Pre purchase agreement

[laurentct]

Any inputs on what to add to a pre purchase agreement besides :
Pending visual inspection, sea trial , full survey and documentation validity ?
I don't do that every day ....

[Tin Tin]

What do you mean by a "Pre Purchase agreement" usually people just sign a purchase agreement. Are you talking about a standard agreement like the attached example, in the USA or somewhere else, is a broker involved, is it an international transaction, is there finance on the boat etc etc etc

https://www.catamaransite.com/files/..._Agreement.pdf

[Shrew]

Originally Posted by Tin Tin

What do you mean by a "Pre Purchase agreement" usually people just sign a purchase agreement. Are you talking about a standard agreement like the attached example, in the USA or somewhere else, is a broker involved, is it an international transaction, is there finance on the boat etc etc etc

Purchase and Sale Agreement (P&S). It is only an offer until it is signed by both parties. Then you have a P&S contract. This does not mean that you've purchased the vessel, only that you are under contract to purchase. The sales doesn't complete until all of the contingencies have been met.

The Basic P&S includes:

Buyer
Seller
Vessel Details
Price
Deposit Amount

Possible Contingencies:

Subject to Survey
Subject to Sea Trial
Subject to Financing
Subject to Insurance
Subject to sale of buyers current vessel

There are also performance dates:

Deposit Due Date
Inspection, Survey, Sea trial dates (optional)
Closing date

You can include or wave anything you want.

[HuR]

A lot more detail is needed before focussed advice is possible.

[SailingHarmonie]

There are literally DOZENS of "standard" purchase contracts online for you to look at. If NONE of those meet your needs, you should hire a lawyer.

If you are buying through a broker, he/she will certainly have a standard language agreement as part of their offer/negotiation process that you can negotiate from as a starting point.

If this is a private sale, pick one that is appropriate to your situation to use as the basis for your offer.

It's not rocket science. These are quite simple agreements, and they mean what they say.