BUYING AT AUCTION A YACHT

Buying at auction a yacht might be one of the easiest ways to obtain a good deal on your luxury boat purchase. The procedure can be complex or straightforward depending on several factors which can arise during the procedure.

Before you commit to buy at auction, you need to follow a precise procedure and to know exactly what to do and when.

If you do not know how to find out where you can find a boat at auction, or you have found it but you do not know how to obtain it, Luxury law can assist you. We will take you through the whole procedure which will include the following:

  • Surveying the Vessel by sending the right surveyors;
  • Valuing the boat;
  • Making an offer and negotiating the price;
  • Paying the deposit;
  • Obtaining a binding agreement signed by the seller (usually a bank);
  • If the Vessel has been transferred to you, arranging and complying with the final payment terms.

The list above summarises the main steps to be followed, but of course while the auction market allows purchasers to buy at good prices the pitfalls are also more prevalent and an appropriate advisor should employed to protect you from encountering problems at sale as well further down the line.

There are no guarantees that the vessel will be transferred to you as the process is complicated and unforeseen problems can always arise but with the help of our experienced team you will be given the peace of mind you need to enjoy the boat you are purchasing.

Luxury Law will assist with clarifications of Italian documents as well as negotiating on your behalf, so you know exactly the deal you are entering into.

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