Rya Yacht Sale Agreement
Although the law is not mandatory for documents for the sale and purchase of a ship, documents are required to comply with certain legal requirements such as the Pleasure Boat Directive, compliance with national and European VAT rules and national registration requirements. If the seller is unable to provide documents, the buyer may be allowed to withdraw from the sale. “Our advice is that you read the agreement carefully and only consider the next step in the process when you are satisfied with the terms of the agreement,” Says Mandy. Once you are satisfied with the documentation, a sea trial is recommended. You should carefully check the purchase and sale contract to ensure that you are entitled to withdraw from the sale if you are not satisfied with the boat after the sea test. A sales contract governs, as the name suggests, the rights and liability of the contracting parties and determines the transaction process including issues such as the payment of the surety, the buyer`s right to be raised on the vessel and the conduct of an offshore test; Acceptance of the boat or by any other means; The termination of the contract and how disputes between the parties will be resolved. “Before you pay a deposit, ask the broker how deposit and/or closing funds should be maintained. A standard deposit is 10% of the purchase price (although it may be possible to negotiate the payment of a reduced rate) and it is important to agree on the method to be used to pay the funds. “Buying a used boat can be a pretty big investment, but despite the cost, the legal side of buying a boat can be as simple as buying a newspaper! In this context, it`s useful to do a few basic tests before you part with your money and actually commit to buying,” says Mandy Peters, rya`s legal manager. The buyer may, on the basis of the results of the investigation, withdraw from the purchase or renegotiate the price of the vessel or require the seller to correct the defects at his own expense before the contract is concluded. Once you have found your dream boat, it would be wise with an investment of this size to proceed with caution to ensure that you avoid all potentially costly shortcuts. Attention to the next steps will help ensure that your purchase goes smoothly.
A survey is considered by most buyers to be essential to check the condition of the boat and its engine/equipment. Although the vessel appears to be in excellent condition, an investigation is nevertheless a reasonable precautionary measure. Rya has also created a sales and purchase package that is available exclusively to RYA members and contains all the essential information about buying and selling your boat, which can be downloaded from the RYA website or by sending your request to the legal team on 023 8060 4223 or email@example.com with your membership number. For more information, you can get a copy of the `RYA Boat Buyers` Handbook in print formats and in e-book formats under www.rya.org.uk/shop. The rya Boat Buyers`Handbook is an important purchase for anyone who wants to get on the water in their own boat.