ASA and PSIA Instructor
Join Date: Apr 2000
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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...
Moonfish, its great if this text ends up working for you, good luck because you will need it.
This text is an absolute disaster waiting to happen from a number of regards, I would advise any readers not to touch it with a ten foot pole...
For example, if your insurance company doesn't REQUIRE a survey, the Buyer doesn't have a right to one...
Also, the Buyer cannot simply terminate the purchase if the survey is not satisfactory to his eye, it "may" be renegoiated - does may mean "must" or "will" or what (time for the lawyers), but only based on "major structural deficiencies or safety issues " - there's a post on the board from a month ago of some guy whose survey said the boat was only worth half what he had offerred, fortunately his contract wording allowed him to walk away, which he did....
The Owner holds the deposit!
What happens if the boat falls off the stands after the survey is written, or sinks, it seems you will still end up owning it...the Owner may not even have to repair it..