I. Introduction
Turkey is one of the most preferred countries for yacht purchasing, with the variety of boats it offers, its location and port opportunities. Owning a yacht and traveling freely on the seas is the dream of many. If you also want to sail the seas, we recommend that you pay attention to the important points we have explained below regarding yacht purchasing procedures before realizing your dream.
II. Considerations Regarding Yacht Purchase in Turkey
The most important thing to consider when purchasing a yacht is that the parties carry out the entire process in writing, and the buyer and seller, the characteristics of the yacht, and a copy of the yacht’s license must be included in the contract. In addition, the date on which the payments will be made and the yacht will be delivered must be determined in writing. Another important issue is to determine how the expertise of the boat will be done.
In the appraisal examination, the rights and obligations of the parties must also be determined in a written contract. Issues such as the amount of down payment to be paid, to whom this amount will be paid, and the right of withdrawal of the buyer who is not satisfied with the received report are among the issues that must be regulated in the contract.
It is also possible to arrange a yacht transfer agreement through persons who are also undertaken by the brokers or by the escrow (trustee) who undertake the 3rd party role in the sales relationship between the buyer and the seller. For example, as stated above, 10% of the contract price given before the appraisal report is sent to the trustee by the buyer. If the report is appropriate, the trustee sends this 10% to the seller, and the buyer pays the balance and buys the boat. In the event that the report is not appropriate, this money is returned to the buyer, not the seller, by the trustee and the contract is withdrawn.
III. Trading Transactions
On Turkish flagged yachts, the purchase and sale of yachts can be carried out at any port. With this fast and inexpensive transaction, the buyer or seller or the 3rd party escrow mentioned above can go to the port authority and do this transaction.
While the transaction is being carried out, the yacht’s clean paper related to the yacht (the document stating that there is no debt etc. on the yacht) must be obtained from the yacht’s license holder. This will prevent encountering any problems/surprises in the transactions to be made.
Required documents for the seller:
• Passport and ID photocopy
• Boat Photos (6 photos including Port – Starboard – Fore – Aft – Engine Serial No – Boat Serial No)
• Certificate of Activity (Date of Issue Must Be within the Last 3 Months)
• Radio License Fees Required
Required documents for the buyer:
• 1 Copy of ID and Passport Photo
• Residence Permit Document is Required if Foreign Buyer.
IV. Conclusion
The follow-up of the detailed processes briefly explained above is carried out by our legal department and all kinds of consultancy services that may be needed within this scope are provided by us.
You can always contact us for yacht purchase in Turkey and other questions….
Regards,
Edel Property Team