Admirality & Maritime Law Attorney in Coral Gables, Florida
Why is it important to know how you are going to use a yacht before you buy it?
Why is it important to know how you are going to use a yacht before you buy it?
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it’s important to know
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how you’re going to use the yacht
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because
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something as simple as if you’re only
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going to use it for private pleasure
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purposes only in other words for your
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own use
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or whether you’re going to charter it
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if it’s private pleasure only there’s a
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lot less regulation
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that you have to follow but if it
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becomes a larger yacht you may wish to
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try and defray some of the expenditure
00:35
of the yacht
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which means you’re going to want to
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charter it out
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but in chartering it out
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depending on the law of the flag
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there are a heck of a lot of other
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regulations that go along with that and
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you need to consider that before you
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purchase the yacht because in fact the
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yacht may not be suitable to follow
01:00
those regulations
Miami, FL admiralty & maritime attorney Michelle Otero Valdés explains why it’s important to know how you are going to use a yacht before you buy it. She states that it’s important to understand how the yacht will be used. If it’s solely for private pleasure—meaning personal use only—there are far fewer regulations to follow. However, if the owner plans to offset some of the yacht’s expenses by chartering it, many additional regulations will apply depending on the flag state. These rules need to be considered before purchasing the yacht, as the vessel may not be suitable for compliance with those requirements.
