrange
the survey. |
The deposit is primarily held as a sign
of good faith on the part of the buyer - to say that he is seriously
interested in the boat. It also acts as surety against a
surveyor damaging the boat during survey, and offers the owner
protection against any survey or boatyard haul out bills not being
paid, creating a 'lien' on the yacht.
In the case of a sale without survey, the 10% deposit payment immediately becomes a part payment, and is non-refundable. For sales with survey, the deposit is returnable if the survey finds "material defects" (ie substantial problems) and you and the seller cannot agree a re-negotiation to cover this.
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Although it is not essential, it is often an advantage
for you to see the survey carried out, although it is better not to distract the surveyor too much from his task. It is important to
note that as buyer, you are responsible for the cost of repairing
any damage caused by the surveyor. Most yacht surveyors do
not in fact cause any significant damage - but you must be aware
of this point.
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Once you have the survey report, you will normally
either decide: |
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a) |
To complete the sale at the original price, or
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b) |
To re-negotiate the price, or require the owner
to repair or replace parts, as a result of defects found, or |
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c) |
To pull out of the deal entirely, because
of extensive and major defects found |
Your deposit will be returned (less any costs of
"survey damage") if you do withdraw from the purchase
at this point. This situation is however fairly unusual.
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Once you and the seller have agreed a sale, Yachtsnet
will draw up all the documents required to transfer legal ownership
to you, and accept the balance of full payment. |
There is no charge whatsoever to you as buyer for
Yachtsnet's services. |
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If a survey is required, it typically takes around
three to six weeks to complete a sale - though if the buyer is keen to get on it can be quicker
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Sales without a survey can be completed very quickly
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Selling a boat through Yachtsnet's brokerage |
Selling a yacht is a much more specialised business than selling
a car, or even a house. |
It is essential to ensure that conveyancing is carried out properly,
and that the sale contract is drawn up properly. There is
a considerable amount of paperwork involved, and Yachtsnet will
ensure that this is done correctly. |
Yachtsnet will first ask you to complete a brokerage form, and
provide us with copies of various documents proving that you do
own the boat. We will then arrange to inspect your boat, and
check the information you have given us. At this point Yachtsnet
will normally require a key to the boat, and if in some marinas or boatyards for you to sign a form
authorising us to show the boat to prospective buyers. |
Yachtsnet will advise you on the presentation of the boat, and
if required we can arrange (at cost price) for any cleaning or other
minor remedial work required to enable the boat to sell at a good
price. |
Yachtsnet will photograph the boat, both externally and internally.
A selection of these photographs will be used on the web page showing
your boat. If you do have any good colour photographs of the
boat, we may also use these. Photography and the inspection of the boat will take between one and three hours - obviously the larger the boat the longer this will take. We do work hard to ensure that the photographs are of very good quality and show the whole boat at its best. |
The Yachtsnet web page for your boat will have a brief summary
of the characteristics of your boat. This will be written
by Yachtsnet staff. In the unlikely event that you disagree
with these comments, we will work with you to agree amendments.
Yachtsnet comments, however, will never aim to mislead purchasers.
They will be an honest description of the boat. Ultimately,
Yachtsnet will refuse to list a boat rather than to list with misleading
comments. |
Yachtsnet also lists boats for sale on brokerage on the Yachtworld and Apollo Duck advertising websites to increase the exposure, Yachtworld being partiularly important to the international market. We also have a Facebook page on which we announce new boats for sale. |
An e-mail, or a colour printed copy of your yacht's details,
will be sent to all prospective buyers currently on our purchaser
database, or to anyone who subsequently contacts us asking for a
yacht of her type. |
We will whenever possible accompany potential customers who
view your yacht. If we cannot do so, we will ask that you
meet them. We will not send a customer unaccompanied to the
boat, except with your express permission. We will notify you of
any offers made, even if we know them to be unacceptable. Yachtsnet will not accept any offer on your
behalf without your approval, even if it is for the full asking
price. |
On your acceptance of an offer we will draw up a standard contract,
and accept a 10% deposit from the purchaser. This deposit is always held in a separate Clients Account at our bank - Santander Bank UK. |
Most purchasers will make their offer "subject to survey".
Yachtsnet will liaise with the purchaser's appointed surveyor, and
the boatyard, to arrange this. If as a result of this survey
they offer a lower price, which you do not accept, the buyer's deposit
will be returned, and Yachtsnet will continue to market the boat.
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Once a completion date is agreed we will send you a Bill of Sale to sign and have witnessed, and then return to us, pending the date of completion. On the date of completion we ask the buyers to phone us to say they have taken over the boat satisfactorily, and at that point (assuming we are by then also holding your signed Bill of Sale) we pay you the purchase price,
less our commission and any boatyard commission charge *. This payment is by "Faster Payments" bank transfer if under £100,000, normally a same-day transfer, or by the "CHAPS" bank transfer system if over £100,000, which is very slightly slower, typically next day. We then mail the signed Bill of Sale to the buyer by a "signed for" service.
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* Some boatyards and marinas operate a 1% plus VAT charge for boats sold from their premises. This practice is dying out, but a few operators still maintain it. If this charge is still made at the location your boat is kept at, we will pay this on our behalf, and deduct it from your payment.
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Preparing a boat for sale |
Yachtsnet's detailed pictures and descriptions for brokerage
boats give potential customers a good idea of the layout and condition
of a boat, but one of the most important factors in achieving a
sale is the preparation
of the boat for sale. Our detailed advice is given on
our preparation page.
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Financial safety |
Yachtsnet.co.uk is operated by Yachtsnet Ltd. Yachtsnet
Ltd. holds full insurance, and all monies held on behalf
of our clients are held in a separate Clients Account at Santander Bank UK. |
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