Boat sharing agreement
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Key features
- Length:13 pages (3650 words)
- Available in:
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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
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- Comprehensive template covering legal and practical points
- Detailed guidance notes a step-by-step instructions to help you complete your document with confidence.
- Up to date with latest law our lawyers regularly review how new relevant law affects each document in our library
- Written in plain English avoiding legal terminology unless necessary. plain English makes our documents easy to understand, easy to edit and more likely to be accepted
- Support from our legal team email us with questions about editing your document
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- checking that your use of defined terms is correct and consistent
- correcting spelling mistakes
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- Allowed downloads from entire Library25
(average document price NZ$49) - Lawyer Assist Service included
(average price NZ$309) - Get Expert answers fast in your workspace
- Discount on further Lawyer Assist40%
- Discount on Bespoke Drafting10%
- Priority email support
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(average document price NZ$49) - Lawyer Assist Service included2
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- Discount on Bespoke Drafting20%
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