A contract of purchase and sale refers to the document used to sell or buy property or structure. It is received following the acceptance of the offer. This may include real estate property, maritime vessels, or industrial machinery among a few.

Whether you are a buyer or seller, it is important to know what is in this contract. Terms and conditions should be mutually agreed upon before the sale is finalized and put into the paper.

The contract should have a buyer and seller that will agree on the certain conditions on the items on sale, including the selling price.

What’s in a contract of purchase and sales document?

This document will be received following the mutual agreement of terms and conditions between the seller and the buyer. Some elements may vary from one location to another. Nonetheless, among common elements included in this contract include the following:

1. Closing date

This referred to the date when the transaction or sale was finalized. It also includes the final transfer date of the purchased property under your name.

2. Final sales price

This indicated the price agreed upon by both seller and buyer. However, the price may change before the deal comes to a close depending on certain situations. For example, the agreed-upon price may go down depending on the results of the property inspection.

3. Other details

This indicates details, including the deposit and payment terms. Likewise, it includes both parties’ contact details, agreement date, amount of deposit made (if there is any), and type of sale used.

It is also important that the document is detailed and transparent for the buyer’s benefit as much as possible. The buyer should also have the right to inspect the structure or property when needed.

What to consider when buying maritime vessels

maritime vessel

As mentioned, the contract of sale and purchase in important when buying commercial and industrial property, machinery, or structure. This also includes the purchase of marine vessels. This is to help buyers be more secured of their purchase, including the unit costs and other terms and conditions.

Before buying any type of marine vessel, it is important to consider the following first.

1. Should you buy second-hand or brand-new?

On one hand, buying brand-new ships or any marine vessel often comes with a warranty. Any repairs and defect will be covered by the warranty, which in turn will give you peace of mind.

On the other hand, there are a lot of second-hand marine vessels being sold. Most of them are still in great condition yet sold at reasonable prices.

2. Where will you use the vessel?

Choosing a marine vessel depends on your needs. For example, you might consider investing in a 40-feet boat if you are planning to use it on leisurely rides on lakes and rivers. On the other hand, you might need a larger marine vessel if you are going to use it for cargo and freight transportation.

3. Is there insurance included?

It is important that your purchase includes insurance. This is to ensure the safety of the passengers, cargo and freight, and the vessel from any damage or accidents along the way.

Purchasing a marine vessel, whether individually or by the fleet, requires careful consideration. It should meet your personal or business needs. More importantly, it should be protected against any kinds of damage that can compromise everyone’s safety.

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