You should spell out your purchasing terms in this section. This includes the cost of the boat, the down payment if necessary, and the time frame to complete payments. A boat sale agreement must also include the seller’s payment account details.
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.
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.