The sale of a yacht involves taking both buyer and seller through a legal process of contracts, surveys, sea trials, title, registration, matriculation tax or VAT. This is especially complex in a jurisdiction such as Spain. Tax Marine can assist owners with the initial purchase and eventual sale of a yacht in order to ensure that the documentary aspects of the transaction are handled correctly.
We can act on behalf or either buyer or seller in a conveyancing capacity. Sellers looking to find a buyer for their yacht privately can instruct us in advance to deal with any subsequent agreed offers. Alternatively, a prospective buyer may instruct us to act on their behalf as soon as a suitable yacht is found and an offer is agreed. We are further able to act on behalf of a buyer in an instance where a yacht is found through a third party yacht broker.
Examples of our conveyancing services include:
• Consultation, drafting and provision of sale and purchase agreements.
• Conduct yacht title searches to check against mortgages and any other liens or encumbrances.
• Conduct checks on good standing of the seller in the case of a corporate structure.
• Examine and review the yacht’s tax status, ‘VAT Paid’ or matriculation tax status.
• Escrow services holding any and all client monies until transaction completion.
• Working directly with marine finance houses securing a marine mortgage.
• Appointment of independent surveyors and engineering specialists.
• Assistance with delisting the vessel from its existing registration.
• Attendance at completion meeting/handover to accept delivery of title to the yacht.
