Legal Guidance For Yacht Purchase And Sales Agreements
Whatever has led you to yacht ownership — the community of the harbor, the freedom and privacy of wide open spaces, the sense of adventure inherent in wind and weather, or a simple love of life on the water — the lawyers at Bohonnon Law Firm, LLC, share your passion.
We focus on helping clients to achieve their dreams by providing considered guidance and reliance thorough legal services. Whether you are buying a pleasure craft, a luxury motor yacht, or aircraft for the first time or would like to sell your current vessel in order to upgrade to a larger one — our firm can help you to avoid costly surprises and disappointments along the way.
We Have Decades Of Experience Protecting The Interests Of Yacht Owners
Unlike buying or selling virtually anything else, transactions involving yachts and other large watercraft present unique considerations. However, we are a fourth-generation family law firm that has served Connecticut and other maritime and aviation communities along the Eastern Seaboard and throughout the world for decades. You can feel confident that we are well-equipped to handle your transaction safely and efficiently.
Careful Consideration Of The Details Is Key
While there are a litany of details to be reviewed in a vessel or aircraft purchase or sales agreement, a few of them stand out in importance. The first is to include certain protections for you in the sales contract. This includes for a vessel purchase, having the right to have the boat surveyed by a surveyor of your choice and making the contract contingent upon securing financing. It also means that the agreement needs to be structured in a way that will allow a financeable transaction with a marine lender. Prepurchase inspection and escrow terms are just one example of important clauses needed in an aircraft purchase agreement.
Navigating Regulatory Issues And Tax Implications
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. FAA regulations present regulatory challenges for any aircraft purchase and sale agreement. It is important to carefully consider these issues when proceeding with an aircraft purchase.
Finally, 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(s) where you keep the vessel are important. If you are a seller, a capital gains tax can exact a heavy price.
Our firm is recognized and respected for the quality of our work and our ability to navigate these issues successfully.