Boat Sharing Agreement Template (Canada)
Updated on August 15, 2026
When two or more people buy a boat together, they own it as tenants in common or joint tenants. Provincial Partition Acts, like Ontario's, give any co-owner of real property the right to force a sale or physical division without the others' consent — but that statutory right is written for land and houses. A boat is personal property, and it isn't spelled out in the same explicit statutory terms.
That gap matters in practice: without a written agreement, what happens if one co-owner wants out of a shared boat is left to general equitable principles rather than a clear statutory process built for the purpose. This template puts a right of first refusal and a valuation method in writing precisely because the statutory backstop that exists for a shared house doesn't clearly exist in the same form for a shared boat.
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Boat Sharing Agreement
- Date:
- Co-owner A:
- — %
- Co-owner B:
- — %
The co-owners jointly own the vessel in the shares stated above, and have agreed the following on use, costs and exit.
1. Use
Use of the vessel is shared according to the following method: .
2. Right of first refusal
The co-owners agree that any co-owner wishing to sell their share must first offer it to the others at the price given by , with days for the others to accept.
3. General
This agreement is governed by the laws of Canada and the applicable province.
Co-owner A
Date:
Co-owner B
Date:
Partition Acts are written for real property
Ontario's Partition Act gives any co-owner of real property the right to compel a sale or division without the other owners' consent — but a boat is personal property, and provincial partition legislation is historically framed around land, not chattels.
A written buy-out clause fills the gap
Because the statutory partition right for personal property is less clearly codified than for real estate, a right of first refusal and an agreed valuation method in the co-ownership agreement itself becomes the main practical protection.
What each part of the agreement does
- Ownership shares
- Each co-owner's percentage share of the boat and of costs.
- Right of first refusal
- A co-owner wanting to sell must first offer their share to the others.
- Usage schedule
- How the co-owners share use of the boat.
Legal considerations in Canada
Provincial Partition Acts apply clearly to real property; a shared boat needs its own written terms.
Don't assume a Partition Act covers your boat
Ontario's Partition Act gives co-owners of real property the right to force partition or sale — the equivalent statutory right for personal property like a boat is not as clearly codified.
Bennett Jones — Ross v. Luypaert: Separating Shared Property Interests Through the Partition ActPut a right of first refusal and valuation method in writing
Since the statutory backstop for personal property is weaker than for land, the co-ownership agreement itself needs to specify the buy-out process.
How to complete the co-ownership agreement
- Set the shares. Each co-owner's percentage of the boat and of costs.
- Agree the usage schedule. Booking method and notice for use of the boat.
- Set the exit terms. Valuation method and right of first refusal period.
Frequently asked questions
What happens if we don't have a co-ownership agreement?
There's no clear statutory equivalent of the real-property Partition Act for a boat, so what happens is left to general equitable principles rather than a defined process — a written agreement is the more reliable route.
Can we agree never to sell the boat?
You can agree to a right of first refusal instead, since there isn't a codified statutory indivision mechanism for personal property to fall back on the way there is for land in some provinces.
Who insures a co-owned boat?
One policy should cover the boat and name every co-owner, so nobody is left without coverage.
What happens if a co-owner dies?
It depends on what the agreement says — this template gives the remaining co-owners an option to buy the share at the agreed valuation.
Do we need a lawyer to draft this?
Not necessarily for a simple arrangement, but it's worth it if the boat has significant value.
Related templates
Disclaimer
This template and guide are for general information only and are not legal advice.
