yacht purchase and sale agreement template

What is a Boat Bill of Sale?

A boat bill of sale (also called a boat purchase agreement) is a document used to detail the terms of a transaction between a private seller and buyer. It’s a contract specific to a boat sale, and can be used for a powered or unpowered boat as long as it is not also a U.S. Coast Guard documented vessel registered by the U.S. government rather than titled and numbered by a state (there are separate forms for selling a documented vessel).

In some states, a boat bill of sale may not be required to complete the sale, but using one is a good idea as it provides proof of the details of the transaction. If the boat has a title—generally required in most states for boats more than 16 feet in length—that title will still need to be transferred from the seller to the buyer per state regulations.

How to Buy a Used Boat from a Private Seller

Boat Bill of Sale Templates Online

You can make up your own boat purchase agreement or use a form that may be provided by your state (try searching online for “Michigan boat purchase agreement” for example). If you find a form, details for your state will likely be included. Some states require the boat purchase agreement to be notarized by both buyer and seller.

If your state does not require the use of a specific form, or does not offer one, you may be able to use a generic boat purchase agreement such as one offered by:

• The U.S. Coast Guard
• A service like eForms

What Should Be Included on a Boat Purchase Agreement?

A boat bill of sale should include:

• The name, address and contact information for the buyer;
• The name, address and contact information for the seller;
• A description of the boat—brand, model, year of manufacture, length, Hull Identification Number (HIN);
• State registration number.

The HIN should be permanently marked on the boat transom to port. If the boat is powered by an outboard motor, it should be listed separately with its serial number.

If a trailer is being sold with the boat, it is also listed separately with its Vehicle Identification Number (VIN). The agreement should list a separate sale price for the boat, outboard motor and trailer. The agreement should also list any accessories or equipment being sold with the boat, such as electronics, trolling motor, spare props, with serial numbers if available. If you are selling the boat, items that are not included in the sale can be listed as “excluded” on the purchase agreement.

The boat purchase agreement can be executed before the sale is final, usually with a deposit, with contingencies, which could include securing financing or that the boat passes a mechanical inspection, marine survey , or sea trial . If issues crop up, such as a repair that should be made, those terms can be negotiated and spelled out in a new agreement, or the buyer can walk away with a refunded deposit.

Using a formal boat purchase agreement protects both the buyer and seller and goes a long way toward avoiding misunderstanding between the parties.

Read Next: How to Register a Boat

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Sales Contracts

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Whether you buy a new boat from a dealer or a used boat directly from the owner, the best way to protect your interests is to outline the terms of the sale in writing.

A written agreement will eliminate or minimize questions and problems that could later turn a sweet deal at the dock into a sour one in court. By spelling out the obligations of the buyer and the seller, as well as the time frame in which the sale is to take place, you have a legally binding, written document of the parties' intentions.

It's not necessary to have a lawyer write the contract, although this should be considered, especially if you're buying a high-ticket boat or are having one custom-built for you. Most dealers use contracts printed with their name and address, but "fill-in-the-blanks" contract forms found in stationery stores or online will suffice for private sales. (Or click here to download the BoatUS Purchase Agreement .) A handwritten agreement will also serve the purpose. Regardless of the form, both parties must sign the contract. If the sales agreement requires the signature of both the salesperson and an officer of the dealership, make sure both spaces are signed.

Download the BoatUS Buyers Guide PDF to read this article and the entire guide.

If you're buying from a broker, the sales contract will usually be standardized. But that doesn't mean you shouldn't carefully go through it and make sure that such items as tankage and engine hours are filled out accurately. The broker's information is only as good as what the seller provides.

Basic Contract Terms

Sales agreements or contracts should include the following minimum information:

• Complete names and addresses of buyer and seller
• Complete description of boat and engine, including make, model, year, hull-identification number (HIN) and engine serial number(s). New boats will come with a Manufacturer's Statement of Origin, something you will need to register the boat. A complete equipment list is a must. If there's a trailer, include its serial number, as well.
• The purchase price, including a description of any deposits paid by buyer and how the balance will be paid (for example, certified check). It should also describe the trade-in boat, if any, and its exact value. Most states require the trailer to be registered with the motor vehicle agency, and usually require tax to be paid, just as it would with a car. It's wise to separate the trailer value from the boat on the contract to make this easier.
• A firm delivery date describing when and where the boat will be delivered and the deal finalized
• The boat's condition at the time of delivery, including a complete list of the accessories and items that convey with the boat
• A full description of any warranty from the dealer or manufacturer. When boats are sold in "as is" condition, recourse may be impossible if problems arise.
• Buyer's contingencies: Spell out that the sale hinges on a satisfactory survey and sea trial and the ability to obtain acceptable financing and marine insurance.
• A statement that the boat is free of all liens and encumbrances

Financial institutions often consider boats to be luxury items, so the application process is more like buying a house than buying a car. As part of the underwriting process, many lenders will ask for a personal financial statement along with tax returns. For used boats, a tax return is often required. Terms up to 20 years with down payments between 10% and 20% are common, but rates and terms can vary depending on the age, size, type, and use of the boat. It's a good idea to talk with prospective lenders before filling out a loan application.

On a new boat, lenders need the Manufacturer's Statement of Origin. It certifies that it has had no other retail owner. With used boats, lenders check for a clear title or record of ownership. For larger boats, lenders usually require marine-insurance coverage and federal documentations as conditions for loans.

Manufacturer's Statement of Origin

The Manufacturer's Statement of Origin (MSO), or Certificate of Origin (MCO), that comes with each new boat contains the boat's hull identification number (HIN) and engine serial number(s). The MSO or MCO shows when the boat was built and transferred to the retail dealer for resale purposes. You will need the MSO when you register or document a new boat. If the boat is financed with a loan, the MSO will be transferred to the lender; otherwise, it will be included in the boat's papers given to you at the time of purchase. You or your loan company should receive the MSO when you take delivery. If not, contact the boat manufacturer at once. Without the MSO you may be unable to register the boat or meet insurance requirements.

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Buying a boat with a Sale and Purchase Agreement

Whether you are thinking to buy or sell a boat, you will have to know and understand some of the key points to get an agreement done with the other party. No matter what the deal size, you want to ensure everyone is on the same page.

To guide you in drafting your own Sale and Purchase Agreement, we have listed below the most important areas you should include on the document. We also have produced a sample document that you may consider using.

Let’s just cover a few of the basics.

First, if the transaction is really big to you, it may then be large enough to necessitate getting a lawyer involved. This is because a lot of negotiations take place during and after the drafting of the agreement. The agreement is where many of the most important decisions are made, including pricing, payment (as in, how payment be made?), etc.

The Basics: Obviously, the agreement will list things such as the parties involved (Purchaser, Vendor or legal representatives), the price, date for completion of sale, the location, etc. In other words, if there is any place where formalities are strictly followed, it’s a purchase agreement.

Purchase Price: Indicates the agreed amount the boat is sold for.

Payment: Payment is often more complicated than just instant cash reimbursement. It often includes a plan in which the payment is going to be made at intervals in the future.

Remedies on Default: In the event that (a) Vendor defaults or fails to perform any of the conditions or obligations of Vendor under the Agreement, or (b) the terms and conditions of the Agreement have been satisfied by Vendor, and Purchaser refuses or is unable to close on the Agreement within the time limits set forth, (each, an Event of Default), then in such event, the non-defaulting party’s sole remedy shall be entitled to declare the Agreement terminated and, upon such termination, the parties shall have no further rights or obligations with respect to the Agreement.

Ownership and Undertaking: This section states that the vessel is solely owned by the Vendor and full inventory of equipment and specifications attached will be passed to the Purchaser on settlement free from all debts, claims, liens and encumbrances of any kind whatsoever.

Risk: It is agreed by the parties that the risk of loss, damage or destruction of the vessel and equipment shall be borne by the Vendor until the vessel is delivered to the Purchaser. Vendor shall continue to insure the vessel until delivery to the Purchaser.

We are hoping that this helps you in buying or selling your vessel. Please note that this guide is provided for general information purposes only. We have also produced a sample agreement that may assist you in buying or selling a boat. It is similar to one that some Mariner staff have used ourselves. Remember though, we are not lawyers, so any legal advice is best gathered from a real lawyer, and that’s certainly not us!

To get a copy of our sample Sale and Purchase Document, click here

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Tips for buying or selling a boat 

Buying or selling a boat can be an exciting yet daunting prospect for any boater, to guide you through the process here are our top tips..

Whether purchasing your first boat or selling one you’ve owned for years, there’s a few key factors to consider.

Just like when purchasing a house, it’s important not to get swept up in the romance of buying a boat and instead look at the practical and financial implications.

However, unlike when buying a house, the law does not stipulate a process for the sale and purchase of boats.   

The finer details

The sale of second-hand boats usually occurs between two private individuals and is often conducted via a broker, who acts as an agent for the seller. 

VAT is not chargeable on the sale of second-hand boats between private individuals, but VAT is charged to the seller for the services rendered by the broker. The broker will usually charge the seller a commission for these services.

Prior to entering into an agreement to buy a boat, the purchaser will wish to make sure that the seller legally owns the boat and has the right to sell it. They’ll also ensure that the boat is not subject to any mortgages, debts or charges etc.

What if the boat is subject to a mortgage?

If the boat is subject to a mortgage the RYA recommends that the purchaser have a 3-way-conversation with the seller, themselves, and the lenders.

It’s often the case that the purchaser will pay the proportion of the purchase monies outstanding on the mortgage, direct to the lenders. 

The lenders will more often than not hold the title documentation for the boat and upon redemption of the outstanding mortgage, release the title documents direct to the seller/purchaser.

Does it comply with Recreational Craft Regulations? (RCR)

If you’re purchasing a boat, it’s vital to see a copy of all title documentation and be confident that the seller does indeed own the boat, that the boat is VAT paid or exempt.

It’s important to ensure the boat is compliant with the Recreational Craft Regulations (RCR) if the boat is the UK, or the Recreational Craft Directive (RCD) if in the EU. 

The requirements have changed and it’s likely that if you buy a boat in one territory and export it to another, it will need to undergo a post construction assessment.

Information on this is in our RYA RCR and RCD Guide for Boats .

What paperwork do I need when selling my boat?

When selling, make sure that you have your paperwork together, the main documents that you’re likely to be asked for include:

• Evidence that the boat is VAT paid, such as the original invoice
• Registration documentation
• Evidence of RCR/RCD compliance
• Service information for the engine, generator, sails, water heater
• Builders Certificate (not essential but helpful)  Bills of Sale
• Owner’s Manual and further manuals for all the equipment on the boat with financial records and receipts of any large repair bills

Sale and Purchase Agreement

Whilst verbal agreements between parties are perfectly valid in law, they are notoriously difficult to prove, and any disagreement will come down to one party’s word against the other. 

For this reason, the RYA strongly recommends that a written Sale and Purchase Agreement is used on all boat purchases.

RYA members can access the online RYA Sale and Purchase Pack , which includes a Sale and Purchase Agreement template with a step-by-step guide to buying and selling boats.

Practicalities

We also recommend buyers have a survey carried out on a boat prior to finally agreeing the purchase, especially if the boat is second-hand and being sold privately. 

In most cases this is the only way to check the boat’s condition and the results will often determine whether a sale proceeds smoothly, has its terms renegotiated or terminated. 

There’s also no better way to know how a boat will react when in the water than by conducting a sea-trail. 

You may want to consider boat insurance, although it is not compulsory in the UK.

Here to help

The RYA legal team offers expert advice for RYA members in relation to buying and selling a boat privately or through a broker.

For further information and resources on buying and selling a boat visit our knowledge hub or pick up the RYA Boat Buyers Handbook .

Not a member? Find out how an RYA membership could benefit you in buying or selling a boat.  

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Contract Template

A written contract of sale means security for both parties. along with a list of equipment, the purchase agreement helps to prevent misunderstandings..

You have found a buyer for your boat. Congratulations!

Use for sales processing of our purchase agreement for used boats. Our Boat Sales Contract is limited to one page, keeping it as simple as possible. Nevertheless, all important points of the contract are included. This purchase agreement can be used as a template for power boats, sailboats or inflatables.

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