Purchase Agreements and Withdrawing an Offer

[Alaskan Sea-Duction]

This is from "Trade Only" May help some folks who are getting ready to buy.

https://www.thelog.com/ask-the-atto...ail&utm_term=0_85f388c485-9589a31fb5-47817425

 

[O C Diver]

While I don't finance boats, I've always made sure the contract included "contingent on getting financing". Should something come up, it's a no cost to me "out".

Ted

 

[BruceK]

Make it contingent on getting insurance at standard rates too, at no loading for boat condition.

 

[denverd0n]

Here in Florida it is usual for purchase agreements to include a clause saying the purchase is contingent on a survey and sea trial "acceptable to buyer." That gives the buyer an easy out, at least up until they have accepted the survey/sea trial results. You are under no obligation to explain WHY the survey is not acceptable to you.

 

[DavidM]

Here in Florida it is usual for purchase agreements to include a clause saying the purchase is contingent on a survey and sea trial "acceptable to buyer." That gives the buyer an easy out, at least up until they have accepted the survey/sea trial results. You are under no obligation to explain WHY the survey is not acceptable to you.

That is also the case in the standard YBAA contract that many, maybe most brokers use (except for Florida, they have their own). There is also a place for a financing contingency, but as noted above, the "acceptable survey and seatrial" clause will get you out for any reason or no reason.

But once you accept the survey/seatrial then you are on the hook and could/should lose your deposit if you then renege.

David