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Old 04-06-2014, 21:47   #1
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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
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Old 04-06-2014, 21:52   #2
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Re: Earnest money, who holds it?

It is usually 10% and put into escrow. Are you using a broker?
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Old 05-06-2014, 16:59   #3
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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.
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Old 05-06-2014, 17:03   #4
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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!
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Old 06-06-2014, 11:59   #5
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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 (detailsdetails.us.com) but there are others around the country. They can also help with CG documentation.
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