Admiralty and Maritime Law

Maritime Purchases and Sales Agreements

We realize that there is a litany of details to be reviewed in any vessel or aircraft purchase or sales agreement. Our attorneys include certain protections for you in the sales contract, including having the right to have the boat surveyed by a surveyor of your choice and making the contract contingent upon securing financing.

Our agreements are structured to account for pre-purchase inspections and escrow terms, among other important details.

Another primary concern for marine transactions involves regulatory documentation. How a vessel is documented determines how you can use it. For this reason, it is important to carefully consider future needs as well as current ones before moving ahead with the documentation process.  

Our maritime and admiralty attorneys also realize that where a vessel is registered makes an immense difference in the amount of sales tax and doc stamps that are paid by our clients and we examine all possible alternatives prior to the formation of any purchase or sales agreement.

The tax implications of any vessel or aircraft purchase or sale need to be carefully analyzed before completing the transaction. If you are a buyer, the kinds of interest deductions you may be able to take and the sales and use taxes of the state where you keep the vessel are important. If you are a seller, a capital gains tax can exact a heavy price.  

These decisions can either cost you or save you thousands of dollars.  Allow us to help you make the right choices and save your money.

For more information, or to make an appointment with one of our admiralty and maritime attorneys, please contact us at (954) 944-2855 or by email at  .