Boat sharing agreement

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Document overview

This agreement covers any situation where three or more people or sets of people share ownership and use
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Compliant with the latest law
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Document properties
  • Length:13 pages (3710 words)
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About this document

This agreement covers any situation where three 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.

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. No stamp duty is paid once it is bought as the right of occupation can be treated as a licence.

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.

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
Sample boat sharing agreementFront cover

Recent reviews

Great Service
19 June 2024
Net Lawman's template for a boat sharing agreement covered everything we needed to set up a general agreement between a couple of owners. Easy to download, easy to understand and to edit , and good value for the fee. Saved us a lot of time.
Thanks
Toby Moors
Review of the New Zealand version
Easy and Affordable
26 July 2021
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
Excellent for Non
22 March 2021
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
Read all 17 reviews

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