The Private Party Boat Purchase Agreement serves as a crucial document for private watercraft transactions in the United States. It is essential when transferring ownership of boats, yachts, or other watercraft between private parties. The agreement includes detailed vessel information, price, payment terms, warranties, and compliance with federal maritime laws and state registration requirements. This document protects both parties' interests by clearly defining the terms of sale and ensuring legal compliance with relevant maritime regulations.
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1. Parties: Identifies the seller and buyer with full legal names and addresses
2. Background: Brief context of the transaction and vessel identification
3. Definitions: Key terms used throughout the agreement
4. Vessel Description: Detailed description of the boat including make, model, year, registration number, and specifications
5. Purchase Price: The agreed price and payment terms
6. Title Transfer: Process and obligations for transferring vessel ownership
7. Representations and Warranties: Seller's statements about vessel condition and ownership
8. Closing and Delivery: Details of when and how the vessel will be transferred
1. Inspection Period: Terms for buyer's inspection rights and conditions for inspection period before finalizing purchase
2. Financing Contingency: Conditions related to buyer's financing when purchase depends on buyer securing financing
3. Equipment and Accessories: Detailed list of included/excluded items when specific equipment needs to be itemized
4. Insurance Requirements: Specific insurance obligations when transfer requires specific insurance coverage
1. Schedule A - Vessel Specifications: Detailed technical specifications of the vessel
2. Schedule B - Inventory List: Comprehensive list of equipment and accessories included
3. Schedule C - Survey Report: Recent survey report if available
4. Schedule D - Maintenance Records: History of maintenance and repairs
5. Appendix 1 - Title Documentation: Copies of current registration and title documents
6. Appendix 2 - Insurance Certificates: Relevant insurance documentation
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