Boat co-ownership agreement template

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Thus an agreement is necessary to ensure that the agreement is evidenced in writing. This template is designed for joint owners of a boat that details the terms of their ownership with regard to the property and their responsibilities.

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The document comes to you as a Microsoft Word template that can be used as often as you like. Simply insert the correct information in the appropriate field and tab to the next. Now print your professional agreement! We have provided a Sample of the Boat Co-Ownership agreement. The kit also contains an Aircraft Co-ownership Agreement. It shows you how to properly cover important legal requirements and how to complete an agreement in detail.

It also contains numerous alternative legal clauses and provisions that you can use with this and other agreements. Click here to read more about the book. Plain English Easy to Follow. MENU Questions? Call Toll Free I have many friends who share boats just fine. They have easy going personalities; that's crucial.

You have to be able to laugh about the problems, not grumble "sorry I think I scratched your half of the boat".

There are a couple of items you need to address up front. I assume we're talking about your basic used recreational boat '. Nothing fancy. You have to be able to accept "wear and tear".

If you are anal about keeping the boat looking brand new, forget it. If you are the kind of person that bans children with grape juice and Cheetos, forget it. You have to accept his hitting the dock on the port side so he'll accept your hitting the dock on the starboard side.

Are you going to cover it all the time, or never? Wash daily or annually? Your wives may be boaters--can they go out without one of you?

Can you let a guest pull a tube while you hang out at the beach? Agree to share the cost of repairs regardless of who was at the helm when it happened. We all make mistakes. If holiday weekends are important, figure out who will use it when. The two of you need to be the same about DIY repairs or taking it to the pros. The best thing about splitting is that half the cost of a pro to do something like a water pump or bottom paint is tolerable.

Or another arrangement is to let one guy put in sweat equity. Maybe one guy stores it at his house and gets a cut. Just agree up front but keep it simple. Most important: an exit strategy. If one of you wants out, whether it's due to facing major repairs or you just want out, you need an agreement.

This would include getting a price for the boat with a blown motor. Agree to walk away friends. Also, check the insurance requirements up front; it can be hard sometimes to insure a joint boat.

There's nothing wrong with not wanting to share your boat, and those types of people are better off not sharing, due to the risk of friendship. Same goes with a boat sale among friends; lots of guys here say NEVER but I see it work fine all the time, among boaters.

Just takes the right personalities, and the right boat. That's where lawyers make a lot of money--undoing bad legal work non-lawyers did on their own. Just make a list, sign and date it, and specify it is for non-commercial recreational purposes only.

Don't do it if one of you is the kind of person who would sue over a couple grand--or less. You know the type. Not another state; your state. Joined Jun 24, Messages One phrase that will always stick with me. Joined Jun 1, Messages 3, Bubba gave some good advice, from one that has been there and done that! I use other folks boats frequently. The agreement I have with them. If I break something, I fix it.

Normal wear and tear In a joint agreement? I would fix what I break. We both would fix the normal wear and tear parts. Good Luck! Home Cookin' said:. Silvertip Supreme Mariner. Joined Sep 22, Messages 28, I feel the hardest thing to deal with is when it is your turn to use the boat and you are ready to go and something is dreadfully wrong.

Of course the partners kid used the boat and didn't mention that he ran aground, hit a rock, or whatever actually happened. While this arrangement can certainly work for some, it is potentially "very problematic" and no agreement, written or verbal is going to make it a problem free relationship.

I personally would get very frustrated having to pop for repairs and wrench of a boat to fix things that consistently occur on a partners watch. That automatically implies the partner is not a responsible operator and "extremely unlucky" does not enter the picture.

Yes -- stuff happens! But not consistently to the same person with a bit of common sense. Wear and tear is one thing. Downright abuse is quite another and some folks simply cannot equate the difference between the two. By the way -- the partner may very well be analyzing your situation in the same way. A friend of mine has done this the last 2 or 3 years and has been happy with it.

Andy'sDelight Petty Officer 1st Class. Joined Apr 5, Messages Look at it this way-If you find out your buddy sinks the boat how would you react?