Yacht purchases require specialized legal expertise because yacht transactions operate under a completely different framework than real estate or business contracts, involving MYBA contracts, flag state regulations, and multi-jurisdictional VAT structures; using a general lawyer unfamiliar with these maritime legal systems can slow down the process, cause sellers to lose patience, and potentially cause deals to collapse, making it essential to work with an experienced yacht broker alongside a maritime lawyer who understands industry-specific legal formalities.
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A yacht deal is not the same as buying real estate or closing a normal business contract.Ajouté :
No matter how much you trust your lawyer for a yacht purchase, he's probably not the right one. Welcome to part 216 of the Yachting Playbook. Most buyers have a lawyer they trust, someone who has handled their real estate deals or business contracts for [music] years.
So, when they decide to buy a yacht, they call the same person. Make sense, right? [music] But yacht deals run on a completely different framework. An average lawyer won't understand an MYBA contract, flag state regulations, or VAT across multiple jurisdictions. So, they do what any careful lawyer [music] would do. They question everything. The process slows down and the seller loses patience. And the deal that was ready to close might fall apart because time [music] is very expensive in yachting.
Having any lawyer is not enough. You need the right combination of an experienced broker working alongside a maritime lawyer who handles the legal formalities. This is how I've been doing it for years, and it's the most efficient process from my experience.
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