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11-18-2019, 05:57 PM
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#1
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Senior Member
City: Tall Timbers Maryland
Vessel Name: Devil Dog
Vessel Model: 1987 Jefferson 42 Sundeck
Join Date: Sep 2019
Posts: 213
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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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11-18-2019, 06:11 PM
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#2
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Valued Technical Contributor
City: Litchfield, Ct
Join Date: Aug 2012
Posts: 6,775
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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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11-18-2019, 06:36 PM
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#3
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TF Site Team
City: Seneca Lake NY
Vessel Name: Bacchus
Vessel Model: MS 34 HT Trawler
Join Date: Nov 2014
Posts: 7,808
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George
Generic Purchase Offer Form sent.
Hope it helps
Don
__________________
Don
2008 MS 34 HT Trawler
"Bacchus"
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11-18-2019, 08:15 PM
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#4
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Senior Member
City: Tall Timbers Maryland
Vessel Name: Devil Dog
Vessel Model: 1987 Jefferson 42 Sundeck
Join Date: Sep 2019
Posts: 213
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Thanks everyone for your comments and advice. George
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11-19-2019, 12:18 AM
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#5
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Guru
City: Sydney
Vessel Name: Sojourn
Vessel Model: Integrity 386
Join Date: Oct 2011
Posts: 13,293
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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.
__________________
BruceK
2005 Integrity 386 "Sojourn"
Sydney Australia
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11-19-2019, 04:35 AM
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#6
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Guru
City: Saint Petersburg
Vessel Name: Weebles
Vessel Model: 1970 Willard 36 Trawler
Join Date: Mar 2019
Posts: 7,166
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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).
__________________
_______________________________________
Cruising our 1970 Willard 36 trawler from California to Florida
Join our Instagram page @MVWeebles to follow along
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11-19-2019, 06:55 AM
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#7
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Guru
City: Reedville, VA
Vessel Name: Wingspan
Vessel Model: Aluminum Catamaran
Join Date: Aug 2018
Posts: 580
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Quote:
Originally Posted by BruceK
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!
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That's a good catch! I'd call that a non-starter too.
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11-19-2019, 08:02 AM
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#8
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Senior Member
City: Tall Timbers Maryland
Vessel Name: Devil Dog
Vessel Model: 1987 Jefferson 42 Sundeck
Join Date: Sep 2019
Posts: 213
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Thanks! Good advice. BTW, is Husongs Cantina still in Ensenada?
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11-19-2019, 08:04 AM
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#9
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Guru
City: gulf coast
Join Date: Jun 2014
Posts: 3,440
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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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11-19-2019, 08:12 AM
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#10
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Senior Member
City: Tall Timbers Maryland
Vessel Name: Devil Dog
Vessel Model: 1987 Jefferson 42 Sundeck
Join Date: Sep 2019
Posts: 213
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More good advice. Thank you.
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11-19-2019, 08:45 AM
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#11
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Guru
City: Saint Petersburg
Vessel Name: Weebles
Vessel Model: 1970 Willard 36 Trawler
Join Date: Mar 2019
Posts: 7,166
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Quote:
Originally Posted by gjweston
BTW, is Husongs Cantina still in Ensenada?
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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.
__________________
_______________________________________
Cruising our 1970 Willard 36 trawler from California to Florida
Join our Instagram page @MVWeebles to follow along
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11-19-2019, 08:51 AM
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#12
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Senior Member
City: Tall Timbers Maryland
Vessel Name: Devil Dog
Vessel Model: 1987 Jefferson 42 Sundeck
Join Date: Sep 2019
Posts: 213
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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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