Behind most successful used-boat transactions, there’s a Purchase Agreement and Bill of Sale that clearly spell out how the boat was bought or sold. While not perfect, this goes a long way to alleviate any misunderstandings.
“A Purchase Agreement is necessary if you intend to buy a boat, but require that certain things must be done before you will accept the boat, such as a satisfactory marine survey, specific repairs, and the ability to finance or insure the boat. It also describes both parties’ obligations. Once a buyer accepts the boat, the bill of sale is used as proof of purchase. You can get download forms online and print both forms 24-hours a day.
The two forms were designed to meet the needs of most buyers and sellers, but if you aren't sure you may want to seek legal advice if there are any questions about whether the forms are appropriate for their situation.