Yacht Co-Ownership Agreement

Most yacht owners only use their yacht for 4-6 weeks a year. A sensible alternative is the co-ownership of the yacht: sharing the yacht with others and thus reducing the costs of acquiring and maintaining the yacht. “It worked very well. The real success was based on a first hermetic contract that covered everything, including the fact that it was not “petty” in spending. If money needs to be spent, that`s fine. More importantly, an absolute agreement was that the agreement was valid for five years and that no one other than the owners could use the boat without the owner on board. In the event of the death of an owner, his family or estate would continue to bear all expenses until the end of the five-year term, even if he could not use the boat. None of us wanted a new partner, because that`s a big drawback. We sold the boat after five years because a partner wanted to go out. I`ll do it again in a minute,” Olsen said. Although we were friends, we had a written contract in case of disagreement. Nevertheless, it did not go very well. I almost felt like two guys were sharing a girlfriend.

This is not a good situation,” he said. Payments. Owning a boat costs money and time, and after the first purchase of the boat, there are still more expenses to be made. As the boat ages and the novelty fades (and trust me, it will), the boat will need additional repairs and TLC to keep it Bristol fashionable. Co-owners must continue to meet their financial obligations. What happens if a partner does not walk on the plate? This question can be difficult and it is known to break many marriages and condominiums, so spend a little time in advance to overcome as many eventualities as possible The condominium agreement will require considerable effort, but could save you hours of grief later and maintain your friendship and condominium for many years of smooth sailing. The main advantage of co-ownership is financial, especially in this economy. Many people can`t afford the trawler of their dreams, but if you divide not only the initial cost, but also the cost of insurance, mooring, maintenance and maintenance, it becomes more feasible. Have you ever heard the axiom: “Two heads are better than one”? You should treat the condominium as a business so that the work part is divided and each partner has more time to enjoy the cruises. Having a partner who shares new ideas and different points of view is also a great advantage. If you don`t want a boat to live full-time or be used every weekend, you might be interested in the condominium. If the boat is used more often, the machines usually work better, the ground remains cleaner, and the fuel stagnates less often.

And that pungent, moldy smell associated with a closed boat is also reduced. Death of the co-owner. This is a possibility and it should be covered. You don`t want half the boat to be immobilized in the estate for years, with beneficiaries fighting for the boat and the conditions. If you cover this in the original agreement, it will be easier for the surviving spouse. A boat sharing agreement is used for co-owners who wish to record in writing the conditions of management of the boat they own. Boats can refer to a yacht, cruiser, etc., where one of the parties can use the boat for leisure or business. It should be understood that management must be written about the responsibilities that the owner may have for its maintenance. If it is used for business, it is important to know the rules of participation for its income, otherwise the law will assume that it is in equal shares.

Therefore, an agreement is required to ensure that the agreement is proven in writing. Amendments or additions to this Agreement shall be deemed to have been agreed upon by the parties, unless such modification or modification is made with knowledge of a written document signed by both parties. Total pleasure of yachting – without any effort on your part Specify the boat and equipment. Once you have a specific boat in mind, it should be detailed in the agreement that lists the manufacturer, model, size and serial numbers. Also mention equipment, such as engines, dinghies, and navionics, as well as elements of the boat that are not included in the agreement, such as bicycles, bed linen, binoculars, etc. “The tricky part is making sure you plan all the unglamorous parts of the condominium, such as unforeseen maintenance requirements or dealing with conflicting opinions about use. Future maintenance or investments. At the end of the day, I can`t imagine working with someone I don`t trust deeply,” he said. If two or more parties jointly own a boat, I strongly recommend entering into a written agreement between the co-owners that is as comprehensive as possible and covers almost all aspects of the condominium, including the conditions listed here. After agreeing on each point, bring your written comments to a lawyer to reach a formal agreement.

If you can`t agree on the conditions, it`s better to know now than after you buy your boat. Start. Co-ownership of a yacht saves you a lot of money. By sharing acquisition and maintenance costs, you get the most out of your investment. .

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