Boat sharing agreement
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About this document
This agreement covers any situation where two 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 an 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.
- 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.
This document was written by a solicitor for Net Lawman. It complies with current English law.
What other customers thought
Average customer rating
By Philip Cook 11 September 2017
A very comprehensive and easy to use document.
By Hugh Wormington 25 February 2016
Got the job done quickly. Doc didn't seems to take account of different levels of share ownership, but overall very useful and good value.
By Alistair Hodder 27 February 2013
I am a solicitor myself, though I bought this for personal use; overall very impressed
"I have used you in the past and am always impressed!"Diane Bantten (Acquit Debt Recovery)
"Your site is very easy to understand I have used you a few times and you are the best on line."Cornerstones Lettings Carmarthen
"I purchased the document to update legal precedent. Straightforward and easy to complete. It did the job with economy of verbiage."Paul Tracey