Forms of co-ownership. Identify condominium parties. Are two or more people, spouses or organizations such as companies and LLCs (Limited Liability Company) co-owning? Decide how the condominium should be made. There are many opportunities, including a simple partnership, LLC, and a business. Authorized operators. Who can use or remove the boat? The co-owners must agree on who is authorized to operate the boat. Can a co-owner, for example, get the boat out of his brother, child or spouse? What qualifications should the operator have? What is the minimum crew? Robert Ferraro, a New Yorker for life, fishing, boating and sailing since his childhood in the waters of Long Island Sound. The former ABC and NBC television news producer was commodore of the New York Athletic Club Yacht Club and founder of the South Street Seaport Museum. The condo worked well for me. I was a partner in two co-owners and am now working on my third user contract, in which I cannot own but use a boat to contribute to annual expenses and maintenance. The owner uses the boat for about two months a year, and if it is free, I get a cruise with a luxurious 60 foot trawler.
This is another great way for an owner to save money. We wanted to submit our partnership in writing, as any good lawyer would advise. But we were close for 10 years before we owned boats, and our handshake partnership is just a solid one, like the day we started. Nevertheless, I think it`s a good idea for most people to fix everything in writing in advance. If I don`t want to go out this weekend, I don`t feel guilty because this expensive boat is sitting at its berth. First, because I don`t spend that much money to keep them there; second, because it is likely that Tim will withdraw it. Partnership means more freedom to navigate, not to sail. Choose a broker. If you buy a new or used boat and you don`t sell interest in a boat you already have, would you like to use a real estate agent to find the boat of your dreams? If so, who? If the co-owners have determined the boat they want, but have not yet taken the respective boat, then it might be wise to use a broker who is familiar with this towel.
There are other issues that need to be considered when introducing a condominium regime. You must first overcome the psychological aspect of sharing a boat – overcoming this obstacle is an important step to become a co-owner. However, many of us owned condos or holiday homes and rented them out to others if they were not used. Why don`t you bring this attitude to your trawler? We share the cost of our boat ($28,000, paid for a long time) and we take the normal expenses in an Excel table that we usually charge about twice a year (more often when there is a big effort). Costs are strictly shared 50/50 and an agreement will be reached before moderately expensive purchases are made. Most of the physical work of maintenance, cleaning and painting, we do together. Even if ownership of your boat is registered with an organization, the data will not record the shares on which the boat is owned. So if you own 60% and I own 40%, we have to mention it in another document. If we do not, “the law” will assume that we own the shares on which we contributed to the purchase price.