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Old 11-18-2019, 06:57 PM   #1
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Need Purchase Offer Terms Advice

Hi Everyone,
I'm about to make an offer on a 42 ft Taiwanese trawler and was wondering what terms need to be included in the offer (and what terms to avoid). I was hoping to get some advice on how to proceed. I do not have a buyer's broker so will be dealing directly with the selling broker. If my offer is accepted or negotiated I'll have a surveyor do a complete survey for condition and value. Your advice would be greatly appreciated. I'm really excited about joining the trawler community. Thanks!
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Old 11-18-2019, 07:11 PM   #2
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The selling broker should be using the national Yacht Brokers of America Association standard purchase and sale agreement. That agreement is generally fair to both seller and buyer.

I have signed a dozen such agreements over the years as both a seller and a buyer and I never had to do anything other than fill in the blanks.

But anything special should be spelled out.

David
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Old 11-18-2019, 07:36 PM   #3
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George
Generic Purchase Offer Form sent.
Hope it helps
Don
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Old 11-18-2019, 09:15 PM   #4
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Thanks everyone for your comments and advice. George
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Old 11-19-2019, 01:18 AM   #5
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Whoever writes the Agreement, read it carefully. I just amended one I was asked to sign, which was actually a detailed Offer capable of being accepted by the Seller whereupon it became a Sale Agreement.
One clause I changed provided what happened to the deposit, in a range of circumstances. One was: if the Seller defaulted on the deal, the deposit was split 50/50, to me and the Broker! Definitely worth reading before signing.
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Old 11-19-2019, 05:35 AM   #6
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I haven't purchased a boat in years so I don't remember the exact terms, but if I were, I'd looked for deemed acceptance clauses - a clause whereby failure to act or respond is deemed as an acceptance on your part. For example, if you have 3-days from time of survey to respond and failure to do so is interpreted as acceptance. Make sure the deposit funds are held in a broker escrow account to be refunded in full upon buyer rejection of the deal. And add a special condition that all inspections are completed to your satisfaction (allows you great flexibility to walk away).
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Old 11-19-2019, 07:55 AM   #7
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Quote:
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One clause I changed provided what happened to the deposit, in a range of circumstances. One was: if the Seller defaulted on the deal, the deposit was split 50/50, to me and the Broker!
That's a good catch! I'd call that a non-starter too.
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Old 11-19-2019, 09:02 AM   #8
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Thanks! Good advice. BTW, is Husongs Cantina still in Ensenada?
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Old 11-19-2019, 09:04 AM   #9
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Release of lien from where the boat is stored and worked on.
Third party escrow.
Buyers right to cancel if anything does not meet his approval. "satisfactory to the buyer" is the term I have used.
Rules for return of deposit.
You are the buyer so you set the terms. A standard agreement is not a legal requirement just a starting point for your approval. There are multiple "standard" agreements used by different agencies.

If the broker will collect and pay any sales taxes how will you be certain they actually get paid?
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Old 11-19-2019, 09:12 AM   #10
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More good advice. Thank you.
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Old 11-19-2019, 09:45 AM   #11
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BTW, is Husongs Cantina still in Ensenada?
Hussong's has not changed since I was first there 30+ years ago - as rickety as ever with peanut shells on the wooden floor. That said, they have opened souvenir shop on the main tourist strip if you want a t-shirt or shot glass. Unlike the bar, it's a slick and glossy store, similar to a Senior Frog's. For those unaware, Hussong's dates back over 100-years and claims to be the birthplace of the Margarita.
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Old 11-19-2019, 09:51 AM   #12
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Thanks for the update. I was last there about 45 years ago and I remember two things. The burly Mexican bouncer standing just inside the entrance and the bottle of mezcal with the worm in the bottom that we had on the bar. After that I didn't remember anything <LOL>
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