POSTED May 19, 2022
Boat Purchase Contract
Boat Purchase Contract
Are you purchasing a boat privately and would like a simple boat purchase contract to formalise the purchase? Having a clear contract in place is important to protect both the buyer and the seller if there are any disputes. We have created our industry standard free contract for you to use when buying your next boat.
The contract gives you a clear format that will guide you to record all the relevant details, such as;
- Date of the transaction (deposit date and agreed final settlement date)
- Make and model of the boat
- Record of the engine serial numbers
- Details of the HIN, VIN and registration numbers (hull and trailer)
- Buyer and sellers information
- Purchase price
- Deposit amounts
- Any conditions of sale (for example, subject to satisfactory survey and mechanical inspection)
How does it work?
We have also included the condition in our boat purchase contract that it is subject to a satisfactory survey and mechanical inspection. It is normal practice that you pay a deposit, and the sale is subject to a satisfactory inspection. If you are unhappy with the condition of the boat after a survey and mechanical inspection, you can cancel the sale. A contract will protect you from loosing a deposit if the vessel is found to be in poor condition. We can assist with a survey and mechanical inspection before you purchase in both Sydney and Gold Coast regions.
How to use the contract?
When using our boat purchase contract, it is best practice to create two copies. One for the buyer, and one for the seller. This way both parties have a copy and can refer back should there be any disputes.
During the process of buying a used boat, most are sold in “as is, where is” condition. As there is little to no recourse when buying a used boat from a private seller, it’s important to be satisfied with it’s condition before purchase.
Completing a check on the PPSR (Personal Property Securities Register) government website is recommended. This will ensure the boat is unencumbered and has a clear title. The best time to complete the PPSR is on the day you pay for the boat.
The contract is free to download and is digital with fillable PDF fields so you can fill it out, print and sign it.