Terms and Conditions

Yacht Fractions Ltd

Please note that you accept these terms by listing a yacht share with us

Appointment as Seller’s Agent

By listing a yacht share with Yacht Fractions Ltd, the Seller appoints Yacht Fractions Ltd as the Seller’s agent for marketing, negotiating and concluding the sale of the yacht share.

Yacht Fractions Ltd acts solely as agent for the Seller in connection with the sale and does not act as agent for the Buyer.

The Seller authorises Yacht Fractions Ltd to negotiate and conclude the sale on the Seller’s behalf, including agreeing the price and the terms and conditions of sale, subject to any minimum price or other parameters expressly agreed with the Seller.

Where a sale is subject to conditions, including approval of the Buyer by the relevant ownership group or insurer, or acceptance of the applicable share agreement, Yacht Fractions Ltd is authorised to negotiate and agree those conditions on behalf of the Seller. A sale will only complete when all applicable conditions have been satisfied.

Fees

We will charge a fee of 6% of the Bill of Sale price for any yacht share sold to a buyer that we have introduced. For sales of high-value shares or multiple shares in the same boat, a flat fee may be negotiated. If the share value is below £3,000, a minimum fee of £180 applies.

The Seller authorises Yacht Fractions Ltd to deduct its agreed fee from the sale proceeds before accounting to the Seller for the balance.

If a sale does not go ahead, no fee will be charged.

Non-Exclusive Selling Rights

We do not require exclusive rights to sell your yacht share. However, if you arrange a sale privately or through another advertising platform, you must inform us immediately and provide the buyer’s name. We will then suspend our advertising until you advise us further.

If you begin discussions with a buyer not introduced by us, you must notify us immediately. Advertising for your share will be suspended at this point.

The non-exclusive nature of the appointment does not affect Yacht Fractions Ltd’s authority to negotiate and conclude a sale on the Seller’s behalf in respect of a transaction being handled by Yacht Fractions Ltd.

Accuracy of Information

At the point of sale, you must sign a Bill of Sale confirming that the boat is as described in the advertisement. Only factual information can be included, with relevant dates if recent. Subjective comments are only allowed in the “owner’s comments” section.

All photographs and images must show the actual boat being sold and must be current. Brochure images are not permitted due to copyright restrictions, but layout plans may be used.

Sale, Payment and Completion

Where the Buyer is required to pay a deposit or purchase price to an account nominated by Yacht Fractions Ltd in its capacity as the Seller’s agent, Yacht Fractions Ltd receives those funds on behalf of the Seller.

Where purchase monies are received by Yacht Fractions Ltd as the Seller’s agent, payment by the Buyer into the account nominated for that purpose shall constitute payment to the Seller, subject to the terms of the applicable sale agreement.

Yacht Fractions Ltd will account to the Seller for the net sale proceeds following completion, after deduction of its agreed fee and any other sums properly due under the sale agreement.

If a sale is subject to specified conditions, the sale will not complete unless and until those conditions have been satisfied. Where the sale agreement provides for a deposit to be returned if a condition is not satisfied, Yacht Fractions Ltd will return the deposit to the Buyer in accordance with the sale agreement.

Yacht Fractions Ltd does not act as agent for the Buyer and does not undertake any separate payment, escrow or other service for the Buyer.

Introduced Buyer and Withdrawal

If you accept an offer from a buyer who is willing and able to proceed, and then you withdraw from the sale, we reserve the right to charge the full fee for our services.

Future Sales to Introduced Buyers

If we introduce a buyer who later purchases additional shares from the same seller, we will require payment of 50% of our normal fee for each subsequent sale. We will administer these sales.

Transfer of Buyer Introduction

If we introduce a buyer and the seller passes the buyer’s contact details to another owner in the same group, we will still require a fee for this introduction. It is the original seller’s responsibility to inform the second seller of this requirement.

Seller’s Responsibilities

• Shares must be offered internally within the share group before being marketed publicly, as required by most groups.
• The seller must prove ownership of the share and confirm the VAT status of the boat if requested.
• New owners must be approved by existing group members before the sale is completed, if required by the group.
• The buyer must be acceptable to the boat’s insurance company before the sale is completed.
• All group dues and fees must be paid by the seller as at the date of sale, unless otherwise agreed in the sale terms.
• The seller must provide the buyer with a copy of the current share agreement before the sale is completed, and the buyer must accept its terms.
• If the sale is due to a breakdown in relations within the ownership group, the seller must declare this.
• The Seller must provide proof of identity as part of Yacht Fractions’ due diligence obligations.

Authority and Scope of Agency

The Seller confirms that Yacht Fractions Ltd is authorised to act as the Seller’s agent in accordance with these terms and to negotiate and conclude the sale of the yacht share on the Seller’s behalf.

The Seller agrees that Yacht Fractions Ltd may communicate and negotiate with prospective Buyers, agree the price and contractual terms within the authority given by the Seller, receive deposits and purchase monies on the Seller’s behalf, and account to the Seller for the net proceeds.

Yacht Fractions Ltd’s authority is limited to acting for the Seller and does not extend to acting as agent for the Buyer.