Cooling Off Period on New Yatchs ?

[andy2290]

I have just signed a contract for a new yatch yesterday. I have payed a ten percent deposit. This morning i was offered a different new yatch (the one I originally wanted) for an excellent price. Is there usually a cooling off period immediately after signing a contract??

I am located in Australia

[Johnathon123]

Originally Posted by andy2290

I have just signed a contract for a new yatch yesterday. I have payed a ten percent deposit. This morning i was offered a different new yatch (the one I originally wanted) for an excellent price. Is there usually a cooling off period immediately after signing a contract??

What country are you in?

[andy2290]

Melbourne, Australia

[Johnathon123]

I would consult the boating industry association (bia) asap.

Generally you can't but you would need to read the terms very carefully. If the contract is considered unfair your lawyer might be able to get the contract set aside?..

Alternatively, talk to the dealer, ask them to on sell your boat as ordered asap to the next purchaser, you will need to pay his commission but that might be a small cost.

With the new new boat you could also tell them the situation and tell them they have to on sell the old new boat as a condition of buying a new new boat.

Remember the waterfront is a small community, best not to make enemies!

[olaf hart]

Call consumer affairs, you might have a week, so move quickly.

http://www.consumer.vic.gov.au/CA256...=Home~&2=~&3=~

[djmarchand]

In the US the standard Yacht Brokers Association of America contract has a provision that the sale is subject to satisfactory survey and seatrial. In this case you might have to pay a surveyor to do a survey but anything can be considered unsatisfactory. Work iwth your broker to resolve this problem.

David

[MarkJ]

I think all conract for purchases in Aus have a 7 day cooling of period.
Check it out quickly

[Mambo]

Whatever the law is, inform them immediately. If it is a boat of any size, its probably best to have an attorney draft the letter for you. In towns with any sizable boating culture you'll find lawyers who have experience handling boat transactions. Remember -- even if the law is against you, they may let you out -- often people are wise enough to know: better no customer than an unhappy customer.
Luck!

[Wotname]

Originally Posted by andy2290

I have just signed a contract for a new yatch yesterday. I have payed a ten percent deposit. This morning i was offered a different new yatch (the one I originally wanted) for an excellent price. Is there usually a cooling off period immediately after signing a contract??

I am located in Australia

Do you mean new new (like ex factory) or just new to you?