Agreement for Purchase of Yacht

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Agreement for Purchase of Yacht Powered By Docstoc
					This document is an agreement between a buyer and seller for the purchase of a yacht.
This agreement contains the material terms of the sale such as date, parties, purchase
price, closing date, and other provisions. The agreement contains both standard
clauses and opportunities for the use of optional terms and conditions making it fully
customizable to fit the needs of the contracting parties.
               AGREEMENT FOR PURCHASE OF YACHT

This Agreement for Purchase of Yacht (hereinafter referred to as the “Agreement”) is made on
this ___________ day of __________________, 20_______ by and between
__________________, whose address is ______________________________ (hereinafter
referred to as the "Seller"), and _____________________, whose present address is
________________________________ (hereinafter referred to as the "Buyer").


In consideration of the mutual covenants contained herein and other good and valuable
consideration received, receipt and sufficiency of which is hereby acknowledged, Seller and
Buyer agree as follows:


1. SALE

The Buyer agrees to purchase and the seller agrees to sell all rights, title and interest to the
Yacht. A complete description of the Yacht and the inventory is attached hereto as Exhibit A.


2. PURCHASE PRICE

The total purchase price for the Yacht is $______. A security deposit of $______ is hereby
deposited in the trust account of the broker. The same is hereby acknowledged below by the
Broker. The balance of the purchase price is due and payable on the Closing Date.


3. INSPECTION AND SURVEY

The Buyer may have the yacht surveyed at his own expense on or before ____________ to verify
the condition of the Yacht and the accuracy of the inventory. If the survey reveals any structural
or safety deficiencies, the Buyer may demand for performing remediation, or an allowance in the
purchase price. The Buyer may refuse to complete this purchase if the Seller refuses to repair, at
his expense, the essential items of repair as required by the survey or refuses to adjust the
purchase price to compensate Buyer for essential repairs.


4. ACCEPTANCE

The Buyer shall notify the Broker in writing, within three (3) days after survey is completed of
his acceptance of the Yacht or rejection of the same. If the said notice is not timely received and
this transaction has been consummated, it is understood and agreed by the Buyer that he has
accepted the Yacht as is, where is, and there is no warranty, either express or implied, by either
the Broker or the Seller.



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5. CASUALTY

In the event that this sale is not consummated by reason of destruction of the Yacht for any
reason including Act of God, or other cause, this Agreement shall become null and void and the
deposit, less all expenses incurred in behalf of Buyer, shall be paid to Buyer.


6. DEFAULT

(a) In the event the closing is not consummated due to non-performance of Buyer, including but
not limited to a failure of Buyer to pay moneys due or execute all documents necessary to be
executed by Buyer for completion of the purchase by the closing date, all deposit funds shall be
retained by the Seller and Broker as liquidated damages, and the parties shall be relieved of all
obligations under this Agreement.

(b) In the event the closing is not consummated due to non-performance of Seller regarding any
of the covenants in this contract, all money paid or deposited pursuant to this contract by the
Buyer shall be returned to the Buyer upon demand, less all expenses incurred in behalf of Buyer;
or the buyer shall have the right of specific performance. Upon Seller’s default, the Seller shall
forthwith pay to broker(s) the full commission provided for under the terms of the listing
contract.


7. NO LIENS OR ENCUMBRANCES

The said Yacht is being sold free and clear of all debts, bills, claims, liens and encumbrances of
any kind whatsoever. The seller warrants and agrees to defend that he has good and marketable
title to the Yacht and that he has lawful right to sell the Yacht and that he will deliver all
necessary documents for the transfer of the title to the Buyer.


8. CLOSING

The closing of this sale shall take place by five o’clock p.m. local time on or before
______________ (the “Closing Date”) at the office of __________________________, located
at _______________________________.

On or before Closing:

(a) the Seller will deliver to the broker all necessary documents for transfer of title to the Buyer.

(b) The balance of the purchase price shall be paid by the Purchaser to the Seller.

(c) The Yacht shall be delivered at _____________________, together with all gear, machinery,
equipment, furnishings and all other articles and appurtenances thereto agreed upon.



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9 RISK OF LOSS

It is agreed by the parties that the risk of loss, damage or destruction of said Yacht and
equipment shall be borne by the Seller until the transaction is closed.


10. TAXES

Any and all taxes, now or hereafter imposed on this Purchase, shall become the responsibility of
Buyer and will be collected by the broker at the time of closing. All Duties, taxes and/or fees on
the Yacht incurred prior to the date of closing of this transaction shall be the responsibility of the
Seller and shall be paid by closing date.


11. CONDITION OF THE YACHT

Information and details about the Yacht is believed to be good and correct and the broker offers
such details in good faith, but does not guarantee the accuracy of the information or warrant the
condition of the Yacht. It is hereby understood and agreed that the buyer has accepted the Yacht
in its "as is" condition, and no warranty, either expressed or implied, and no representation as to
the condition of said Yacht has been or is binding upon the broker or Seller.


12. TIME OF ESSENCE

The Buyer and Seller expressly recognize and agree that time shall be of the essence with respect
to any and all times, dates, and deadlines set forth in this agreement.


13. BINDING EFFECT

This contract shall be binding on all parties herein, their heirs, personal representatives and/or
assigns when this contract shall have been signed by all parties or their duly authorized agents.


14. ENTIRE AGREEMENT

This document constitutes the entire agreement between the parties hereto and it is agreed and
understood that there are no other duties, obligations, liabilities or warranties, implied or
otherwise, except as referred to in an addendum if attached.


15. GOVERNING LAW




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Any legal action brought by or against either party under the terms of this agreement shall be
determined by the laws of the State of ______________________, and venue and jurisdiction for
said action shall be within the county of _________________ and the State of
__________________, respectively.


16. BROKER

Seller and Buyer recognize _______________________________ as the Broker for this
transaction, and as the recipient and holder of the deposit. Any funds due the broker for storage,
insurance, repairs shall be deducted from the Seller’s net proceeds prior to disbursement of funds
to the Seller.


17. COUNTERPARTS

This Agreement may be signed in counterparts, which together, shall be considered a single
instrument.


IN WITNESS WHEREOF, the undersigned Buyer has executed this Purchase and Sale
Agreement on the date indicated below and acknowledges receipt of a copy hereof.


Witnesses:____________________



Buyer: _______________________


Dated: _________


SELLER ACCEPTANCE. The undersigned Seller accepts and agrees to sell the Yacht on the
above terms and conditions. Seller acknowledges receipt of a copy of this Agreement.

Witnesses:____________________

Seller: ______________________

Dated: _________




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DEPOSIT RECEIPT. Receipt of $______ DEPOSIT per paragraph 2 above is hereby
acknowledged, in the form of DEPOSIT TYPE (certified check #, bank, etc.)

By:_________________




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Exhibit A

Description of the Yacht

[name of yacht], [Make], [Type], [Length], [Registration number], [Model] and [Year].




© Copyright 2011 Docstoc Inc.                                                           7

				
DOCUMENT INFO
Description: This document is an agreement between a buyer and seller for the purchase of a yacht. This agreement contains the material terms of the sale such as date, parties, purchase price, closing date, and other provisions. The agreement contains both standard clauses and opportunities for the use of optional terms and conditions making it fully customizable to fit the needs of the contracting parties.