How do I review a marina’s slip rental agreements with boat owners?

A marina’s income rests on its agreements, so read more than a sample. Build a simple table: slip, boat owner, term, rate, what is included, deposit and renewal. Then check it against what the seller reports and what the bank deposits show. Differences usually point to discounts, free slips or arrangements nobody wrote down.

Read the wording for the things that matter after a sale. Can the agreement be assigned to a new owner, and can the owner end it? Who is responsible for damage, theft or sinking? What do boat owners agree about insurance? Look for rights of first refusal, lifetime deals, exclusive use of a dock and promises about future improvements.

Ask which slips belong to long-time holders and which turn over often. Check the lease or title that governs the marina’s own location, since the agreements sit on top of it. Your lawyer should read the full set, and the purchase documents should reflect what you find. Keep a list of questions as you read, and ask the seller to answer each one in writing. Pay particular attention to any agreement signed with a relative or friend, since those often differ from the rest.

Key takeaways

• Build a slip-by-slip table and match it to payment records.
• Check whether agreements transfer to a new owner.
• Look for lifetime deals, exclusive use and verbal promises.
• Have your lawyer read the whole set, not a sample.