Hello all,
It's been a couple of years since I've spent much time on this NG and I'm
pleased to see that it is still an active group. Hopefully I can get some
constructive advice here on a non-traditional boat sale agreement.

I am planning to sell my small custom trawler at a near giveaway price ($500
after adjustments). In return for the very cheap sale price I want to
retain the right to use the boat once a year for a short cruise.

The details can be read on my website
www.st-johns-river.com

I would love to hear from others who are or who have shared ownership or use
of cruising boats. How did your contracts handle issues of liability or the
total loss of the boat while one or the other partner was using it? What
other issues did you try to anticipate in your contracts?

My situation is fairly unusual in that the Wooden Nickel is not worth huge
money to begin with and if the "sale and retained right to use" deal does
not work out well, I can afford to walk away from the deal completely.
Selling an unusual boat like Wooden Nickel outright can be difficult. But
so far there is a lot of interest from folks who'd like to get a very cheap
cruising boat with this kind of deal.
- Tom

tkranz wrote:
Hello all,
It's been a couple of years since I've spent much time on this NG and
I'm pleased to see that it is still an active group. Hopefully I can
get some constructive advice here on a non-traditional boat sale
agreement.

I am planning to sell my small custom trawler at a near giveaway
price ($500 after adjustments). In return for the very cheap sale
price I want to retain the right to use the boat once a year for a
short cruise.

The details can be read on my website
www.st-johns-river.com

I would love to hear from others who are or who have shared ownership
or use of cruising boats. How did your contracts handle issues of
liability or the total loss of the boat while one or the other
partner was using it? What other issues did you try to anticipate in
your contracts?

My situation is fairly unusual in that the Wooden Nickel is not worth
huge money to begin with and if the "sale and retained right to use"
deal does not work out well, I can afford to walk away from the deal
completely. Selling an unusual boat like Wooden Nickel outright can
be difficult. But so far there is a lot of interest from folks who'd
like to get a very cheap cruising boat with this kind of deal.
- Tom

Since the boat will be insured in both your names, presumably, any damage or
complete write-off re-imbursements would be shared between you and your
patrner.

A bigger problem arises in the event of death of one of the parties, and you
should have a simple agreement that makes clear what would happen should
this unfortunate occurence take place, whether as the result of an accident
whilst using the vessel or otherwise.

Such an agreement should set out the sharing of running costs and how
frequently expenses by either party are repaid, usually by a monthly
reconciliation.

Dennis.

Thanks for the quick reply and good comments. These are exactly the kind of
suggestions I'm looking for.
- Tom


"Dennis Pogson" wrote in message
...
tkranz wrote:
Hello all,
It's been a couple of years since I've spent much time on this NG and
I'm pleased to see that it is still an active group. Hopefully I can
get some constructive advice here on a non-traditional boat sale
agreement.

I am planning to sell my small custom trawler at a near giveaway
price ($500 after adjustments). In return for the very cheap sale
price I want to retain the right to use the boat once a year for a
short cruise.

The details can be read on my website
www.st-johns-river.com

I would love to hear from others who are or who have shared ownership
or use of cruising boats. How did your contracts handle issues of
liability or the total loss of the boat while one or the other
partner was using it? What other issues did you try to anticipate in
your contracts?

My situation is fairly unusual in that the Wooden Nickel is not worth
huge money to begin with and if the "sale and retained right to use"
deal does not work out well, I can afford to walk away from the deal
completely. Selling an unusual boat like Wooden Nickel outright can
be difficult. But so far there is a lot of interest from folks who'd
like to get a very cheap cruising boat with this kind of deal.
- Tom

Since the boat will be insured in both your names, presumably, any damage
or
complete write-off re-imbursements would be shared between you and your
patrner.

A bigger problem arises in the event of death of one of the parties, and
you
should have a simple agreement that makes clear what would happen should
this unfortunate occurence take place, whether as the result of an
accident
whilst using the vessel or otherwise.

Such an agreement should set out the sharing of running costs and how
frequently expenses by either party are repaid, usually by a monthly
reconciliation.

Dennis.

On Sun, 29 Oct 2006 19:18:44 GMT, in message

"tkranz" wrote:

Hello all,
It's been a couple of years since I've spent much time on this NG and I'm
pleased to see that it is still an active group. Hopefully I can get some
constructive advice here on a non-traditional boat sale agreement.

I am planning to sell my small custom trawler at a near giveaway price ($500
after adjustments). In return for the very cheap sale price I want to
retain the right to use the boat once a year for a short cruise.

The details can be read on my website
www.st-johns-river.com

I would love to hear from others who are or who have shared ownership or use
of cruising boats. How did your contracts handle issues of liability or the
total loss of the boat while one or the other partner was using it? What
other issues did you try to anticipate in your contracts?

As an alternative you could consider retaining ownership and allowing
your partner access to the boat in return for him/her paying operating
and maintenance expenses, mooring, etc. I followed that approach this
year with a very simple agreement. I agreed to maintain liability
insurance (cheap) and we agreed to a (small) total loss cost if the
boat got written off.

Ryk

I would think that the way to do this is to form a corporation with 2
stockholders and the corporation owns, maintains, and insures the boat.

I am not an attorney but I am sure that you can find one who can help you
with this.

Ansley Sawyer