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Purchase Agreement - Form

Payoff Demand - Form
Payoff Authorization - Form



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Vessel Purchase Agreement

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Use of this form may have legal and tax implications.
You should consult with an attorney or professional about any such concerns.

Introduction


The vessel purchase and sale agreement form is designed to accommodate a transaction directly between the buyer and seller. Although not intended for broker usage, it can be modified accordingly. This version is intended for recreational usage and may not be suitable for more complex transactions such as those involving commercial vessels.

Context


A  purchase and sale agreement should be implemented in any vessel transaction unless the parties have a high degree of confidence in each other's wherewithal to make good on any verbal representations. There are numerous issues that can be brought into contention unless the respective terms are clearly defined.

Source


This form is downloadable from the BoatWiki repository in Microsoft Word format and is fielded for ease of use. Changes to the body text can be accomplished by choosing the unprotect option from the tools menu of your application. It will then need to be again protected in order to regain the field and tabbing functions.

Instructions


Header Section - The buyer and seller legal names should be fully stated. There is no need to list the address here as there are placeholders for this at the end of the form. The vessel section should list the master vessel and any ancillary boats such as dinghies or tenders which are part of the transaction. The ancillaries should be preceded with an "Includes:" notation. All vessels should be clearly identified by year, make, model, and any hull identification, documentation, or state registration numbers. Any trade-in vessels should be listed accordingly in the Trade section or a notation as not applicable should be inserted.

Paragraph 1 - The purchase price should be the total amount agreed upon unless any ancillary boats are to be priced individually. Any detachable or non-essential items such as furniture and other personal items or equipment should be listed here as inclusions.

Paragraph 2 - This paragraph dictates the methods of payment including any required deposits and trade in values. Any buyer direct to lender payoff amounts should be so stated. The terms of any seller financing arrangements can also be addressed in this paragraph. Terms related to the time and place of closing and the identity of a third party closing agent if applicable are to be shown herein.

Paragraph 3 - This section should identify any seller responsibilities regarding a marketable title and the retirement of any existing liens or encumbrances.

Paragraph 4 - This section identifies any seller obligations with respect to releasing or transferring the title.

Paragraph 5 - Any contingencies to be eliminated before closing should be listed here.

Paragraph 6 - This section addresses any inspection, haul-out, and survey terms.

Paragraph 7 - The assumption of any damages or liabilities that may occur prior to closing are identified here.

Paragraph 8 - The terms applicable to any trade-in vessels are stated herein.

Paragraph 9. - This paragraph addresses any termination or terms of default.

Signatures - All parties involved should sign here and include the date. Although notarization is not typical, this can be accomplished with a notary's attachment. The signatures should be respectively followed by each party's physical address at which any notifications or legal services can be delivered.

Conclusion


This form can have major ramifications with respect to any disputes between the parties. Any such concerns should be addressed with a qualified attorney at law. Please help your fellow boaters by wiki-sharing any experiences, comments, or corrections regarding its usage.


Credits and References

6/28/2022 - Page initiated by Team BoatWiki.




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