The prospect of navigating the seven seas on a yacht is as exciting as it is alluring. It opens up a world of jet-setting on the oceans, yacht parties at sea, and the thrill of the open seas. The US yacht market is a 20 billion dollar industry, but with the rising costs to manufacture these luxurious vessels, there has been an increase in demand for pre-owned yachts.
Whether you are buying or selling a yacht, you need to understand the preparation and paperwork that go into this transaction to ensure that everyone’s interests are protected. So if you’ve decided to enter or exit the yacht market, there are a few important factors to keep in mind.
The Importance of Notarization
Notarization helps protect both parties against fraud. A stringent identity verification takes place as well to ensure that the vessel’s ownership is legally transferred.
Tips for Buyers
- Before purchasing a yacht, hire a surveyor to thoroughly inspect the vessel.
- Know the costs involved in purchasing and maintaining a yacht. This includes the purchase price, maintenance, insurance, docking fees, fuel, and crew members.
- You can hire a buyer’s broker to guide you through the sales process.
Tips for Sellers
- When you decide that selling a yacht is what you want to do, get all your documents in order. This includes any outstanding loan agreements or warranties that can be carried over to the new owner.
- Before entering the yacht market, prepare your yacht and get it in top shape. Address any repairs that may need immediate attention.
- Keep records like receipts, invoices, and logs of all maintenance and upgrades. A well-maintained vessel will attract more buyers.
- Prepare a pre-sale inspection report. Be transparent about any defects or flaws that a potential buyer may need to address.
For both parties
The yacht market is complex and ever-changing. Understand the current trends and potential tax implications of buying or selling a yacht so that you can make informed decisions.
You need to know the importance of notarizing your documents to ensure a legal and secure transaction. These documents include the bill of sale, the boat title, and registration documents. There may be additional documents required on a state basis.
- Speak to a tax consultant about potential tax implications.
- Hire a yacht broker to act as an intermediary.
- Before signing anything, understand the documents. Read them carefully, and ask questions.
- Ensure all legal documents are completed thoroughly and accurately.
- The bill of sale needs to meet the USCG requirements.
- Keep records of all notarized documents.
Remote NotarEZ are Virginia-based notaries who are familiar with maritime documentation and USCG requirements. Notarization is simplified with professional notaries who understand the complexities of maritime documentation and the yacht market. Notarizing your US documents when buying or selling a yacht can happen simply, smoothly, and securely, no matter where you are in the world (or at sea).