Ybaa Purchase And Sale Agreement
Here are some of the important differences between YBAA PSA and IYBA PSA that need to be taken into account when deciding on the deal to use for your next deal. 4. Guarantees: Both parties hereafter agree that this is a sale of “AS-IS” without guarantees (except as stated in #3 above) of any kind, expressly or implicitly. 12. The ship`s information is considered to be good and correct, and the broker provides this information in good faith, but cannot guarantee the accuracy of the information and cannot guarantee it. Once the provisions mentioned in it have been complied with and this transaction has been concluded, it is considered and agreed that the purchaser accepted the vessel in its condition “as intended” and that no guarantee, neither express nor tacit, has been given as to the condition of that vessel or engages the broker or owner. The owner assures and assures the buyer that the owner has notified the buyer of any known defects and/or defects in the vessel that would have a significant impact on a buyer`s decision to purchase the vessel. Yes, for a 25K boat, most brokers don`t waste their time on a boat of this value, unless it`s on their sales dock, lot, etc. on trade, bought it itself in a weak time. Moorage and space is expensive and you can go upside down really fast when sitting.
If you can find a broker to be happy to do good – good idea. These 4 pages, documented by the YBAA, were reviewed by a lawyer, not free, probably revised once a year (or more) and as most professional associations like YBAA, FYBA, CBYA, NWYBA, BCYBA have standard forms. However, they are usually sticky on them are intellectual property. A few things I had never thought of until I saw them in various agreements: the seller must guarantee that he owns the boat freely and clearly, and there are no instructions on it. Liquidation clause: if the buyer surrenders, he must $X; If the seller surrenders, he must $Y; Who avoids arguing about it later. The buyer assures that he relies on his own inspection of the boat and not on assurances made or implied by the seller or by someone else. Moss-Magnuson liability warning (which must be in all caps, for some obscure reason). +1. For only 25k make sure to inspect it first (if you are the buyer), and make a simultaneous delivery/payment/bill for sale/state titles or registration of documents. If, as a buyer, you receive a sales invoice and a clean state title, then you should be covered. Both agreements have a clause that makes the seller liable for all damage caused to the boat after acceptance, but before closing.
The IYBA PSA has different results, depending on the severity of the damage. According to IYBA PSA, damage that costs 5% of the purchase price of the ship or less and takes less than 30 days to repair must be repaired by the seller, but the contract will be adjusted and the delays are extended by as many days as it takes to repair the damage.