DRAFT VESSEL PURCHASE and SALE AGREEMENT
Buyer: _____________________________________________(hereinafter Buyer)
Seller: Douglas B. Nash_______________________________(hereinafter Seller)
Vessel: Windcastle USCG Documentation Number 648870 (hereinafter Vessel)
Buyer agrees to purchase and Seller agrees to sell all rights, title, and interest in the above described Vessel according to the terms and conditions set forth herein.
1. The agreed upon purchase price is $130,000 US Dollars (One hundred thirty thousand United States dollars). Said purchase price includes the Vessel and all components, accessories, tackle, and gear as equipped at the time of the buyers inspection (hereinafter collectively referred to as Vessel). The Vessel is sold "As-Is / Where-Is" with no express or implied warranties on the Vessel or its equipment. All particulars presented prior to buyers inspection are believed to be correct, however buyer should verify details to their satisfaction prior to closing.
2. Upon mutual acceptance of this agreement, Buyer shall make a earnest money deposit in the amount of $5,000 US Dollars to (www.escrow.com or similar escrow service -- NEED more DETAILS HERE) Seller agrees to credit buyer escrow fees (not to exceed $500 US Dollars) at closing. If buyer rejects vessel or fails to close per the agreed time line then buyer agrees to pay all escrow fees or costs. IF BUYER REJECTS OR FAILS TO CLOSE, WHAT ABOUT EARNEST DEPOSIT-- forfeit? The Buyer agrees that the purchase price balance shall be paid at closing in the form of a wire transfer payable to Seller. The closing of this purchase and sale shall take place at __(tentatively ....to be determined and verified with buyer and bank) ___________________________ no later than 5:00 PM local time, on or before__________________.
Upon verification of funds transfer, Seller shall hand over possession of subject Vessel, title documents and bill of sale.
3. Seller shall pay for storage and maintenance of the Vessel at __? Harbor?___, up to and including the day of closing.
Buyer shall at his sole expense pay all taxes, titling, documentation, and registration fees and any other fees related to the purchase and transfer of ownership of subject Vessel.
4. Seller shall at closing deliver a good and marketable title for the Vessel to Buyer. Delivery of the title shall be evidenced by a United States Coast Guard Bill of Sale (CG 1340).
Buyer shall be allowed to inspect and validate all of Seller’s title and ownership documents prior to the time of closing.
5. Seller agrees to provide buyer an on-the-water orientation related to systems on-board the vessel. Orientation to be completed on or before ___________________.
This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns, and personal representatives.
Buyer’s Signature:
Date _____________________
Signed ________________________________
BUYERS NAME AND ADDRESS HERE
Seller’s Signature:
Date _____________________
Signed _________________________________
Seller: Douglas B. Nash
32906 Avenida Descanso
San Juan Capistrano, California 92675 USA
Home Base phone (California): 949-493-4260
Boat phone (Hawaii): 808-398-6703
Email: nashsail@aol.com
Hawaii address: Hawaii Yacht Club, 1739-c Ala Moana Blvd, Honolulu, HI 96815
Witness to signatures of buyer and seller:
Signed _________________________________
Witness; Mr. ............................... Attorney at law
Address:
Proposed Ernest money and Escrow process
(maybe better to use selected Bank's escrow service in Honolulu
iuse www.escrow.com or similar
Here's how it works.
Buyer and Seller Agree to Terms
- After registering at Escrow.com, both parties agree to terms of the transaction, which includes a description of the merchandise (Vessel), sale price, number of days for the Buyer's inspection, and any shipping information.
- Buyer Pays Escrow.com
The Buyer submits an available payment option. Escrow.com verifies the payment. Processing time varies by payment method. - Seller Transfers vessel. Upon payment verification, the Seller is authorized to ship merchandise (turn over vessel keys and locks to Buyer) and submit tracking information. Escrow.com verifies that the Buyer receives the shipment.
- Buyer Accepts the Vessel The Buyer has a set number of days for an inspection and the option to accept or reject the merchandise (the Vessel). For more information, FAQs - Return Questions.
- Escrow.com Pays the Seller
Escrow.com pays the Seller by the method selected by the Seller. The transaction is complete
Proposed Registration transfer process
If a US citizen purchases the vessel, then USCG documentation is to be transferred per instructions found here
http://www.uscg.mil/hq/cg5/nvdc/nvdcfaq.asp
Bill of sale: http://www.uscg.mil/hq/cg5/nvdc/forms/cg1340.pdf
Transfer forms: http://www.uscg.mil/hq/cg5/nvdc/forms/cg1258.pdf
