In order to buy a yacht or cruise ship, it is necessary to do your homework in order to find the yacht or cruise ship that will best suit you and your family. First of all, it is important to understand that buying a boat for a family, or any group for that matter, requires some amount of negotiation. There is no right or wrong way to approach the negotiating table, but there are some basic steps that one can take before diving into the deeper waters of the negotiating table. If you’re interested in buying a yacht, it’s important to do some homework and review your choices, including yacht ownership, corporate ownership, or personal ownership. Owning a yacht is a lot different from owning a canal boat, so make sure you are clued up before diving in head first.
A typical boat purchase transaction begins with a prospective buyer making an initial written offer to a seller by a yacht broker through a brokerage firm via a vessel-buying and sales agreement. The broker or agency will then negotiate the initial written offer and other written documents, which will include a “seller’s acceptance” document, which the seller accepts in principle, or, at a minimum, the parties agree to the terms and conditions outlined in the offer document. Once the offer is accepted, both parties have an opportunity to finalize the transaction by verbally signing the contract or, in a formal business transaction, signing a letter of agreement. Both parties may also sign a document of assignment, which will transfer the legal ownership of the vessel and yacht from the broker to the buyer and vice versa. This process continues with any necessary documentation, including the purchase price, condition reports, and more, being sent to the broker.
If a yacht or cruise ship is not purchased through a broker, then one can still buy a boat online. Many companies will provide buyers with an online portal for purchasing a boat through them. This way, a buyer can conduct their own research and complete the purchase process without having to deal with brokers’ employees. It’s important to remember, however, that some companies will require buyers to use their services in order to acquire their boat or yacht and make a final payment for it.