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Old 06-04-2015, 12:47   #1
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Closing date before sea trial?

I'm in the process of purchasing a boat, and the broker is pushing for the closing date to be after the survey but before the sea trial. Weather is necessitating a gap of approximately 2-3 weeks before we can splash her in for the sea trial.

There is a $5000 hold back until delivery, but I'm nervous to allow closing to occur prior to the sea trial. The broker is insisting the $5000 should cover anything that comes up during the sea trial.

Is this typical? Appreciate any help!
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Old 06-04-2015, 13:04   #2
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Re: Closing date before sea trial?

If it's on the hard now then the survey may exclude starting engine, checking transmission, sails typically can not be raised, sometimes they will not go up the mast on the hard. You did not mention the sale price, $5000 is a lot if the boat is selling for 10000. Or it may not come close to covering what can not be checked out. I would have to know more about the reasons for this but a closing is final so with the little you are telling me I say no.


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Old 06-04-2015, 13:11   #3
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Re: Closing date before sea trial?

Sorry the selling price is around $60k.
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Old 06-04-2015, 13:11   #4
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Re: Closing date before sea trial?

What if the $5000 doesn't cover everything?
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Old 06-04-2015, 13:13   #5
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Re: Closing date before sea trial?

If you ran the engine already I don't see a problem. But hey it's your money and if you don't want to do it don't, who cares if the broker doesn't like it.
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Old 06-04-2015, 13:14   #6
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Re: Closing date before sea trial?

And if you find something unacceptable during the sea trial in the engine or rig that the Seller has not disclosed or is unwilling to correct? How easily would you be able to effect a rescission of the sale? The broker is anxious to get his/her commission. Tell him/her to sit on it. He/She will.
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Old 06-04-2015, 13:21   #7
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Re: Closing date before sea trial?

NO. wait until after sea trial.
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Old 06-04-2015, 13:27   #8
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Re: Closing date before sea trial?

What's the point of the sea trial then? $5000 holdback is a trivial amount of change wrt what you may find. Just check other posts on CF to find what surveys have missed only to be discovered after ownership.
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Old 06-04-2015, 14:00   #9
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Re: Closing date before sea trial?

Hold off as a condition of sea trial first before you close. I assume you already have put a down payment.
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Old 06-04-2015, 14:21   #10
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Re: Closing date before sea trial?

Repeat after me: A brokers job is to finalize the sale. That is his primary goal. My best interests are not his best interests.


I'm assuming you only have a deposit in currently. The old possession is 9/10ths of the law rule comes into play. You have possession of the cash, so you have the leverage. If something ugly turns up and you are sitting on the cash, you can hold up the process until it gets sorted out to your liking.


If the seller has 90% of the sale price in cash and the broker has 100% of their commission, how cooperative do you expect them to be if they don't want to fix an expensive issue?
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Old 06-04-2015, 14:27   #11
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Re: Closing date before sea trial?

Ditto the others ... additionally, it's a buyers market. I don't know if they have another buyer for their sailboat, but I know of a million ways you could spend your cash. They want to get it out of your wallet before you can see the boat in action. There's no benefit to you to move faster, it's all one-sided.
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Old 06-04-2015, 16:24   #12
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Re: Closing date before sea trial?

Quote:
Originally Posted by mmalivuk View Post
...
Is this typical? Appreciate any help!
No way! Don't do it. Threaten to walk if he tries another scumbag trick.
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Old 06-04-2015, 17:41   #13
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Re: Closing date before sea trial?

You got the money, you make the rules. When they got the money, they make the rules. Or as my old boss used to say, "when you got them by the balls, their hearts and minds will follow."

The engine/transmission/drive train could easily cost $15k to replace. Wait for the sea trial, and run the engine hard.
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Old 06-04-2015, 17:53   #14
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Re: Closing date before sea trial?

I was amazed when my surveyor went directly into reverse at about 5-6 knots forward headway....
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Old 06-04-2015, 18:01   #15
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Re: Closing date before sea trial?

No Brainer - close after sea trials !
I'd be suspicious for brokers aggressiveness !
Tell him !!!



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