yacht sale contract template

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Sales Contracts

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Whether you buy a new boat from a dealer or a used boat directly from the owner, the best way to protect your interests is to outline the terms of the sale in writing.

A written agreement will eliminate or minimize questions and problems that could later turn a sweet deal at the dock into a sour one in court. By spelling out the obligations of the buyer and the seller, as well as the time frame in which the sale is to take place, you have a legally binding, written document of the parties' intentions.

It's not necessary to have a lawyer write the contract, although this should be considered, especially if you're buying a high-ticket boat or are having one custom-built for you. Most dealers use contracts printed with their name and address, but "fill-in-the-blanks" contract forms found in stationery stores or online will suffice for private sales. (Or click here to download the BoatUS Purchase Agreement .) A handwritten agreement will also serve the purpose. Regardless of the form, both parties must sign the contract. If the sales agreement requires the signature of both the salesperson and an officer of the dealership, make sure both spaces are signed.

Download the BoatUS Buyers Guide PDF to read this article and the entire guide.

If you're buying from a broker, the sales contract will usually be standardized. But that doesn't mean you shouldn't carefully go through it and make sure that such items as tankage and engine hours are filled out accurately. The broker's information is only as good as what the seller provides.

Basic Contract Terms

Sales agreements or contracts should include the following minimum information:

• Complete names and addresses of buyer and seller
• Complete description of boat and engine, including make, model, year, hull-identification number (HIN) and engine serial number(s). New boats will come with a Manufacturer's Statement of Origin, something you will need to register the boat. A complete equipment list is a must. If there's a trailer, include its serial number, as well.
• The purchase price, including a description of any deposits paid by buyer and how the balance will be paid (for example, certified check). It should also describe the trade-in boat, if any, and its exact value. Most states require the trailer to be registered with the motor vehicle agency, and usually require tax to be paid, just as it would with a car. It's wise to separate the trailer value from the boat on the contract to make this easier.
• A firm delivery date describing when and where the boat will be delivered and the deal finalized
• The boat's condition at the time of delivery, including a complete list of the accessories and items that convey with the boat
• A full description of any warranty from the dealer or manufacturer. When boats are sold in "as is" condition, recourse may be impossible if problems arise.
• Buyer's contingencies: Spell out that the sale hinges on a satisfactory survey and sea trial and the ability to obtain acceptable financing and marine insurance.
• A statement that the boat is free of all liens and encumbrances

Financial institutions often consider boats to be luxury items, so the application process is more like buying a house than buying a car. As part of the underwriting process, many lenders will ask for a personal financial statement along with tax returns. For used boats, a tax return is often required. Terms up to 20 years with down payments between 10% and 20% are common, but rates and terms can vary depending on the age, size, type, and use of the boat. It's a good idea to talk with prospective lenders before filling out a loan application.

On a new boat, lenders need the Manufacturer's Statement of Origin. It certifies that it has had no other retail owner. With used boats, lenders check for a clear title or record of ownership. For larger boats, lenders usually require marine-insurance coverage and federal documentations as conditions for loans.

Manufacturer's Statement of Origin

The Manufacturer's Statement of Origin (MSO), or Certificate of Origin (MCO), that comes with each new boat contains the boat's hull identification number (HIN) and engine serial number(s). The MSO or MCO shows when the boat was built and transferred to the retail dealer for resale purposes. You will need the MSO when you register or document a new boat. If the boat is financed with a loan, the MSO will be transferred to the lender; otherwise, it will be included in the boat's papers given to you at the time of purchase. You or your loan company should receive the MSO when you take delivery. If not, contact the boat manufacturer at once. Without the MSO you may be unable to register the boat or meet insurance requirements.

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What is a Boat Bill of Sale?

A boat bill of sale (also called a boat purchase agreement) is a document used to detail the terms of a transaction between a private seller and buyer. It’s a contract specific to a boat sale, and can be used for a powered or unpowered boat as long as it is not also a U.S. Coast Guard documented vessel registered by the U.S. government rather than titled and numbered by a state (there are separate forms for selling a documented vessel).

In some states, a boat bill of sale may not be required to complete the sale, but using one is a good idea as it provides proof of the details of the transaction. If the boat has a title—generally required in most states for boats more than 16 feet in length—that title will still need to be transferred from the seller to the buyer per state regulations.

How to Buy a Used Boat from a Private Seller

Boat Bill of Sale Templates Online

You can make up your own boat purchase agreement or use a form that may be provided by your state (try searching online for “Michigan boat purchase agreement” for example). If you find a form, details for your state will likely be included. Some states require the boat purchase agreement to be notarized by both buyer and seller.

If your state does not require the use of a specific form, or does not offer one, you may be able to use a generic boat purchase agreement such as one offered by:

• The U.S. Coast Guard
• A service like eForms

What Should Be Included on a Boat Purchase Agreement?

A boat bill of sale should include:

• The name, address and contact information for the buyer;
• The name, address and contact information for the seller;
• A description of the boat—brand, model, year of manufacture, length, Hull Identification Number (HIN);
• State registration number.

The HIN should be permanently marked on the boat transom to port. If the boat is powered by an outboard motor, it should be listed separately with its serial number.

If a trailer is being sold with the boat, it is also listed separately with its Vehicle Identification Number (VIN). The agreement should list a separate sale price for the boat, outboard motor and trailer. The agreement should also list any accessories or equipment being sold with the boat, such as electronics, trolling motor, spare props, with serial numbers if available. If you are selling the boat, items that are not included in the sale can be listed as “excluded” on the purchase agreement.

The boat purchase agreement can be executed before the sale is final, usually with a deposit, with contingencies, which could include securing financing or that the boat passes a mechanical inspection, marine survey , or sea trial . If issues crop up, such as a repair that should be made, those terms can be negotiated and spelled out in a new agreement, or the buyer can walk away with a refunded deposit.

Using a formal boat purchase agreement protects both the buyer and seller and goes a long way toward avoiding misunderstanding between the parties.

Read Next: How to Register a Boat

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Legal Templates

Home Personal & Family Bill of Sale Boat

Boat (Vessel) Bill of Sale Template

Use our boat bill of sale to record the sale of a boat and protect both the buyer and seller.

Updated November 22, 2023 Written by Sara Hostelley | Reviewed by Brooke Davis

A boat bill of sale is a legal document recording the sale of a boat between two parties: a seller and a buyer. Within this document, the seller agrees to transfer boat ownership to the buyer for a certain fee.

Supplemental Form

If the boat has an accompanying trailer, you can record the sale of multiple items (for example, a boat, motor, and trailer) on a single form or an accompanying trailer bill of sale form .

Boat Bill of Sale – By State

• Connecticut
• District of Columbia
• Massachusetts
• Mississippi
• New Hampshire
• North Carolina
• North Dakota
• Pennsylvania
• Rhode Island
• South Carolina
• South Dakota
• West Virginia

Boat Bill of Sale – By Type

Explore our different forms to get the right template for your boat setup:

Use this template if you’re selling a motorless boat or a boat with an internal motor.

Examples include canoes, sailboats, houseboats, and jet skis.

Use this template for a motorless or inboard-motor boat and its trailer.

For a Boat and Trailer

Use this template to sell a boat with an outboard motor and its trailer.

Outboard motors aren’t permanent parts of the boat, so they must be listed separately on the bill of sale form, even if a trailer isn’t included in the transaction.

For a Boat, Motor, and Trailer

If your boat is federally documented (registered with the U.S. Coast Guard), you need an official Coast Guard bill of sale to complete the transfer.

For a Coast Guard Vessel

• Boat Bill of Sale - By State
• Boat Bill of Sale - By Type

What Is a Boat Bill of Sale?

What to include in a boat bill of sale, how to sell a boat, how to write a boat bill of sale, boat bill of sale sample, frequently asked questions.

A boat bill of sale is a document that legally transfers the ownership of a boat or other watercraft from a seller to a buyer.

You need this form when buying or selling a boat because it outlines the terms of the sale, prevents disputes, and serves as proof of ownership for the buyer so they can register their new boat.

Types of Boats

You may sell or buy one of the following types of boats:

• Power/motorboat

A valid bill of sale for a boat, jet ski, or other watercraft vessels should include the following components:

• Parties’ information: The buyer’s and seller’s names and contact information.
• Watercraft description: Details about the watercraft, including its current condition, hull identification number, make, model, and year.
• Registration information and title number: Any registration information and title numbers for the boat.
• Payment method: Clarification on how the buyer will pay (via cash, personal or certified check, credit card, etc.)
• Purchase price: The agreed-upon purchase price.
• Sale location and date: When and where the sale occurred.
• Signatures: Signatures of both parties.
• Notarization: Some states require notarization to validate the document. Even if your jurisdiction doesn’t require notarization, you may consider having a notary witness both parties’ signatures to increase its legitimacy.

You can also specify if the boat comes with a warranty. If it doesn’t, you may include an “as-is” clause, meaning the buyer agrees to purchase the vessel in its current condition.

When it comes to selling a boat, there are several steps you need to take to keep in mind to make the process as straightforward as possible.

Step 1 – Decide What You’re Selling

Firstly, you’ll need to decide what you’re selling. Will you sell just a boat or include a motor and/or trailer?

Whatever it is you’re selling, make sure you include everything in the final value of the sales price.

Step 2 – Prepare the Boat for Sale

You need to take a few steps to prepare your boat for sale. You’ll need to:

• Get paperwork in order: Ensure you have the title and registration for each component. Most states require this information for sale, plus it assures the buyer that you’re the owner and the vessel has no liens.
• Collect maintenance records: A potential buyer may ask for records of any maintenance work you’ve had for the boat to verify its condition.
• Clean your vessel: Clean your vessel’s interior and exterior to attract more potential buyers. Address cosmetic issues, fix mechanical problems, and remove everything not part of the sale.
• Photograph your boat: Take several photos of your boat from different angles in good lighting.

Step 3 – Determine Your Boat’s Value

To determine your boat’s value, you’ll need to:

• Decide whether to sell privately or commercially. You may wish to hire a broker to help sell your boat, especially if it’s a higher-cost watercraft. On the other hand, selling your boat on your own lets you manage the process while eliminating fees and commission costs, but it can be more time-consuming.
• Determine market value. To get an idea of the market value of your boat, you can use a price-checker tool like J.D. Power or BoatTrader . Or, you can search for local listings of a similar make and model. Factors such as condition, age, and demand can significantly impact market value.

A vessel’s average sales price may not accurately represent how much your boat is worth. If you’ve made extensive modifications, they could affect the value. Ensure you consider everything when calculating the sales price.

Decide on an asking price and the lowest offer you’ll consider before you list.

Step 4 – List Your Boat for Sale

Several websites help private boat sellers reach buyers. Create multiple listings across sites like Boat Trader , The Hull Truth , BoatCrazy , boats.com , Craigslist , and eBay to reach a wider audience. For high-end and specialty boats like yachts and sailboats, try YachtWorld.

In addition to several clear photos of your boat, provide a detailed description of the condition and features of the vessel and any accompanying motor, trailer, or accessories.

Make sure you include the following information in your post:

• Make, model, and year
• Repairs or improvements
• Terms of the sale (cash-only, delivery available, etc.)

If you want to offer a warranty on the boat, mention it here. Otherwise, include terms like “as-is” or “sale final” in the listing description.

Step 5 – Present Your Boat to Potential Buyers

Now that you’ve listed your boat for sale online, you can show it to potential buyers. For ease, you’ll want your boat stationed at a dock for easy access so buyers can understand what the boat is like on the water. You could also consider parking your boat on land, a trailer, or a stand.

Before meeting potential buyers, ensure the following:

• You’re honest and up-front about the boat.
• You know the boat inside and out.
• The boat is in selling condition.
• You’re prepared to communicate and negotiate with buyers.
• You know your lowest asking price.

Step 6 – Write a Bill of Sale and Gather Relevant Documents

Once you’ve found a buyer, you can fill out a bill of sale template to finalize the transaction. Distribute a copy to the buyer so they can review it.

Also, gather the following documents:

• Title: Proof you own the boat.
• Registration: Current registration in your state.
• Proof of Paid Loan: Evidence that you’ve paid off the loan attached to the boat.
• Trailer Documentation: Proof the trailer is in good condition and can haul a boat without it being dangerous.
• Receipts for Maintenance/Repairs: Proof of you taking care of the boat while you owned it.
• Warranties: Any guarantees you want to transfer in the sale.

Step 7 – Collect Payment

Once you agree on a price with the buyer, you can finalize the boat sale. The buyer must pay you before signing the document.

Don’t hand over the keys or ownership documents until the buyer’s funds have cleared.

It would be best to negotiate which party will be subject to the sales tax; typically, both parties split it. To close the sale:

• The buyer needs to make payment in full.
• The seller must sign the title to the buyer and hand over any current registration documents.

Step 8 – Sign and Notarize

After completing the bill of sale form and receiving payment in full, you and the buyer can sign the document according to your state’s requirements.

Some states require the buyer and seller to sign in the presence of a notary public for the form to be valid. If your state doesn’t require boat bills of sale to be notarized, it’s still a good idea to have a notary witness the deal in case a dispute arises.

After the sale is complete, make a copy of the signed form for your records. The buyer should keep the original copy for registration purposes.

Step 1 – Fill in the Buyer and Seller Information

Once the buyer and seller agree on all the transaction details, arrange to meet in person to complete the sale. It’s a good idea to have both parties show ID to verify their personal information is correct and prevent fraud.

You must include both parties’ names, addresses, and contact details.

Step 2 – Fill in the Boat, Motor, and Trailer Details

Fill out the boat details, including year, make, model, HIN (hull identification number), dimensions, etc. You can usually find your boat’s hull ID number on the right side of the transom (rear of the boat).

Include outboard motor information like serial number, model, and horsepower, which you can often find on the plate attached to the motor.

You can find trailer details like the vehicle identification number (VIN) and weight on a sticker or plaque, usually attached to the frame.

You can use the notes section to mention additional details about the condition of these components. Include whether you will have any warranties to the buyer or if they will buy the boat “as is.”

Step 3 – Fill in the Selling Price and Payment Method

Before meeting to complete the sale, the buyer and seller should agree on a purchase price and payment method.

The buyer must pay sales tax when registering their new boat, but you might split or cover the sales tax cost by deducting the applicable taxes from the selling price.

Payment methods can include the following:

• Personal check
• Cashier’s check
• Money order
• Credit Card

If the boat is a gift, fill out your relationship to the recipient and the boat’s total value and other items included in the transfer.

Step 4 – Sign and Notarize

Once the buyer pays, you can sign the form to finalize the transaction. Some states require boat bills of sale to be notarized.

Download a boat bill of sale template below in PDF or Word format.

Can you register a boat with a bill of sale?

You can use this document as proof of purchase to apply for the legal title with the state agency that handles boat registration.

Check your state’s requirements to determine if you need to register the boat. If you’re purchasing a trailer, you may need to register that too.

Can I buy a boat with just a bill of sale?

Yes, you can buy a boat with just this document. However, the boat must not have a title. The bill of sale must provide all the necessary details so there’s sufficient proof the transaction took place.

If a title is attached to the boat, the seller must transfer the title to you for you to legally be the new owner.

Can you sell a boat without a bill of sale?

Yes, you can sell a boat without this document. However, this approach may not be wise because you wouldn’t have definitive proof of a transaction and the resulting change in ownership. Both parties to the sale may experience legal ramifications later.

For example, say you sold your boat to a buyer without a bill of sale, and the buyer got into an accident where they damaged another vessel. The owner of the damaged vessel could take you, the original owner, to court for compensation.

As the boat is still in your name and there is no proof of a transaction, it won’t be easy to prove your innocence.

Does a boat bill of sale need to be notarized?

A boat bill of sale may need to be notarized to be legally binding, depending on the state where the sale occurs. Many states require this document notarized or witnessed by at least two people.

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Boat Bill of Sale

The boat bill of sale is a form that documents the sales transaction of a boat. It formally transfers ownership of the craft from one person to another. Sometimes called a boat purchase agreement, this document formalizes and details the terms of the transaction. It works like other forms of bills of sale. The boat bill of sale is specific to boats, both those with and without motors.

Boat Bill of Sale Template

• Connecticut
• Massachusetts
• Mississippi
• New Hampshire
• North Carolina
• North Dakota
• Pennsylvania
• Rhode Island
• South Carolina
• South Dakota
• West Virginia

A private seller from a dealership will include a bill of sale for the boat. A private seller offering a used boat will need to find a boat bill of sale as well.

The boat bill of sale operates just like other bills of sale. A person buying a used car will receive a bill of sale. A bill of sale is used when a person buys an animal, like a horse. They are proof that the legal ownership of the item is moving from one person to another. It is the specifications that vary from each.

A boat bill of sale is quite similar to other vehicular bills of sale. It closely resembles the car bill of sale. The seller will need to note the same information.

• Personal information of the seller
• Personal details of the buyer
• Make and model
• Odometer/hours reading
• Year of manufacture
• Amount Paid

The boat bill of sale requires a few specific pieces of information. The seller must include the

• length of the boat
• hull identification number.
• state registration number

The boat must be either state or federally registered, but not both.  Different states require different components, but all states require that the boat gets registered with the state. Not all boats need to be registered. Kayaks, canoes, and other human-propelled boats do not need to be registered and therefore do not require a bill of sale. The boat bill of sale is for all boat sales or any major money transaction.

The bill of sale acts as a transfer of ownership. A bill of sale for a boat should be used in every state. In some states, the bill of sale needs to be notarized. Florida is a state that requires a notary while Washington does not, unless by mail. Research the state-specific requirements for the boat bill of sale.

Drafting a Boat Bill of Sale

Those in need of a boat bill of sale have two options. The easiest option is to download a free boat bill of sale online. The second option is to draft one. For the most part, all boat bills of sale follow the same guidelines.

A free, printable boat bill of sale is available online for every state. These templates have all the specific information details required by the state.

Where to Find a Free Boat Bill of Sale

The ideal place to get and use a free boat bill of sale is from a government website. The DMV provides boat bill of sale templates for free. State-specific bills of sale are preferred as they have all their particular information listed. These are found easily by searching the Internet for “boat bill of sale + state”

Drafting a boat bill of sale is an option when selling a boat that does not need to be registered. The government-provided templates have sections that are not necessary for these transactions.

Some information can be omitted when selling boats like canoes and kayaks if the seller is drafting their bill of sale. Examples of unnecessary information are the hull identification number, registration number, year, and length.

Boat Bill of Sale Breakdown

A bill of sale should only begin after the terms of the transactions have been agreed upon. Once the seller has found a buyer and agreed on a price, they can choose which boat bill of sale they will use. A free online template or drafting their own.

Even before securing payment, a seller can begin filling out a bill of sale by using a deposit. A deposit can provide peace of mind for both buyer and seller. The boat may need to get inspected for repairs before full payment. The bill of sale can start to be drafted at this point.

Seller Information

A boat bill of sale starts with the personal information of the seller. The seller will include their name, address, and contact information. Contact information will be either email or phone number, often both.

Buyer Information

This section is filled out by the individual purchasing the boat. It includes all the same information that the seller fills out.

Boat Information

The seller fills out the necessary boat information. This section is the specifications of the boat.

Brand, Model, Make

This section may vary depending on the template. The language is what will be different, but the idea is the same. All boat bills of sale will require this information.

Include the company that manufactures the vessel and the model. Sometimes, the type of boat will be required. Indicate if the boat is a dingy, fishing boat, catamaran, etc.

In addition, include the year of the manufacture.

The length is a requirement specific to the boat bill of sale. Boats are measured lengthwise, tip-to-tip.

Hull Identification Number

All boats manufactured in the U.S come with a hull identification number (HIN). The number is at the stern. They are all a twelve-character identification.

The ID number has three components.

• a three-letter manufacturer number
• Five characters serial number
• Month and year of production

The HIN is full of information for the boat bill of sale. This includes the manufacturer and year of production.

Registration Number

The state or federal government registers all boats.

State registration numbers are located on either side of the boat. They take the form of the first two letters indicating the state, four numbers, and two letters.

Federal registration numbers are located around the boat. They are on parts of the boat visible when it is in the water.

If not found, call the state with the HID.

Indicate the agreed-upon price of the boat.

Sometimes, there is a section to indicate a deposit. The deposit is part of the overall final price.

Date and Signature

The boat bill of sale is complete once the document is dated and signed.

If the boat is sold with a motor, it needs to be on the bill of sale. The information is less comprehensive than the boat. The price can be indicated separately or included in the final price as an addition.

The motor has four pieces of information required.

• Manufacturer
• Serial Number

All this information is on the engine.

If a trailer is sold with the boat, it needs a separate section. The state does not require a separate bill of sale for the trailer. The trailer needs its section for the price. It is not to be included in the price of the boat.

There are three necessary pieces of information needed for the trailer.

• Vehicle Identification Number

Some free bills of sale for boats have additional pieces of information required for a trailer. The weight and license plate, for example.

No. The boat bill of sale is the prerequisite for obtaining the title. A title for the boat is the certification of ownership as seen by the government. The boat bill of sale is proof of transfer and must be signed before a title is given.

The title is not required in all states. The title is to prove legal possession of the boat in the event of theft.

A state may require the boat to be titled depending on the size, horsepower, or type of boat. No matter the reason, the boat bill of sale is required to title.

Some equipment needs to be specified on the boat bill of sale. Trailers and motors need their section if they are part of the transaction.

Electronics, spare props, and recreational equipment, if part of the deal, do not need sections on the bill of sale.

Some templates have subsections where the seller can list any additional equipment that is part of the transaction. This is where the seller can list out whatever small equipment is included. It is not technically required. A boat bill of sale drafted from scratch should include a section for additional equipment.

Some states require the boat bill of sale to be notarized. If this is the case, there are two options. The seller can visit an institution like a bank, law firm, or notary public. Physically delivering the bill of sale is more effort, but often less expensive.

The easier option is a digital signature. There are websites online that provide digital signatures for digital documents. These are more expensive than a public notary, but only require the seller to send the signed boat bill of sale digitally.

Creating a Boat Purchase Agreement

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Note: Want to skip the guide and go straight to the free templates? No problem - scroll to the bottom. Also note: This is not legal advice.

Introduction

When it comes to purchasing a boat, it is essential to have a legally binding and comprehensive agreement in place. A boat purchase agreement serves to protect all the parties involved – setting out the rights, obligations and specifics of the transaction. However, crafting a sound document that takes into account all nuances of the sale can be difficult - making it even more important to seek legal advice when constructing an agreement that will stand up in court if needed.

The boat purchase agreement should include; identification of all parties involved, a description of the boat including make and model, details on payment terms and delivery date, warranty information, broker information (if any) along with their representations and warranties for the seller; indemnification provisions; limitation of liability clauses; dispute resolution procedures; choice of law/jurisdiction clauses; as well as other relevant details.

Negotiating such an agreement is therefore no easy task - requiring both buyer and seller to agree upon its specific terms before signing in front of a lawyer or notary public. Furthermore, if applicable, brokers should also be aware and sign off on the document too.

To save time and effort for this complex process however – Genie AI provides free access to its extensive open-source legal template library holding millions of datapoints which teach Genie’s AI what makes up market-standard agreements such as a boat purchase one. With Genie AI’s dataset plus community templates anyone can draft high quality legal documents without ever having an account with us nor needing pay expensive legal fees - meaning you can access our library today for step-by-step guidance on how to create your own accurate documents with ease!

Definitions (feel free to skip)

Research - To examine something closely, often by looking for information or trying out different solutions. Financing - Obtaining money, usually from a bank or other lender, in order to pay for something. Agreement - A negotiated and usually legally binding arrangement between parties as to a course of action. Negotiate - To discuss, typically in order to come to an agreement or compromise. Warranty - A guarantee given by a manufacturer that a product will be free from defects for a specified period of time. Guarantee - A promise or assurance, especially one in writing, that something is of a specified quality, content, benefit, etc. Permits - Official permission to do something. Licenses - Official permission to do something or to own something. Risks - The possibility that something bad or unpleasant will happen. Insured - Covered by an insurance policy.

• Researching your options
• Research the different types of boats available
• Research the features and amenities that come with each type
• Look into financing options
• Research the best deals available
• Drafting the agreement
• Determine the terms and conditions of the agreement
• Specify the purchase price
• Determine the payment terms
• Specify any warranties or guarantees
• Specify the rights and responsibilities of both the buyer and seller
• Negotiating the agreement
• Discuss the specifics of the agreement
• Negotiate a mutually beneficial deal
• Address any potential legal issues, such as taxes and registration
• Finalizing the agreement
• Sign the agreement
• Ensure that all parties agree to the terms and conditions of the purchase
• Obtain any necessary permits and licenses
• Register the boat
• Protecting your investment
• Understand the applicable laws and regulations
• Take steps to prevent any potential disputes
• Understand the risks associated with boat ownership
• Take steps to minimize the risks associated with boat ownership
• Ensure that the boat is properly insured
• Ensure that the boat is regularly maintained
• Consider joining a boating club or association

Get started

Q: what is the difference between a boat purchase agreement and a boat sale agreement.

Asked by Rebecca on April 4th, 2022. A: A boat purchase agreement is an agreement that is entered into by two or more parties prior to the purchase of a boat. This type of agreement is used to ensure that all parties involved in the transaction understand the terms of the sale and agree to them. A boat sale agreement, on the other hand, is an agreement that is entered into after the purchase of a boat. This type of agreement specifies all of the rights and responsibilities of both parties in the transaction. It also covers any warranties, liens, or other details associated with the sale of the boat.

Q: What should be included in a boat purchase agreement?

Asked by David on October 14th, 2022. A: A comprehensive boat purchase agreement should include information about the buyer and seller, including full legal names and contact information. It should also include detailed information about the boat itself, such as its make, model, year of manufacture, engine type, hull type, length, width, and any other pertinent details. Additionally, it should include information about payment terms, delivery arrangements, and any warranties or guarantees that are included in the sale. Finally, it should include a signature page for both parties to sign in order to make the agreement legally binding.

Q: How long does a boat purchase agreement remain valid?

Asked by Sarah on November 25th 2022. A: A boat purchase agreement typically remains valid until one of two things happens: either all of the terms and conditions specified in the agreement are fulfilled or one of the parties breaches any portion of the contract. In either case, it is important to note that a breach of contract may result in legal action being taken against either party involved in order for damages to be awarded.

Q: What are some potential liabilities for buyers when entering into a boat purchase agreement?

Asked by Christopher on March 15th 2022. A: Potential liabilities for buyers when entering into a boat purchase agreement can include failure to pay for the vessel as outlined in the contract; damage to or destruction of the vessel while under your care; failure to disclose material defects or any other issues with the vessel prior to sale; failure to provide necessary maintenance or repairs; and any environmental liabilities associated with owning and operating a vessel. Additionally, buyers should be aware that they may be liable for any claims made against them by third-parties related to their ownership or operation of the vessel.

Q: What are some potential liabilities for sellers when entering into a boat purchase agreement?

Asked by Melissa on January 12th 2022. A: Potential liabilities for sellers when entering into a boat purchase agreement can include failure to disclose material defects or any other issues with the vessel prior to sale; failure to provide necessary maintenance or repairs; misrepresentation regarding any aspect of the vessel; breach of warranty; negligence relating to any aspect of the sale; and any environmental liabilities associated with selling a vessel. Additionally, sellers should be aware that they may be liable for any claims made against them by third-parties related to their ownership or operation of the vessel prior to its sale.

Q: Do I need a lawyer to create a boat purchase agreement?

Asked by Michael on July 6th 2022. A: While it is not absolutely necessary for you to have an attorney review your boat purchase agreement before signing it, it is highly recommended due to its legal importance. An attorney will be able to review your specific needs and advise you on how best to protect yourself legally when entering into such an arrangement. Additionally, an attorney will be able to provide you with advice regarding any potential liabilities you may incur by entering into such an arrangement as well as helping you understand exactly what you are agreeing to before signing off on anything.

Q: Are there specific laws in different areas (such as UK vs USA vs EU) which I need to be aware of when creating my own boat purchase agreement?

Asked by Jacob on August 18th 2022. A: Yes, there are specific laws in different areas which you should be aware of when creating your own boat purchase agreement. In Europe, for example, there are specific regulations governing how boats must be registered and what documentation needs to be provided before they can legally enter European waters. Additionally, each country within Europe has its own laws regarding vessels which may differ from one another depending upon location – even within individual countries there may be regional differences which need to be taken into account when preparing an international boat purchase contract. In addition, maritime laws vary greatly between countries around the world so it is important that you research your local laws thoroughly before entering into any agreements involving boats or vessels crossing international boundaries.

Example dispute

Suing a boat dealer for breach of contract:.

• Plaintiff may raise a lawsuit if the boat dealer breached the boat purchase agreement. This could be for a variety of reasons such as the boat was not delivered on time, the boat was not as described in the agreement, or the boat was damaged during delivery.
• In order to win, the plaintiff must prove that the boat dealer failed to fulfill their obligations as outlined in the boat purchase agreement. This could include providing evidence such as emails, invoices, or other documents that prove the boat dealer failed to fulfill their obligations.
• The plaintiff may also be able to seek damages for any losses due to the breach of contract. These damages could include repair costs, towing costs, or other costs incurred as a result of the breach.
• Settlement between the parties may be sought in order to avoid lengthy and expensive litigation. If a settlement is reached, it should be put in writing in order to avoid any future disputes.
• If damages are awarded, they may be calculated based on the difference in value between what was promised and what was delivered, as well as any other costs incurred as a result of the breach.

Templates available (free to use)

Asset Purchase Agreement Asset Purchase Agreement Ip And It Warranties Covid 19 Warranties For Asset Purchase Agreements Covid 19 Warranties For Share Purchase Agreements Data Purchase Agreement Debenture Purchase Agreement Deed Of Guarantee And Indemnity For Seller Obligations Share Purchase Agreement Detailed Tax Warranties For Share Purchase Agreements Employment Provisions For Buying Shares Share Purchase Agreement Equipment Purchase Agreement Equity Interest Purchase Agreement Equity Purchase Agreement Exclusive Purchase Agreement Forward Purchase Agreement Founder Stock Purchase Agreement Framework Purchase Agreement Fully Executed Purchase Agreement Hire Purchase Agreement Installment Purchase Agreement Ip Rights Asssignment In Asset Purchase Agreement Joint Purchase Agreement Lease Purchase Agreement Letter To Seller Regarding Share Purchase Agreement And Disclosure Letter License Purchase Agreement Limited Liability Company Interest Purchase Agreement Loan Purchase Agreement Master Purchase Agreement Master Receivables Purchase Agreement Membership Interest Purchase Agreement Membership Purchase Agreement Note And Warrant Purchase Agreement Ownership Interest Purchase Agreement Preferred Stock Purchase Agreement Product Purchase Agreement Property Purchase Agreement Quota Purchase Agreement Real Property Purchase Agreement Receivables Purchase Agreement Restricted Stock Purchase Agreement Rights Purchase Agreement Royalty Purchase Agreement Secured Note Purchase Agreement Securities Purchase Agreement Sellers Deed Of Guarantee Under Asset Purchase Agreement Series A Preferred Stock Purchase Agreement Series Seed Preferred Stock Purchase Agreement Share Purchase Agreement Auction Or Tender Ip Warranties Share Purchase Agreement For Multiple Individual Sellers Non Simultaneous Exchange And Completion Share Purchase Agreement For Multiple Individual Sellers Simultaneous Exchange And Completion Share Purchase Agreement For One Corporate Seller Simultaneous Exchange And Completion Share Purchase Agreement For Single Seller At Controlled Auction Share Purchase Agreements For Intra Group Reorganisations Shares Purchase Agreement Short Form Asset Purchase Agreement Limited Companies Simple Asset Purchase Agreement Immediate Completion Simple Share Purchase Agreement For Acquisition Of A Group Simple Share Purchase Agreement Simultaneous Exchange And Completion Simple Tax Covenant For Share Purchase Agreement Software Purchase Agreement Standard Cross Border Share Purchase Agreement Single Buyer And Single Seller Standard Purchase Agreement For Block Trade Principal Agent Standard Warranties For A Share Purchase Agreement For Life Sciences Sector Standby Equity Purchase Agreement Standby Purchase Agreement Stock And Asset Purchase Agreement Termination Of Purchase Agreement Tupe Employee Provisions For Asset Purchase Agreement Vessel Purchase Agreement Warranties Regarding Employee Share Plans And Other Incentives Within Share Purchase Agreement

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Yacht Sales: From Contract to Closing

Contracts are needed to clearly define the process of buying a yacht for both buyer and seller. the path to the closing table and your boats new owner involves many steps and a proper yacht contract should act as a guide as you move from contract to closing., important contract points for yacht sellers, understanding yacht sales contracts.

Once your yacht's condition is dialed in and it's priced right for the market, the goal of a contract will eventually be achieved. Making sure you've read your contract to purchase in detail is important, this is a legal document with terms and parameters to guide the process along, and also to spell out buyer and seller roles. Almost all brokerage agreements contain commonalities for steps in the process. Here are the important contract points to educate yourself on and pay attention to.

Yacht Sales Price & Deposit

The signed buyer’s offer on your boat should include a deposit; typically, of 10% of agreed price. In today's world of digital signatures and ease of electronic anonymity make certain you have PROOF of deposit via a check or wired deposit into your broker's escrow account. Trust but verify!

Seller & Buyer Requirements

This is a complex section on the contract, but in its simple form these sections spell out the details of where a contract protects each in case of default.

PRIOR TO ACCEPTANCE

Prior to closing.

As the seller you need to make sure the yacht is without liens or monies owed to third parties, have information on security interest if financed so that the yacht can be sold and re-titled legally. Having documents ready ahead of time is a must. Issues that often derail or slow a closing can be divorce, estate sales, liens that were paid but not properly recorded, etc. The time to pull out your USCG Documentation or State Title and share with your broker’s closing department is immediately at contract, not two days before your closing date.

As a seller, make sure any issues that would inhibit being able to close are worked on early in the process.

Survey/Sea Trial Obligations

In its simple form, the buyer is paying for the inspection and expertise of the surveyor. The seller is making the boat available and assuming the risk of that process. It’s your yacht still as the seller and while you may run it yourself, hire a captain or entrust your broker to run it, all the risk associated with a mechanical failure - or the fuel burned at survey - is the seller's obligation. See our Survey & Sea Trial Process section to fully understand this most vital step.

Acceptance of Vessel

Full or clean acceptance.

This means there are no concessions on price or fixes that need to be performed by the seller. The buyer is ready to close, and the deposit is forfeited should closing not occur.

CONDITIONAL ACCEPTANCE

Exclusions to the yacht sale.

Your yacht has been photographed, listed, and viewed by the buyer. On the day of the survey, many times it's assumed what’s on your yacht is what’s included on your yacht at closing. An issue arises when personal items that have not been cleaned off–tools, EPRIBS, Dinghy’s, etc.–are part of the boat in the buyer’s mind, but in the seller’s mind, are not meant to be conveying. Make certain you not only provide the information to your broker but specify IN WRITING what is not included.

After Acceptance & Force Majeure

Closing the yacht sale.

The boaters two happiest days - the day you buy your boat and the day you sell it. While selling a yacht is akin to selling a home, many times the closing occurs remotely with buyer and seller not gathered around the closing table. In most cases, the documents are not being signed by buyer and seller both, but different documents for each. If financing, there will be obligations that are different than in a straight cash purchase. Your broker’s closing department should lay out this step by step process. The closing on a yacht is technically to be done by the date agreed on and occurs when the BUYER'S paperwork has been executed correctly, the SELLER'S paperwork has been executed correctly and SELLER/ESCROW AGENT has received wired funds or been provided electronic proof of loan payoff. Buyer paperwork, seller paperwork & confirmation of all funds = SOLD.

Boat PurchaseSale Agreement

Have you ever wondered how much owning or renting your own boat would be? Of course the fact it is expensive but quite useful. Especially when you plan to go on a vacation of your dreams. Who does not want to go on a vacation using their own personal boat? A lot of people would think that owning or buying a boat is just not as practical as it was before. But there are also those who do think that it can come in handy. Regardless of the reason for wanting to buy one, you may have also noticed that when buying an item , there will be paperwork to be done. Not only by you as the buyer, but also the person who is selling the item. Items like boats, equipment, cars and lands all share the same kind of paperwork. Agreements. With that being said, here are some examples of a boat purchase and sale agreement. Just in case you may want to know what it is about.

3+ Boat Purchase and Sale Agreement Examples

1. boat purchase and sale agreement.

• Google Docs

2. Weaver Boat Purchase and Sale Agreement

Size: 226 KB

3. Draft Boat Purchase and Sale Agreement

4. Boat Purchase and Sale Agreement Format

Size: 50 KB

What Is a Boat Purchase and Sale Agreement?

A boat purchase and sale agreement just like any other agreement is a legally binding and written document that seals the deal between the boat seller and the boat purchaser . The agreement consists of its own agreement clause, details about the boat you are going to be purchasing and the general information necessary for an agreement. In addition to that, a boat purchase and sale agreement is written only when all parties that are involved have fully discussed on the price and agreed to it. As this is part of the agreement clause found in the agreement.

How to Write a Boat Purchase and Sale Agreement

Are you planning on buying your very own boat? Do you have ideas on what to expect in a purchase and sale agreement? You may have heard these questions pop out when you ask around and get no answer. Not to worry, the tips below will help you see what to expect in a boat purchase and sale agreement.

1. Information of All Parties Present

The names, address and contact details of the parties that are going to be present during the agreement. This would mean the buyer and the seller. Their names and contact details are important and must be written in order to start the purchase and sale agreement. Especially when you plan to buy from someone who is not associated with a company.

2. A Description of the Boat

The next thing you can expect in a boat purchase and sale agreement is the description of the item. In this case it is the boat. The seller must give a short but specific description of the boat in order for the buyer to know about it. Handling things online can be tricky especially if the photograph is not what you would be expecting in reality. So when a buyer and a seller meet, it is already expected that the description of the boat is stated. Give a description of the boat.

3. The Agreement Clause Should Be Stated

Watch out for the agreement clause. See to it that you read it carefully, discuss it with the seller and ask questions. You should also be asking if you do not see the agreement clause as this part of the agreement is important. Never accept any agreement without the agreement clause.

4. Signature of Buyer and Seller Present in the Agreement

You must affix your signature only if you have fully agreed to the conditions in the agreement. Affixing one’s signature means that you have understood what has been discussed, all your questions have been answered and you have checked all what is important and needed in the agreement clause.

What is a boat purchase and sale agreement?

A specific kind of agreement that caters to purchasing and selling boats. The agreement consists of information necessary for the purchase and sale to be complete. In addition to that, a boat purchase and sale agreement is only legally binding when both or all parties have agreed and signed the document.

What happens if there is no boat purchase and sales agreement?

There would be no proof or evidence of the purchase and sales of the specific item. The point of the agreement is to ensure the buyer that the item is present, that the item has changed ownership and to bind parties together.

Who is expected to write the agreement?

If you are buying it from outside a company, the person who is selling writes up the agreement. However, if you are buying it from a company, the agent who is selling would proceed to fill out a blank agreement template and fill it out.

Buying and selling always go together, and what also goes together with these is an agreement. Whether you are selling through a company or as a private seller, there is no denying that you would also need an agreement to settle it. Agreements are made for a specific reason and should also be used for such.

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Enjoy the simplicity of only having to enter data one time and all your forms and documents are populated immediately. No more filling out and printing multiple forms and contracts. With YachtCloser, you can eliminate duplicate efforts and spend more time selling boats.

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Access your forms and documents from anywhere as long as you have access to the internet. Enjoy the freedom of being able to put a deal together wherever you may be.

Document Storage

YachtCloser provides its customers with an unlimited amount of document storage. Whether you sold that boat one, two, or five years ago, you can instantly print, email, or review past documents as a PDF. When your customer calls a year later and says they need a copy of an agreement, with YachtCloser, you an supply the requested information to your client at the click of a button.

• Central Listing Agreement
• Amendment to Listing Agreement
• Material Damage Disclosure
• Guaranty of Principle
• Showing Instructions
• Showing Log
• Purchase and Sale Agreement
• Amendment to Purchase and Sale Agreement
• Trade-In Vessel Addendum
• Acceptance of Vessel
• Conditional Acceptance of Vessel
• Rejection of Vessel
• Co-Brokerage Agreement
• Escrow Agreement
• Wire Transfer Information
• Buyer Closing Statement
• Seller Closing Statement
• Bill of Sale
• Disbursement of Funds
• Insurance Waiver
• Payoff Verification
• Warranty of Title
• Dealer Agreement (New/Used Boats)

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• United States

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• United States Coast Guard

Association Forms (Member Only Access)

• FYBA - Florida Yacht Brokers Association
• YBAA - Yacht Brokers Association of America
• CYBA - California Yacht Brokers Association

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Testimonials

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Tampa yacht sales.

Owner/Broker

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Gold key yachts of florida.

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Aqua sol yacht sales.

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Broker/principle, stotler yachts.

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Boston yacht sales.

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Manatee pocket yacht sales.

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Vice president and general manager, brewer yacht sales.

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Contract Template

A written contract of sale means security for both parties. along with a list of equipment, the purchase agreement helps to prevent misunderstandings..

You have found a buyer for your boat. Congratulations!

Use for sales processing of our purchase agreement for used boats. Our Boat Sales Contract is limited to one page, keeping it as simple as possible. Nevertheless, all important points of the contract are included. This purchase agreement can be used as a template for power boats, sailboats or inflatables.

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