Cruisers Forum

Join CruisersForum Today

Thread Tools Rate Thread Display Modes
Old 04-06-2014, 20:47   #1
Registered User

Join Date: Feb 2010
Location: Keystone CO
Boat: 50 Bene
Posts: 165
Earnest money, who holds it?

So just curious as to how much earnest money is appropriate for a 200k ish boat purchase and who actually holds the money during the deal.

Thanks in advance

Clipper4730 is offline   Reply With Quote
Old 04-06-2014, 20:52   #2
Registered User

Join Date: Jan 2012
Location: San Diego
Boat: Pearson 39-2 "Sea Story"
Posts: 1,109
Re: Earnest money, who holds it?

It is usually 10% and put into escrow. Are you using a broker?

Greenhand is offline   Reply With Quote
Old 05-06-2014, 15:59   #3
Registered User
Amapola's Avatar

Join Date: Sep 2011
Location: Florida
Boat: Matlack, Trawler, 48 ft
Posts: 788
Re: Earnest money, who holds it?

The broker holds you earnest money in an escrow account. Earnest money should be 1-5% of the asking price.
My soul is full of longing for the secret of the sea,
and the heart of the great ocean sends a thrilling pulse through me.
—Henry Wadsworth Longfellow
Amapola is offline   Reply With Quote
Old 05-06-2014, 16:03   #4
Senior Cruiser
Cheechako's Avatar

Cruisers Forum Supporter

Join Date: Aug 2006
Location: Skagit City, WA
Posts: 17,203
Re: Earnest money, who holds it?

The Broker holds it. Twice I have purchased boats in the $250k- $335k range with less than $5k deposit.
Just tell them that's what you are willing to give them. If they don't think you're serious for a few thousand dollars.....tough!
"I spent most of my money on Booze, Broads and Boats. The rest I wasted" - Elmore Leonard

Cheechako is offline   Reply With Quote
Old 06-06-2014, 10:59   #5
Registered User

Join Date: Mar 2010
Location: Living aboard and cruising
Boat: Island Packet 40
Posts: 276
Images: 1
Re: Earnest money, who holds it?

If you don't use a broker you can use a closing company to do all of the paperwork and escrow handling. One we have used is Details, Details ( but there are others around the country. They can also help with CG documentation.
Smooth seas never made an experienced sailor.

CaptainBW is offline   Reply With Quote


Thread Tools
Display Modes Rate This Thread
Rate This Thread:

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Yanmar Saildrive bolt that holds the prop? laforge24 Engines and Propulsion Systems 1 06-04-2014 03:00
An Earnest Beginners Search For Advice? Jeffrfritz Our Community 10 22-02-2014 12:23
Adding Mast Steps/Foot Holds tomfl Deck hardware: Rigging, Sails & Hoisting 41 23-03-2013 17:59
Prop Shaft Operation - What Holds It ? rpeebles Engines and Propulsion Systems 3 26-03-2012 16:08
Money Money Money loop Dollars & Cents 46 01-05-2011 17:54

Our Communities

Our communities encompass many different hobbies and interests, but each one is built on friendly, intelligent membership.

» More about our Communities

Automotive Communities

Our Automotive communities encompass many different makes and models. From U.S. domestics to European Saloons.

» More about our Automotive Communities

Marine Communities

Our Marine websites focus on Cruising and Sailing Vessels, including forums and the largest cruising Wiki project on the web today.

» More about our Marine Communities

Copyright 2002-2015 Social Knowledge, LLC All Rights Reserved.

All times are GMT -7. The time now is 17:58.

Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.
Social Knowledge Networks
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.

ShowCase vBulletin Plugins by Drive Thru Online, Inc.