Moorings purchase Greece

[steveessex]

Has anyone experience of purchasing a used charter from Moorings in Greece? Long story short I paid deposit into Sunsail escow and have had a survey with agreed works to be completed. Having received the conditions of acceptance document which is fine, however the Sunsail broker also requests that the balance of payment also be transferred into the escow account in order to complete the deflagging process. Given the completion date of purchase is September I am worried having my life savings tied up for a long period where many things could change ie insolvency.

 

[newtothis]

In theory, the point of an escrow account is that the money is held by neither party until the deal is completed.
You give money to the escrow account, you get boat, money is released to seller. That avoids either side chipping out of a deal that will be completed in the future.
The escrow account should be independent of Sunsail or Moorings and if either/both go bust before completion, the yacht will be among their assets, but not the money. As they then can't complete, you get the money back.

 

[Baggywrinkle]

What newtothis said.

What is an escrow account? - Escrow.com

PS: Sunsail/Moorings sell charter boats all the time and have a reputation to protect - IMO they are one of the more trustworthy charter companies and although it is a scary thing to do (I also bought an ex-charter boat, but not from Sunsail/Moorings), the use of an escrow account makes it far safer than paying the company directly.

 

[Stingo]

@steveessex , just being nosey here, what did you buy?

 

[steveessex]

@steveessex , just being nosey here, what did you buy?

Leopard 39

 

[Stingo]

@steveessex , I hope this thread gives you some encouragement. I'll certainly deal with Sunsail again with confidence
Sunsail Head Office Telephone Number

 

[Stingo]

p.s., The boat I had hoped to purchase was at the Corfu base in Greece, not that that should make any difference

 

[steveessex]

p.s., The boat I had hoped to purchase was at the Corfu base in Greece, not that that should make any difference

"easylife"?

 

[Stingo]

Easy Ride, a Leopard 44 that's back on the Sunsail brokerage website

 

[Tranona]

Has anyone experience of purchasing a used charter from Moorings in Greece? Long story short I paid deposit into Sunsail escow and have had a survey with agreed works to be completed. Having received the conditions of acceptance document which is fine, however the Sunsail broker also requests that the balance of payment also be transferred into the escow account in order to complete the deflagging process. Given the completion date of purchase is September I am worried having my life savings tied up for a long period where many things could change ie insolvency.

From what you say, I think it depends on the specifics of the contract. If the contract price includes the removal from the greek register then the seller is entitled to draw that from the escrow account - assuming the wording of the escrow permits that. However I don't see any reason why you have to deposit any more into the escrow in addition to the deposit - in a UK transaction using a client account the account is written such that disbursements may be made in relation to the transaction - for example if there are yard bills that are required to be settled before completion. Rail to see how depositing the final payment affects the e ability of the seller to pay the deflagging fees as he can draw down from the deposit.

Based on my experience of buying a boat from a charter operator the fees will be around 1000-1500 euros (rip off but must be paid) and I paid those separately. I suggest you ask the seller if you can pay in this way and deduct it from the final payment if it was included in the contract price.

Hope this helps.

 

[steveessex]

From what you say, I think it depends on the specifics of the contract. If the contract price includes the removal from the greek register then the seller is entitled to draw that from the escrow account - assuming the wording of the escrow permits that. However I don't see any reason why you have to deposit any more into the escrow in addition to the deposit - in a UK transaction using a client account the account is written such that disbursements may be made in relation to the transaction - for example if there are yard bills that are required to be settled before completion. Rail to see how depositing the final payment affects the e ability of the seller to pay the deflagging fees as he can draw down from the deposit.

Based on my experience of buying a boat from a charter operator the fees will be around 1000-1500 euros (rip off but must be paid) and I paid those separately. I suggest you ask the seller if you can pay in this way and deduct it from the final payment if it was included in the contract price.

Hope this helps.

Many thanks for that. The sale includes removal from the register and like you say these could be covered from the deposit. However the broker insists that the full balance is somehow part of the removal process. I havent seen the wording of the escrow so it may be worth me asking for this before deciding.