Agreement For The Sale And Purchase Of A Second Hand Boat

Sep 09 2021

When you buy from a broker, the sales contract is usually standardized. But that doesn`t mean you shouldn`t look at it carefully and make sure that things like refueling and engine hours are filled accurately. The broker`s information is as good as what the seller provides. If your state does not require or offer the use of a particular form, you may be able to use a generic boat purchase agreement as proposed by: In some states, no boat sale is required to complete the sale, but using such is a good idea, as it proves the details of the transaction. If the boat has a title – required in most states for boats longer than 16 feet – that title still has to be transferred from the seller to the buyer in accordance with state regulations. If a trailer is sold by boat, it is also listed separately with its Vehicle Identification Number (VIN). The agreement should include a separate selling price for the vessel, outboard engine and trailer. The agreement should also list all accessories or equipment sold by boat, such as electronics, trolling engine, replacement mounts, with serial numbers, if available. If you sell the boat, items that are not included in the sale may be listed as “excluded” in the sales contract. There is no need to have the contract written to a lawyer, when this should be considered, especially if you buy a boat with a high ticket or if you have one specially designed for you. Most distributors use printed contracts with their name and address, but the “Fill-in-the-Blanks” contract forms, which can be found in stationery stores or online, are sufficient for private sales.

(Or click here to download the BoatUS sales contract.) A handwritten convention is also intended to do so. Regardless of the forms, both parties must sign the contract. If the sales contract requires the signature of both the seller and a senior manager of the merchant, make sure that both domains are signed. The use of a formal boat purchase contract protects both the buyer and the seller and contributes significantly to avoiding any misunderstanding between the parties. Financial institutions often view boats as luxury items, so the application process is more like buying a home than buying a car.

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