mcp 36 Posted August 18 Share Posted August 18 Does anyone have a copy, link or template of a good boat sale contract? I'm purchasing a Canadian registered boat that is currently in New Zealand, so I'll need to pay the gst and any import duties that are applicable, so would appreciate some advice of this as well. Thanks in advance. Quote Link to post Share on other sites
aardvarkash10 1,147 Posted August 18 Share Posted August 18 I'm growing to really like chatgpt --- SALE AND PURCHASE AGREEMENT – LEISURE YACHT This Agreement is made on the ___ day of __________ 20___ BETWEEN Seller: ________________________________________________ (Address, contact details) AND Buyer: ________________________________________________ (Address, contact details) --- 1. Definitions In this Agreement: “Vessel” means the yacht described as: Name: __________________________ Make/Model: _____________________ Year: ____________________________ Hull Identification No: _____________ Registration/Call Sign: _____________ “Purchase Price” means NZD $_____________ (including/excluding GST as specified). --- 2. Sale and Purchase The Seller agrees to sell and the Buyer agrees to purchase the Vessel for the Purchase Price, subject to the terms of this Agreement. --- 3. Deposit The Buyer shall pay a deposit of NZD $___________ (___% of the Purchase Price) to the Seller’s stakeholder/trust account within ___ working days of signing. The deposit shall be held in trust pending settlement. --- 4. Settlement Settlement shall take place on or before ___ day of __________ 20___, at which time: The Buyer shall pay the balance of the Purchase Price. The Seller shall deliver possession of the Vessel, free of encumbrances, together with all equipment, documents, and keys. --- 5. Condition, Inspection, Survey, and Sea Trial (a) This Agreement is conditional upon the Buyer, at the Buyer’s cost, arranging a marine survey and/or inspection of the Vessel within ___ working days of signing. (b) If the survey discloses any material defect affecting seaworthiness or safety, the Buyer may, within that period: i. Require the Seller to remedy the defect at the Seller’s cost before settlement; or ii. Cancel this Agreement, whereupon the deposit shall be refunded in full. (c) The Buyer shall also be entitled, at the Buyer’s cost, to conduct a reasonable sea trial of the Vessel within ___ working days of signing. The sea trial shall be arranged at a mutually agreed time and location, and the Seller shall make the Vessel available with a qualified skipper if required by law or insurance. (d) If the sea trial demonstrates any material performance issues or defects, the Buyer may, within 2 working days of the sea trial: i. Require the Seller to remedy such issues before settlement; or ii. Cancel this Agreement, whereupon the deposit shall be refunded in full. (e) If no notice is given within the inspection and sea trial periods, this condition shall be deemed satisfied. --- 6. Warranties The Seller warrants that: The Vessel is free of all encumbrances, liens, or security interests. The Seller has good title and authority to sell the Vessel. To the best of the Seller’s knowledge, the Vessel is not subject to any outstanding maritime safety or compliance orders. --- 7. Taxes and Duties (a) GST: If the supply of the Vessel is subject to GST, it shall be the responsibility of the Buyer, and the Purchase Price shall be treated as exclusive of GST, unless otherwise stated in writing. (b) Import Duties/Taxes: If the Vessel is imported into New Zealand, or if any import taxes, duties, or levies are payable, such costs shall be the sole responsibility of the Buyer unless expressly agreed otherwise in writing. --- 8. Risk and Insurance Risk in the Vessel shall pass to the Buyer upon settlement. Until settlement, the Seller shall maintain insurance cover for the Vessel. --- 9. Default If the Buyer fails to settle, the Seller may retain the deposit as liquidated damages. If the Seller fails to settle, the Buyer may cancel this Agreement and recover the deposit. --- 10. Governing Law This Agreement shall be governed by and construed in accordance with the laws of New Zealand. --- 11. Entire Agreement This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, or understandings. --- SIGNED by the Seller: __________________________ Date: //20___ SIGNED by the Buyer: __________________________ Date: //20___ --- 1 1 Quote Link to post Share on other sites
ballystick 83 Posted August 18 Share Posted August 18 NZ Marine has a sample one https://www.mariner.co.nz/forms-documents/ 3 Quote Link to post Share on other sites
mcp 36 Posted August 19 Author Share Posted August 19 Thanks guys Quote Link to post Share on other sites
waikiore 507 Posted August 19 Share Posted August 19 Speaking of ChatGPT and AI -there is a 'broker' in Whangarei who is using it to write his ads , worrying if a newby thought this person had knowledge, but provides a smile for the rest of us over our morning cuppa. Quote Link to post Share on other sites
khayyam 108 Posted August 19 Share Posted August 19 Personally I'd hesitate to use GPT's version without careful checking. Superficially it does the job, sure, but I'd lack confidence that the important details are correct. I don't have the expertise in this area, but that's often the case in areas where I do. 3 Quote Link to post Share on other sites
waikiore 507 Posted August 19 Share Posted August 19 The crucial clauses that differ from the standard NZ yacht brokers ones in the Chat GP are the survey and seatrial ones which really are important to understand for both parties. Quote Link to post Share on other sites
ynot 60 Posted August 20 Share Posted August 20 Could ya take chat gpt to court if it was wrong and stuffed something up when being used like this? Would it show up to defend itself. But like the movie The man who died god. Quote Link to post Share on other sites
aardvarkash10 1,147 Posted August 20 Share Posted August 20 Tried using your lawyer recently?😁😁 Quote Link to post Share on other sites
ynot 60 Posted August 20 Share Posted August 20 2 hours ago, aardvarkash10 said: Tried using your lawyer recently?😁😁 Good point. Quote Link to post Share on other sites
Psyche 879 Posted August 20 Share Posted August 20 These days prices are such that a note from mum saying you can go to the tuck shop if you dont end up buying it is probably all you need. Seriously... a sale and purchase agreement from your lawyer is the way to go if you are concerned. The big issue is title and that no one has security on the vessel. Someone I know ended up paying for their boat twice over because the previous owner was a scumbag and raised debt on the boat and those creditors came for it after purchase. Many hundred of thousands btw. Quote Link to post Share on other sites
Black Panther 1,808 Posted August 21 Share Posted August 21 I'm on boat number 4. No contracts, no surveys, just a quick sail, a beer and a handshake. 2 Quote Link to post Share on other sites
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