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Old 06-17-2007
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Moonfish Moonfish is offline
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Jim -

I just bought a boat from a private party. Well, he accepted my offer and I gave him earnest money as a deposit to take it off the market. Survey and sea trial next. Anyway, I did some searching for a private party purchase agreement and found one that I tailored to my circumstances. It's simple, but covers the basic. Both myself and the seller thought it sufficient and used it. I hope it pastes below OK...

BOAT PURCHASE AGREEMENT

Boat Name:

Builder: Model: Year:

Owner:

Address:

City: State: Zip

Buyer:

Address:

City: State: Zip

BUYER hereby offers the sum of $ USD for the above vessel. This Offer is accompanied by earnest money of $ USD in partial payment of the purchase price.

This Offer is subject to satisfactory inspection of the vessel, any marine insurance requirements, and the Terms and Conditions below. Final payment is to be made by on or before .

Buyer (sign/date)

2) OWNER agrees to sell said vessel for $ USD in accordance with the terms and conditions specified herein.

Owner (sign/date)


TERMS AND CONDITIONS

1. The Owner(s) warrants that he has full power and legal authority to execute and perform this agreement. Owner(s) is to furnish free and clear title to the vessel by discharging all liens, mortgages, and/or encumbrances of any kind now held against the vessel, or any which may be incurred prior to transfer of title to the Buyer(s). Owner(s) warrants that the title is in accordance with the regulations of the U.S. Coast Guard, U.S. Customs, and the City, State, and County tax departments.

2. Buyer(s) is responsible for all federal, state, and local taxes and fees that are applicable to this transaction and shall hold harmless and indemnify Owner from any such liabilities arising from those obligations. Upon purchase of the vessel the Buyer(s) becomes responsible for all costs relating to the vessel, including but not limited to moorage, insurance, and maintenance.

3. Should Buyer(s) marine insurer require a marine inspection survey in order to secure hull insurance for said vessel, Buyer(s) may then have the vessel surveyed at his expense. The surveyor shall be of the Buyer's choice. Yard cost and surveyor's fees shall be paid by the Buyer(s). If elimination of major structural deficiencies or safety issues are recommended by the marine inspection report, the contract may be renegotiated to the mutual agreement of all parties. Normal wear and tear, minor deficiencies, and maintenance recommendations are not the Owner's responsibility. The Owner agrees to be responsible for repair or towing charges that might become necessary during the demonstration or survey of the vessel.

4. Information on this vessel and its related equipment is believed to be correct, but the vessel is sold to the Buyer(s) and is accepted "AS IS, WHERE IS," after the foregoing provisions have been met. NO WARRANTY, either specified or implied, and no representations as to the condition of said vessel or its title have been made.

5. Owner(s) have the choice of retaining the earnest money deposit in a separate trust account or general checking or savings account. Should Buyer(s) not complete the purchase/sale of the vessel due to major structural deficiencies or safety issues identified by the marine inspection survey report, the earnest money deposit shall be refunded in its entirety. Should the Buyer(s) be otherwise unwilling to make final payment and/or take delivery of the vessel, the parties agree that the Owner(s) have the option of retaining the earnest money deposit in its entirety as a result of Buyer's failure to perform.

8. This Offer shall be governed and construed by and under the laws of the state of Washington without giving effect to principles or provisions relating to conflicts of laws or choice of laws. If any provision of this Agreement is held to be void or otherwise unenforceable, all remaining provisions shall continue in full force and effect and all terms contained herein shall be deemed separable and mutually independent.
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1978 North Sea 33 Pilothouse Cutter (Ta Chiao)

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