Boat share agreement: two owners
This agreement covers any situation where two people or sets of people share ownership and use of any kind of boat.
- Solicitor approved
- Plain English makes editing easy
- Guidance notes included
- Money back guarantee
About this document
This agreement covers any situation where two sets of people share ownership and use of a boat for leisure. The agreement has been drawn to as to regulate occupation where only one owner occupies the boat at one time. However, there is nothing to prevent a second owner sharing time with another owner.
First, you should consider what is the most suitable structure for your sharing proposal. If you are looking at a commercial arrangement or one for more than ten people, then it would be better to hold the property in a limited company and buy and sell shares in it. Then ownership of the property itself never changes.
However, running a company does cost money, so between 2 and 10 owners it is a matter of preference as to whether you want the formality, expense and greater certainty of a company structure and shareholders agreement or the lower cost and comparative informality of an agreement like one of these.
We offer two versions here. One is for a situation where only two parties share - two individuals or two families, or whatever. The other is designed for more than two parties. There are links to other documents at the end of this one.
Even if ownership of your boat is registered with some organisation, the particulars will not record the shares in which the boat is held. So If you own 60% and I own 40% we have to record that in some other document. If we do not do so, “the Law” will assume we own in the shares in which we contributed to the purchase price. This may or may not be the same thing. These Net Lawman agreements specifically record the shares.
They also record shares which may be owned by someone who is not a registered owner. Such an interest is called a beneficial interest.
Application and features
- Comprehensive fractional ownership document for any type of boat or yacht
- Sensible and practical provisions for shared ownership
- Written in plain English
- Explanatory notes to guide you
- Terms of beneficial interest - beneficial trusts provision
- Price and payment for the Boat
- How many people allowed into occupation at one time and who they may be
- Who and how will manage payment of expenses
- Management of the Boat
- Undertakings by the parties
- Alternative exit strategies
- Effect of termination
- What if someone wants to sell his share or sell the Boat
- Other legal provisions
This document was written by a solicitor for Net Lawman. It complies with current New Zealand law.
How other customers rated this document
Average customer rating
By Kevin Bonniface 17 November 2014
A pretty good document / template for my purposes. The one negative is that it was difficult to contemplate whether or not it was going to meet my needs before actually making the purchase but not sure what you can do to remedy.
By Lex Chapman 18 May 2014
The document was ideal as it had all the important ingredient that I required in an easy format to follow. I would certainly recommend Net Lawman to others.
"I used Netlawman to pre-work some contracts for my lawyer. He came back stating that the forms were 'excellent' and saved me several billable hours."Chris T.
"...Yes very useful. I understand the terminology etc as I've seen a fair few legal docs before. Notes are very helpful. Gives me some base insight without the expense of a solicitor! "John K
"I have found the product exactly what I wanted and the notes helpful - as well as it being easy to locate, buy and download. There should be a better way of making your product more widely known. I have recently had experience of a tailor-made lease and this left a lot to be desired - whereas your product is well researched and ticks all the boxes."Ted