Boat Purchase Agreement Template

Parties to the Agreement

This Boat Purchase Agreement ("Agreement") is entered into on (Date), by and between [Seller.FirstName][Seller.LastName] / [Seller.Company], hereinafter referred to as the "Seller," and [Buyer.FirstName][Buyer.LastName], hereinafter referred to as the "Buyer."

Boat Information

Boat's Condition

The Seller states that the boat is (current condition (e.g., new, used, or "as-is")) (Boat Condition)

Purchase Price and Payment

The total purchase price for the Boat ("Boat") shall be the amount of (Insert Numerical Amount) (Insert Written Amount).

The Parties agree that the purchase price stated in this Agreement does not include any taxes, registration fees, or additional costs. Any taxes, registration fees, or additional costs shall be the sole responsibility of the Buyer unless otherwise expressly agreed to in writing by the Parties.

Payment

The Buyer shall make payment of the purchase price as follows:

Down payment: The Buyer shall make a down payment of (Insert Down Payment Amount) (Insert Written Down Payment Amount) within (Insert Number of Days) days from the execution of this Agreement.

Full payment schedule: The remaining balance of the purchase price shall be paid as follows:

In equal monthly installments of (Insert Installment Amount) (Insert Written Installment Amount) each, commencing on (Insert Commencement Date), with the final installment due on (Insert Final Payment Date).

If the Parties agree to use an escrow or trust account for the handling of the purchase funds, the following details shall apply:

• The escrow or trust account shall be opened at (Specify Bank Name and Address).

• The escrow or trust account shall be maintained by (Specify the Name of the Escrow Agent or Trustee).

• The Parties agree to execute any additional documents or agreements necessary to facilitate the escrow or trust arrangement.

Title and Ownership

Inspection and Acceptance

The Buyer shall have a period of (insert number of days) days from the Effective Date of this Agreement (the "Inspection Period") to inspect the Boat. The Inspection Period shall commence upon the Effective Date, and the Buyer shall have the right to inspect the Boat during this timeframe.

In the event that the Buyer discovers any issues, defects, or discrepancies in the Boat during the Inspection Period, the Buyer shall promptly notify the Seller in writing of such issues. The notification shall include a detailed description of the issues and the specific reasons for the Buyer's objections.

Acceptance

The Buyer shall accept the Boat subject to the following conditions:

• The Boat must comply with all applicable laws, regulations, and safety standards.

• The Boat must be in substantially the same condition as represented by the Seller in this Agreement or as existed at the time of the Buyer's initial inspection, subject to reasonable wear and tear.

• The Buyer shall have received all necessary documentation, including but not limited to the valid and marketable title to the Boat, free and clear of any liens or encumbrances.

• The Boat shall be free from undisclosed material defects affecting its seaworthiness, performance, or safety.

Remedies for Non-Acceptance

In the event the Boat does not meet the conditions for acceptance as set forth in this Agreement, the Buyer may, at their option, choose one of the following remedies:

• Terminate this Agreement, in which case the Buyer shall be entitled to a full refund of any payments made under this Agreement.

• Request the Seller to remedy the specific issues or defects at the Seller's expense, in which case the Seller shall undertake the necessary repairs or corrections within a reasonable timeframe as mutually agreed upon by the Parties.

• If mutually agreed upon by the Parties, Renegotiate the purchase price to account for any necessary repairs or adjustments to bring the Boat into compliance with the conditions for acceptance.

Closing and Delivery

The closing date for the sale of the boat ("Closing Date") shall be on (Insert Date) or such other date as the Parties may mutually agree in writing.

The closing shall take place at (Insert Location) and commence at (Insert Date and Time). The Parties shall use their best efforts to complete the closing promptly and efficiently on the Closing Date.

Delivery

The Seller shall be responsible for delivering the boat to the Buyer in the condition described in this Agreement and in accordance with the terms and conditions herein. Such delivery shall be at the Seller's sole cost and expense.

The boat shall be delivered to the Buyer at (Insert Delivery Location). The Seller shall use its best efforts to deliver the boat in accordance with the following method: (Insert Method of Delivery). Any costs associated with the delivery shall be borne by the Seller unless otherwise specified in this Agreement.

Governing Law and Jurisdiction

This Boat Purchase Agreement ("Agreement") shall be governed in accordance with the laws of the State of (State), without regard to its conflict of law principles.

The parties hereby irrevocably submit to the exclusive jurisdiction of the state and federal courts located within the State of (State) for any actions, suits, or proceedings arising from or relating to this Agreement. They waive any objection to the venue based on forum non-conveniens.

The parties agree that the choice of the jurisdiction specified in this Agreement is not for convenience but is based on a substantial relationship to the parties' activities and this transaction and is a material inducement to the parties entering into this Agreement.