All right. For many reasons. Last but not least, it would not be difficult for the seller/broker to find a low-quality skeezeball supplier to make an offer for repairs that happen to be less than 10% of the purchase price. It is a clause that can be played totally *against* a buyer. You can create your own boat purchase agreement or use a form that can be provided by your state (for example, search online for „Michigan Boat Purchase Agreement“). If you find a form, you`ll likely have details for your state. Some states require that the boat purchase contract be certified notarized by both the buyer and the seller. A written agreement eliminates or minimizes questions and problems that could then turn a sweet deal in the dock into an acidic agreement in court. By presenting the obligations of the buyer and seller as well as the schedule of the sale, you have a legally binding written document on the intentions of the parties. 4% return on purchases in west marine stores or online from WestMarine.com In principle, this contract provides that if the survey identifies problems that can be repaired for 10% or less than the agreed purchase price, the seller must either carry out the repairs or give a credit of the repair amount to the sale price.
but the buyer _doit take the boat. If the repairs cost more than 10%, the buyer can leave and collect the deposit. Quick answer YES. Most brokerage contracts (with a broker) require a down payment, but the deposit is refundable in full until you accept the vessel. Once you have accepted it (complete your due diligence, including investigation, navigation, financing, etc.) Then and only after acceptance, your deposit is at stake. This is typical of a U.S. brokerage contract, although each brokerage/brokerage contract will vary a bit in some terms. Maybe you don`t buy a boat through a broker. I never did.
I see what I want, I talk to the owner and I receive a survey after entering into a written contractual agreement on the price. If the owner asks for a reward of more than 10% before the survey, do it on a fiduciary account that he cannot receive before the day of the sale. If the poll says „Go away,“ you can. In the United States, does a typical contract for the purchase of a brokerage boat limit a buyer`s option to leave and recover a deposit if they are not satisfied with any aspect of the investigation? There are many sample forms on the interwebz….