Terms and ConditionsScroll for more
Terms and Conditions
Fractional Yacht Shares Ltd.
Please note that you accept these terms by listing a yacht share with us
NO SALE NO FEE
Fees – We charge 6% + VAT of the Bill of Sale price of any share sold to a buyer introduced by ourselves. This is subject to a £180 + VAT minimum fee.
Exclusivity – we do not ask for exclusive rights to sell your yacht share, however we do ask for respect, so we must know if you arrange a sale privately or through another advertising medium.
We insist therefore that immediately you enter into discussions with a buyer not introduced by ourselves you inform us and give us the buyer’s name. We will then suspend advertising pending your further advice.
Accuracy of data – At the point of sale you will sign a bill of sale declaring that the boat is as advertised. For this reason we do not allow any subjective descriptions other than in the “owner’s comments” area. Descriptions of items are factual and may include a date if this is recent and so relevant.
Photographs and images – These must be of the boat being sold and must be representative of the boat at the time of advertising. We cannot accept brochure images due to copywrite restrictions but can use layout plans.
Proceedable buyer – if an offer is accepted from a buyer who is able to proceed and the Seller subsequently withdraws from the sale, we reserve the right to collect the full fee payable for our services
Subsequent sales – if we introduce a buyer to a seller with more than one share to sell and the buyer then buys a further share from the same seller at any time in the future, we regard this as an introduction and will require payment of 50% of our normal fee on completion. We will of course administer the sale.
Transfer of introduction – If we introduce a buyer to a seller who then passes the contact to another owner in the same group, we shall regard this as an introduction. It is thus the responsibility of the seller contracted to us to make the second seller aware that we will require a fee to be paid.
- Seller’s responsibilies: (It will be assumed that the Seller has complied with all these).
- Most share groups require that a share to be sold is offered internally before it is openly marketed for sale.
- The Seller is required, if asked, to prove title to the share and also the VAT status of the boat.
- Most share groups require that a new owner is approved by the continuing owners prior to the completion of a sale.
- The seller must ensure that all dues and fees owned to the group are paid as at the date of sale unless otherwise agreed in the terms of the sale.
- The seller must ensure that the buyer is acceptable to the insurance company prior to the completion of a sale.
- The seller must supply a copy of the current share agreement for the group to a buyer prior to completion of a sale.
- The buyer is required to accept the terms of this.
- The seller must declare if the reason for the sale is due to a breakdown of relations within the ownership group.