# Purchase Agreement Example/Template?



## SEMIJim (Jun 9, 2007)

I've searched and searched, and have come up with no more than suggestions on what a used boat purchase agreement should contain. What would be really nice would be an example or template. You never know unless you ask, so: Anybody know where such a thing might be found?

We're going to look at a good possibility late tomorrow morning, so...

TIA,
Jim


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## TSOJOURNER (Dec 16, 1999)

Got $6 ?
Boat and Watercraft Bill of Sale forms - FindLegalForms.com


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## TSOJOURNER (Dec 16, 1999)

eBay Guides - Considerations of purchasing sailing vessel.


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## TSOJOURNER (Dec 16, 1999)

http://www.sailingsportboats.com/570/2007_prices.pdf


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## TSOJOURNER (Dec 16, 1999)

Your First Boat Part III : Buying Boat 101


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## TSOJOURNER (Dec 16, 1999)

boats.com - Permanent Link: How to Buy a Boat
BoatUS.com: Trailering Club


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## SEMIJim (Jun 9, 2007)

Thanks for the follow-up, USCGRET1990, but what I'm looking for is a purchase agreement document. This is a device where you agree to purchase for so many $$$, with contingencies layed-out (such as contingent on a successful survey, engine inspection, sea trial, ability to insure, clear title, etc.), and list what it is that's being sold, incl. all that comes with it, that may or may not be nailed down. Frequently there will be a provision for an earnest money deposit, the conditions under which it will be refunded or forfeit, time limits, etc. Frequently there will be provisions for what happens if the survey fails, such as price re-negotiation, "seller agrees to repairs not-to-exceed," etc.


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## TSOJOURNER (Dec 16, 1999)

Those sites more or less say what the document should contain. The actual layout probably various from dealer to dealer. You might just have make up your own if the seller doesn't have a good one.


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## sailingfool (Apr 17, 2000)

I think this is what you want.

http://www.oceanmarinellc.com/brokerage/PurchaseandSaleAgreement.pdf

In your contingency, be sure to allow adequate time for slecting a good surveyor, and engiune mechanic, I'd ask for four weeks. Good luck.


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## SEMIJim (Jun 9, 2007)

sailingfool said:


> I think this is what you want.
> 
> http://www.oceanmarinellc.com/brokerage/PurchaseandSaleAgreement.pdf
> 
> In your contingency, be sure to allow adequate time for slecting a good surveyor, and engiune mechanic, I'd ask for four weeks. Good luck.


Thanks, sailingfool, that's the kind of thing I was looking for. That one is set up for a broker, and this will be a private sale (if it happens), but that can be used for a kind of template, if nothing else.

Four weeks, eh? Takes that long to find a good surveyor (and possibly engine mechanic) and get 'em on-site?


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## sailingfool (Apr 17, 2000)

SEMIJim said:


> Thanks, sailingfool, that's the kind of thing I was looking for. That one is set up for a broker, and this will be a private sale (if it happens), but that can be used for a kind of template, if nothing else.
> 
> Four weeks, eh? Takes that long to find a good surveyor (and possibly engine mechanic) and get 'em on-site?


I have found the best surveyors seem to book about three weeks out, among the rest you can find some good surveyors who book in a week or so. My opinion, get the best only, and expect to pay twice the rate as "good' alternatives, money very well spent.


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## SEMIJim (Jun 9, 2007)

sailingfool said:


> I have found the best surveyors seem to book about three weeks out, among the rest you can find some good surveyors who book in a week or so. My opinion, get the best only, and expect to pay twice the rate as "good' alternatives, money very well spent.


Very well. Thanks for the input, sailingfool.

For this I'll be relying on a friend of mine who has been in boating since about forever. His father was into boating before him. He knows several good surveyors, incl. one he says is called "the buyer's surveyor." Apparently a man sellers hate to see coming . Surveys everything from dinghys to freighters, the world over. Since the boat is about three hours away, drive time, he told me he'd poll a couple of them for recommendations in that area.


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## TSOJOURNER (Dec 16, 1999)

sailingfool said:


> I think this is what you want.
> 
> http://www.oceanmarinellc.com/brokerage/PurchaseandSaleAgreement.pdf
> 
> In your contingency, be sure to allow adequate time for slecting a good surveyor, and engiune mechanic, I'd ask for four weeks. Good luck.


I put that in my favorites incase someone asks in the future...good to have!


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## Rodz47 (Apr 2, 2006)

You can also find some documents at: General Publications

I think this is the best source of information.


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## sailingfool (Apr 17, 2000)

*Pay the travel time*



SEMIJim said:


> Very well. Thanks for the input, sailingfool.
> 
> For this I'll be relying on a friend of mine who has been ....one he says is called "the buyer's surveyor." Apparently a man sellers hate to see coming . Surveys everything from dinghys to freighters, the world over. Since the boat is about three hours away, drive time, ....


Pay the travel time!!!Surveyors like that are few and far in between.


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## SEMIJim (Jun 9, 2007)

sailingfool said:


> 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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## TSOJOURNER (Dec 16, 1999)

> he's hideously expen$ive.


Money you will never, ever regret spending.


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## TSOJOURNER (Dec 16, 1999)

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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## xort (Aug 4, 2006)

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.


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## SEMIJim (Jun 9, 2007)

Moonfish said:


> 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


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## SEMIJim (Jun 9, 2007)

xort said:


> 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.


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## sailingfool (Apr 17, 2000)

*Yikes...Bad stuff.*



Moonfish said:


> 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]
> ...


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## SEMIJim (Jun 9, 2007)

sailingfool said:


> Moonfish said:
> 
> 
> > Jim -
> ...


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## sailingfool (Apr 17, 2000)

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.


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## TSOJOURNER (Dec 16, 1999)

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...


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