The marina-ready co-ownership checklist

This is general information to help you ask the right questions. It isn't legal, tax or insurance advice, and rules vary by state, marina and insurer. Check with them before you sign anything.

Why it matters

Many marinas don't allow slip holders to sublet or rent out their slip or boat. A co-ownership is different: each partner actually owns part of the boat. Marinas that ban sublets often allow boats owned by recorded partners, as long as the paperwork shows it.

Before you buy in

• Ask the marina about partnersDoes the slip agreement allow co-owners? Do they need to be named on the agreement or approved first? Is there a fee or extra paperwork?
• Confirm ownership and liensSee the title (or documentation, for documented vessels) and registration, and check whether there's a loan on the boat.
• Get a survey and a sea trialA marine survey and a test run protect both partners and help settle the share price.
• Agree on the share priceUsually the boat's fair value × share size, plus or minus anything you both agree on.

Make it official

• Add the partner to the title and registrationFollow your state's process (and the Coast Guard's, for documented vessels) so each owner's interest is on record.
• Update the insuranceTell your insurer you're adding a co-owner. Many policies need every operator listed. Confirm liability limits work for both of you.
• Update the slip agreementHave the marina add the co-owner to the slip contract if they require it.
• Put it in writingA co-ownership agreement should cover: shares and costs, scheduling, fuel and cleaning, maintenance decisions, damage and insurance claims, what happens if someone wants out (buy-back or sale), and how disputes are resolved.

Day-to-day

• Shared calendarAlternating weeks, set days, or a rotating draft for holidays. Whatever you pick, write it down.
• Shared costs accountMany partners set up a joint account or app for slip, insurance and repairs.
• Handoff routineFuel level, cleaning, cover on, and a quick note about anything that needs attention.

Ready? List a share or find a boat. A plain-English co-ownership agreement template is coming soon.