David S
We have been offered a half share in a small cargo ship,which will be a joint live in venture/home. The other party is providing the initial finance and we would be moving in,once we have all worked on the boat as at present it is not liveable,so it will be a total remodelling, refit , rewire and refurbishment ! The other party wants to place her half of the vessel under her 16 and 20 year old daughters names,whilst the remaining half of the vessel shall be in our name.We shall be paying back half of the origional cost of the vessel to her,as she is financing the whole price initially.what sort of contract should we embark upon ? All advice ,or pointers in the right legal direction,would be very much appreciated.We and the vessel are located and living in U.K. waters. Cheers.
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John D
Hi David - sounds like a wonderful opportunity. Even though you'll both be on the title of the boat, you should still have a solid agreement in place as to what happens if one of the parties wants to leave, how the boat can be used, who is responsible for what, etc. Basically the same kind of agreement you would have if you were not on the title - plan for the worst and hope for the best. There are a couple of agreements on the home page of Nautical Monkey after logging in (you can set up a free account in just a few seconds) which you can look at and modify to fit your particular needs - let me know if you have any other questions - John