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Boat Slip Purchase Agreement

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WRIGHTSVILLE BEACH CONDO-BOATIMINIUM BOATSLIP UNIT SALES CONTRACT

STATE OF NORTH CAROLINA

COUNTY OF NEW HANOVER

THIS SALES AGREEMENT, made and entered into this day of , 2006, by and between , hereinafter referred to as "Seller", and hereinafter referred to as "Purchaser".

WITNESSETH:

WHEREAS, Seller is the owner of certain boatslip units and condominiums located within the County of New Hanover, State of North Carolina, including the boatslip unit and condominiums described in Paragraph 1 hereunder, and

WHEREAS, Seller is desirous of conveying title to individual boatslip units and undivided interests in the condominium, and

WHEREAS, Purchaser desires to purchase title to a certain boatslip unit within the Wrightsville Beach Condo-Boatiminium.

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, the parties agree as follows:

1. BOATSLIP UNIT PURCHASE. Purchaser hereby agrees to buy, and Seller hereby agrees to convey, Boatslip Unit , Wrightsville Beach Condo-Boatiminium, as shown on that plat recorded in Map Book , Page , New Hanover County Registry and a one-ninth undivided interest in Unit 100, Unit 200, and Unit 300 Wrightsville Beach Condo-Boatiminium.

2. PURCHASE PRICE. The purchase price for the boatslip unit described in Paragraph 1 above shall be $ . Of this sum, ten per cent (10%) shall be payable as an escrow deposit upon the signing of this Contract, and the remaining balance of the purchase price shall be due and payable at closing. The escrow deposit shall be paid to .

3. FINANCING CONTINGENCY. The Purchaser may elect to terminate this Contract and receive full refund of the earnest money deposit paid, unless Purchaser has obtained , a commitment from a lender to loan to Purchaser a minimum of percent ( ) of the purchase price of the boatslip unit as set out in Paragraph 2 above, said loan to be secured by a first deed of trust on the boatslip unit to be purchased, as well as personal endorsement of all purchasers and spouses, such loan to be at an interest rate not to exceed percent ( ), amortized over a period not less than years. Other conditions relating to such financing are as follows:

4. CLOSING COSTS. Seller will bear the expense of recording the deed, and paying the real estate transfer tax. Purchaser shall be charged, as a closing cost, the actual premium cost for said title insurance.

5. CLOSING. Closing shall occur on or before , 2006. Closing shall be held in the offices of , or at such other place as mutually agreeable to the parties.

6. EARNEST MONEY DEPOSIT. The earnest money deposit payable in accordance with this contract shall be deposited in a non-interest-bearing designated escrow account and shall remain in said account until release is permitted under one of the following conditions:

(a) closing, at which time the money shall be payable to Seller as a part of the purchase price;

(b) breach of this contract by Seller, in which event said sum shall be immediately refunded to Purchaser;

(c) breach of this Contract by Purchaser, in which case this sum shall be forfeited by Purchaser, and the same shall be payable to Seller;

(d) failure of any specified contingency to be met, at which time said sum shall be returned to Purchaser, with neither party having thereafter any obligation to the other.

7. ASSOCIATION. months after closing, Purchaser shall begin to pay Wrightsville Beach Condo-Boatiminium Unit Owners Association, Inc. and Wrightsville Beach Condo-Boatiminium Slip Owners Association, Inc. dues at the rate prescribed for a boatslip unit.

Seller has conveyed to the Association two tracts of land for purposes of access to Bank's Channel by owners within the Wrightsville Beach Condo-Boatiminium. These properties are currently available for such utilization.

Seller has further procured all permits and permissions from all governmental agencies, including New Hanover County, the Department of Environmental Management of the State of North Carolina and the Coastal Resources Commission of the State of North Carolina, to construct certain minimal improvements on such properties, including a vehicular accessway, clubhouse, minimal parking, and a dock on site.

8. INSPECTIONS. By signing this Contract, Purchaser acknowledges that he has made an on-the-site inspection of the boatslip unit to be purchased and condominium units in which Buyer will purchase a one-ninth undivided interest.

9. NOTICES. All notices directed to Seller shall be mailed to Michael Lopez, 1320 Airlie Road, Wilmington, NC 28403. All notices to Purchaser shall be sent the address listed for Purchaser below.

10. AGREEMENT. This contract represents the entire agreement between the parties.

11. WRIGHTSVILLE BEACH CONDO-BOATIMINIUM SLIP OWNERS ASSOCIATION, INC and WRIGHTSVILLE BEACH CONDO-BOATIMINIUM UNIT OWNERS ASSOCIATION, INC. A clubhouse with related facilities has been constructed on property within the Wrightsville Beach Condo-Boatiminium ("Club Facilities"). By purchasing the boatslip unit described in Paragraph 1, Purchaser acquires a one-ninth ownership in the Club Facilities.

12. WARRANTY. All utilities necessary to allow occupancy of a boatslip unit on the property described in this Contract are available to the boatslip unit to be acquired hereunder.

13. SUPPLEMENTAL CONDITIONS.

14. ASSIGNMENT. This contract may not be assigned by Buyer without the prior, written approval of Seller which approval may be withheld at the sole discretion of Seller.

WITNESS OUR HANDS AND SEALS, this the day and year first above written.

(SEAL)

PURCHASER

(SEAL)

PURCHASER

(SEAL)

MICHAEL LOPEZ

(SEAL)

SELLING AGENT

(SEAL)

LISTING AGENT

PURCHASER'S ADDRESS:

STREET ADDRESS:

POST OFFICE BOX:

CITY:

COUNTY:

STATE:

ZIP CODE:

SOCIAL SECURITY #

NAME(S) IN WHICH PURCHASER DESIRES TO TAKE TITLE TO THE PROPERTY:

Purchaser's Telephone Numbers:

Home:

Work:

PROPERTY SHOWN BY:

DATE SHOWN:

EXHIBIT A TO SALES CONTRACT FOR WRIGHTSVILLE BEACH CONDO-BOATIMINIUM

1. Ad valorem real property taxes for the year of closing, which taxes shall be prorated on a calendar year basis through date of closing.

2. Declaration of Covenants, Conditions and Restrictions dated September 16, 2005, recorded in Book 4904, Page 963 through Page 983, New Hanover County Registry as amended, creating a slip owners association and unit owners association to which the owner of each boatslip unit shall be a member.

3. Easements of record in the New Hanover County Registry.

4. Easements, setbacks, and restrictions contained on the recorded plats of the property.

5. Articles of Incorporation, By-Laws and other operative documents for the slip owners association and unit owners association established in accordance with the Declaration of Covenants, Conditions and Restrictions referenced above.

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What a Boat Slip Purchase Agreement Covers

A Boat Slip Purchase Agreement is a written contract documenting the sale and transfer of a marina berth, slip, or moorage right from a seller to a buyer. It identifies the parties, describes the slip by marina name and slip number or GPS coordinates, states the purchase price and payment schedule, allocates responsibility for maintenance and utilities, and records any easements, access rights, or restrictions. The agreement clarifies closing logistics, insurance requirements, taxes or transfer fees, and post-closing obligations to reduce future disputes and support recording or lien searches as needed.

Why using a written agreement matters for slip transactions

A clear Boat Slip Purchase Agreement reduces title risk, defines payment and maintenance responsibilities, and records buyer and seller rights. It creates enforceable duties, supports financing or insurance, and provides documentary proof required for recording or dispute resolution.

Why using a written agreement matters for slip transactions

Who typically completes and signs a Boat Slip Purchase Agreement

Use the agreement to align expectations, support title or lien searches, and provide a record for insurance and tax purposes.

  • Marina operators and slip sellers who convey occupancy rights and specify community rules and fees.
  • Private boat owners or buyers who need clear title, access rights, and insurance requirements.
  • Real estate brokers and attorneys who manage closing logistics, recording, and escrow arrangements.

Core sections to include in a professional Boat Slip Purchase Agreement

A complete agreement organizes the transaction into compartments that cover identity, property, financial terms, use rules, transfer limits, dispute resolution, and closing mechanics.

Parties

Full legal names, contact information, and entity types for buyer and seller so the contract clearly identifies who has rights and obligations under the sale.

Property Description

Precise slip identification including marina name, basin, dock, slip number, berth size, and GPS or diagram references to avoid ambiguous descriptions.

Price & Payment

Total purchase price, deposit amount and timing, escrow instructions, payment method, and consequences for late or missed payments.

Access & Use

Rights and limitations for mooring, guest use, subleasing, transient tenants, and marina rules including hours, remotes, and security protocols.

Maintenance & Fees

Allocation of routine maintenance, dock repairs, utilities, slip fees, and how assessments or special repairs will be billed and enforced.

Transfer & Restrictions

Conditions on assignment or resale, required consents, lien priorities, release language, and any recorded covenants affecting transferability.

Essential fields every Boat Slip Purchase Agreement must contain

Buyer Name: Legal name of purchaser
Seller Name: Legal name of seller
Slip Identifier: Marina name & slip number
Purchase Price: Amount in USD
Closing Date: MM/DD/YYYY
Signatures: All required signer names

Step-by-step: completing the agreement

Follow these sequential steps to prepare, review, and execute the Boat Slip Purchase Agreement correctly.

  • 01
    Prepare documents: Gather title documents, marina rules, and tax/HOA info.
  • 02
    Complete fields: Enter names, slip ID, price, dates, and deposit terms.
  • 03
    Review terms: Confirm maintenance, transfer restrictions, and insurance clauses.
  • 04
    Execute: Sign, notarize if required, and distribute executed copies.

Set up an online workflow for completion and signing

Configure signing order, authentication, reminders, and export settings to automate execution and recordkeeping.

Field Configuration
Signing Order Sequential or parallel signing based on buyer/seller escrow needs
Authentication Email link, SMS code, or stronger verification as required
Reminder Schedule Auto reminders at specified intervals until signing completes
Export Format Save signed copy as PDF/A for long-term retention

Where to send and file the executed agreement

Follow these routing steps for signatures, escrow delivery, recording, and distribution of final documents.

  • Upload document: Send the signed agreement to escrow or attorney for closing.
  • Send to signers: Distribute to buyer, seller, and marina for signatures.
  • Deliver executed copies: Provide copies to title/escrow, marina, lender, and buyer.
  • Record if required: Submit to county recorder or marina registry per local rules.

Digital signing and submission: platform basics

Choose a platform that provides a complete audit trail, exportable signed PDFs, and compliance controls (encryption at rest and in transit, access logging) so the executed agreement meets legal and recordkeeping requirements.

  • File Formats: PDF, DOCX supported
  • Integrations: CRM and cloud storage links
  • Authentication: Email, SMS, or KBA

Typical timeline items and deadlines to track

Track deposit timing, contingencies, closing deadlines, recording windows, and insurance effective dates to avoid breach or penalties.

Offer Acceptance Deadline:

Seller acceptance usually specified within 48–72 hours.

Deposit Due Date:

Deposit often due within 3–10 business days after acceptance.

Closing Date:

Commonly 30–60 days after contract execution depending on financing.

Recording Deadline:

Record deed or assignment promptly after closing per county rules.

Insurance Effective Date:

Buyer’s insurance typically must begin at or before closing.

Common preparation mistakes to avoid

  • Vague property description leading to disputes over the exact slip location or size and what equipment is included.
  • Failing to check marina rules or covenants that restrict assignment, subleasing, or types of permitted vessels.
  • Omitting required consents or lender approvals when the slip is collateral or subject to a lien.
  • Not verifying insurance coverage start date, which can expose buyer or seller to uncovered risk at closing.

Penalties and risks from an incorrect or incomplete agreement

Title Issues: Unclear title may delay or void transfer
Tax Exposure: Missed transfer taxes or assessments
Lien Risk: Outstanding liens can attach to slip rights
Insurance Gap: Coverage lapse at transfer
Contract Dispute: Ambiguity invites litigation
Invalid Signature: Improper signing can invalidate agreement

Use-case examples: practical scenarios

Realistic examples illustrate how terms and attachments change based on buyer type and marina policies.

Case Study 1

A marina sold a numbered slip to a local buyer with a dock maintenance clause and transfer fee.

  • Buyer paid deposit and obtained required insurance.
  • The agreement included a recorded assignment, an escrow holdback for outstanding repairs, and a clause requiring marina approval of future assignees, which prevented a later title dispute and clarified fee responsibility.

Case Study 2

An out-of-state buyer purchased a slip subject to homeowner association covenants; the HOA required a signed acknowledgment.

  • Buyer signed HOA addendum.
  • The executed package included the purchase agreement, HOA acknowledgment, seller’s lien release, and proof of insurance; recording instructions were sent to the county recorder to complete transfer and avoid future compliance issues.

Example eSignature vendor comparison for executing the agreement

Compare common vendor features and starting prices when choosing a platform for secure e-signing and document management.

signNow DocuSign Adobe Sign PandaDoc HelloSign
Starting Price $8/user/mo $15/user/mo $14/user/mo $19/user/mo $15/user/mo
Free Trial 7-day trial Varies by vendor Varies by vendor Varies by vendor Varies by vendor
Bulk Send Yes Yes Yes Yes No
Audit Trail Yes Yes Yes Yes Yes
HIPAA Compliant Yes Yes Yes No No

Frequently asked questions about Boat Slip Purchase Agreements

Answers to common legal and practical questions about signing, notarization, recording, cancellations, and retention.


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