An Aussie buying in the MED

[chall]

Hi all,

I am after some advice and feedback.

We are Australians who are looking at buying a a Belgium flagged vessel that is lying in Italy.

I am grasping with the actual best process of transferring funds on purchase (should I use ESCROW? Should I involve broker?) Plus how to arrange transfer of clear and unencumbered title to my name etc in such a way that I will not get screwed.

I am of the understanding that yes upon purchase I should and will also fairly quickly register the vessel as an a Australian registered vessel in my name.

I guess as someone who has bought and sailed several boats locally in Australia I am doing a lot of overthinking here, but I guess I want to make sure if we do this we are proceeding in the best possible fashion as there are obviously not insignificant sums of money involved.

Anyway would love to hear from anyone that has advice, experience or an understanding in this regard.

[JPA Cate]

1) Find out what needs to be done to de-register the vessel from Belgium. You may have to work with the owner to arrange how that is to be accomplished. Make a hard copy.

2) Find out about and execute what has to be done in Belgium to make sure the owner has clear title. Hard copy again.

3) Find out from the bank you will be using how long it takes them to accomplish wire transfers to Europe (it may be longer than you think before the funds are clear). Get it in writing.

4) In Italy, find out if there are any debts outstanding, and what you or the owner must to do clear them. Written proof of what there is and how it was dealt with.

Be meticulous, and keep the paper work, it's the easiest way to help others who are trying to help you.

Ann

[chall]

Thanks Ann.

Good advice we are working through some of that now.