BoatWiki - Definitions
A purchase agreement can be defined in boating terms as a legally binding arrangement between a buyer and seller that dictates the terms of a boat sales transaction. This is also known as a purchase and sale agreement, sales agreement, purchase offer, or offer to purchase.
A purchase agreement sets forth the terms and conditions of a boat sales transaction that has been approved by a buyer and seller. This is typically the result of a purchase offer made on behalf of a buyer that has been subsequently accepted by the seller.
Although purchase agreements are typically negotiated through a third party boat or yacht broker, they are also quite applicable in seller to buyer direct transactions.
Conflicts can easily arise in the course of finalizing a purchase and sale arrangement. A written purchase agreement is therefore paramount in avoiding unnecessary issues that can lead to litigation. Given the importance of such an instrument, it should be drafted if not at least reviewed by an attorney or qualified brokerage professional.
Credits and References
5/16/2022 - Page initiated by Team BoatWiki.