This boat share agreement covers any situation where people share ownership and use.
Compliant with the latest law
Document properties
- Length:13 pages (3650 words)
- Available in:
Microsoft Word DOCX
Apple Pages
RTF
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About this document
This agreement covers any situation where two or more people or 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.
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
Contents
- 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
- Management structure ordered by annual meetings of the owners, possibility of proxy voting, and more
- Undertakings by the parties
- Alternative exit strategies, including for a share to be sold to a third party, after offering it to all other owners
- Effect of termination
- What if someone wants to sell his share or sell the Boat
- Other legal provisions
Reviews of this document
16 Reviews
5 star
(12)
4 star
(4)
3 star
(0)
2 star
(0)
1 star
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Recent reviews
Excellent easy to follow agreement sent to me immediately and at a reasonable price. Very happy with the service from Net Lawman.
Bryan Gray
Review of the Australian version
Really well put together with good guidance and language for those that don't have a law background. It helped to have the suggestions (which are easily removed) just to know some unforeseen circumstances are covered. Extremely well priced which was a determining factor for purchase.
Corey Solomon
Review of the New Zealand version
The site was informative and easy to access /conduct the transaction.
Sheri
Sheri
Sheri Bamboat
Review of the Australian version
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