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Go Back   SailNet Community > On Board > Boat Review and Purchase Forum > Purchase Agreement Example/Template?
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Thread: Purchase Agreement Example/Template? Reply to Thread
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Topic Review (Newest First)
06-18-2007 12:39 AM
Moonfish OK, I worried about posting that purchase agreement. Even though I found it searching on this site, and evidently it had been used by others. I also said it was tailored to my circumstances, which includes the offer being half of what the boat is worth (it requires a lot of work which I have already gone over extensively). In addition, I know someone who knows both the boat and the owner quite well. And my insurance company does require a survey, however I was going to buy it anyway as the owner showed me his insurance survey from a year and a half ago after the installation of a new Vetus engine (boy are people going to jump all over that sentence, too - "gasp! You were going to buy a boat WITHOUT a survey?!" I wouldn't recommend that to anyone - including myself - unless you are A, getting a hell of a deal, and B, you know exactly what you are getting into). In my case, should the boat indeed have any "structural defeciencies or safety issues" beyond what I already know, I can either negotiate a lower price or back out of the deal and get my deposit back - which isn't even 10% of the purchase price. And, beyond that, even if I did end up losing the deposit due to my naivete or foolishness (something I sincerely doubt will happen, but being a realist, I know that it still could), it wouldn't hurt that much. I was willing to "bet" that deposit on my own knowledge and experience in order to get the boat before some other lucky guy did.

Lastly, my fault for not saying what I thought was abundantly clear: what I posted is not a 100%, bullet-proof document (are there any these days?). I mean, for Pete's sake people, I found it on the Internet for free! When I said it was simple and basic, um, that meant it was SIMPLE and BASIC. It was the best thing I could find that I tailored TO MY CIRCUMSTANCES.

I'll let you know how it turns out... :-)
06-17-2007 11:33 PM
sailingfool The YBAA P&S has suitable provisions for the issues that I mentioned - just cut out the stuff about the broker fees.

I'd never give the deposit to the Owner, give it to your lwayer (or maybe his), or better yet, don't hand over a deposit until after the survey is completed and no longer a contingency. A survey costs many hundreds of dollars abnd that cost ensure that the Buyer is not a tire-kicker.
06-17-2007 11:25 PM
SEMIJim [QUOTE=sailingfool]
Quote:
Originally Posted by Moonfish
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...
......quote]
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...
I noticed that, myself. I would amend that.

Quote:
Originally Posted by sailingfool
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....
Yeah, I would've re-worked that bit, too.

Quote:
Originally Posted by sailingfool
The Owner holds the deposit!
Isn't that normal? Isn't that the point of an earnest money deposit?

Quote:
Originally Posted by sailingfool
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..
Hmmm... "Subject to final inspection at closing," just like a home purchase?

Maybe I oughtta haul out the PA from my home purchase, type it in, edit it, and... It was only about 14 pages long, as I recall.
06-17-2007 11:10 PM
sailingfool
Yikes...Bad stuff.

[quote=Moonfish]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...
......quote]
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..
06-17-2007 10:11 PM
SEMIJim
Quote:
Originally Posted by xort
Check out...
Buying A Boat
Bill has done loads of research on many, many aspects of buying, cruising, etc.
This page has a lot of links to various other pages with info you are looking for among much more stuff.
Worth a look.
Already had that link, xort, but thanks just the same.
06-17-2007 10:09 PM
SEMIJim
Quote:
Originally Posted by Moonfish
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...
Looks like it pasted fine to me, Moonfish. Thanks! That was exactly what I was seeking
06-17-2007 09:32 PM
xort Check out...
Buying A Boat
Bill has done loads of research on many, many aspects of buying, cruising, etc.
This page has a lot of links to various other pages with info you are looking for among much more stuff.
Worth a look.
06-17-2007 09:18 PM
Moonfish 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.
06-16-2007 09:34 PM
Sailormann
Quote:
he's hideously expen$ive.
Money you will never, ever regret spending.
06-16-2007 09:11 PM
SEMIJim
Quote:
Originally Posted by sailingfool
Pay the travel time!!!Surveyors like that are few and far in between.
I don't know if we could get him even were I willing to pay the travel time. Apparently he's rarely home. I imagine he's hideously expen$ive.
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