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. Print the number of copies after completing the form. Sign with both parties. The Consumer Council invites the parties to read the entire agreement before signing the agreement. You can also print the agreement and fill it out on paper. A boat purchase contract (also known as a boat purchase contract) is a document used to describe the terms of a transaction between a private seller and a buyer. This is a contract specific to the sale of boats and can be used for a powered or un propelled boat, as long as it is not a U.S. Coast Guard vessel, documented by the U.S. government, titled and numbered by a state (there are separate forms for the sale of a documented vessel). You can create your own boat purchase agreement or use a form that can be provided by your state (for example, search online for “Michigan Boat Purchase Agreement”). If you find a form, you`ll likely have details for your state. Some states require that the boat purchase contract be certified notarized by both the buyer and the seller. Don`t forget to download the agreement to your own computer before filling out the form.
The boat purchase contract can be concluded before the sale is final, usually with a down payment, with contingencies that may include the guarantee of financing or whether the boat is a mechanical inspection, a marine inspection or a sea trial. If problems arise, for example. B a repair that should be carried out, these conditions can be negotiated and set out in a new agreement, or the buyer can get away with a refunded acompens. In some states, it may not be necessary to sell boats to close the sale, but using a sale is a good idea because it proves the details of the deal. 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. The Consumer Council recommends that the contract be concluded jointly by the parties electronically. If a trailer is sold with the boat, it is also listed separately with its Vehicle Identification Number (VIN). . . .