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PURCHASE AGREEMENT BASICS

Posted On: January 22, 2021

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A Purchase Agreement Should Include:

Date
Name of purchaser and (if applicable) co-purchaser, their address and phone number
Name of seller and co-seller, their address and phone number
Broker (if applicable) If a broker is used, they will provide the purchase agreement
Description of boat, including: Manufacturer, Model, Year, Length, Hull #, Engine #
Trailer Documentation # (manufacturer, model, year, and serial number, if applicable)
Location of boat
Selling price and terms/conditions of purchase
Deposit received $ _______ and date the deposit was received _______
Closing date
Liens of encumbrances (the boat is sold free of any liens, bills unless otherwise stated and agreed to. The owner warrants that he has a marketable title and the lawful right to sell the boat (and trailer if appropriate) and will deliver all the necessary documents for the transfer of title.)
Additional terms and conditions: Transaction is subject to acceptable survey; acceptable sea trials and (if applicable) financing; the boat must be insurable; the deposit is refundable in full to the purchaser if any of the above items are unsatisfactory; copies of current state title and registration and current certificate of documentation (if applicable) should be attached to this agreement.