- Joined
- Jan 9, 2014
- Messages
- 4,190
- Location
- USA
- Vessel Name
- N/A
- Vessel Make
- 1999 Mainship 350 Trawler
I'm not clear how you (The OP) ended up at this point. Are you verbally negotiating the price?? The P&S should be the offer, signed by you. The acceptance should be the signed P&S from the seller.
It looks like you are verbally negotiating the price and the P&S has been drafted by the broker. You have a P&S (Offer of Acceptance??) with no signatures. You're going to need to finance and pay taxes on the $77K, then get a 'credit' at the time of closing?
I would expect this to read:
Purchase Price: 77K
Credit: $20K
Balance Due at Closing: $57K
This is a promise of a credit which, in itself, is oddly worded.
The brokers commission should not become your tax burden.
It looks like you are verbally negotiating the price and the P&S has been drafted by the broker. You have a P&S (Offer of Acceptance??) with no signatures. You're going to need to finance and pay taxes on the $77K, then get a 'credit' at the time of closing?
I would expect this to read:
Purchase Price: 77K
Credit: $20K
Balance Due at Closing: $57K
This is a promise of a credit which, in itself, is oddly worded.
The brokers commission should not become your tax burden.