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.
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. © Copyright 2011 Docstoc Inc. 2 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. © Copyright 2011 Docstoc Inc. 3 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 © Copyright 2011 Docstoc Inc. 4 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: _________ © Copyright 2011 Docstoc Inc. 5 DEPOSIT RECEIPT. Receipt of $______ DEPOSIT per paragraph 2 above is hereby acknowledged, in the form of DEPOSIT TYPE (certified check #, bank, etc.) By:_________________ © Copyright 2011 Docstoc Inc. 6 Exhibit A Description of the Yacht [name of yacht], [Make], [Type], [Length], [Registration number], [Model] and [Year]. © Copyright 2011 Docstoc Inc. 7
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