Contract offers

[svGenesis]

I have been searching for over a year for "THE" boat and I feel I have finally found one that fits all the criteria. It seems I have researched tons of info on all aspects of finding/buying/owning a boat but now I’m stuck. I have done numerous real estate transactions but never a boat contract and was now pondering how a buyers option and survey is typically worded or designed in a contract offer to cover me backing out if necessary.

[eastendsailor]

This seems to provide some basic info ...

Sales Contracts - Boat Buyer's Guide - BoatUS

If you are comfortable doing DIY legal work, it shouldn't be too hard to find the boilerplate online. If not, see if there is a lawyer in your area with experience representing buyers and sellers of yachts.

Good luck!

[Tucker46]

Rip-O... not sure if they differ drastically by state, but for what it's worth, in California a boiler-plate boat broker's contract is written to give the Buyer the right to cancel within a specified timeframe with the deposit being fully refundable. This period includes and allows time for a full survey and for you to get the survey results prior to being locked into the boat or forfeiting your deposit.
You do of course pay for the haul out, survey, etc regardless of whether or not you move forward with the boat.
- AG


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[exMaggieDrum]

You should consider using an escrow service for handling deposits. But shop carefully and only get the service you want. The local one in my town is basically too expensive for what they do but the one in Seattle did a great job and it makes getting the deposit back much easier. The first boat we bought we did DIY and sent the deposit to a guy in another country (Canada). Fortunately it all went well but whew!! I was sweating that deal.

But you should be able to use a boiler plate contract. Just use the "subject to your approval of a professional survey and your OWN survey". Basically you should make sure you can opt out for any reason whatsoever up until a certain point - and get all your deposit back. But you normally will pay for the survey, haulout, etc. even if the deal falls through.

Make sure the guy actually owns the boat free and clear though. Escrow companies can also help with that if you want (no liens, registration, etc.).

[svGenesis]

Thanks guys,
I found a standard one for the state of Fl. and covers my side very well.

[GordMay]

Greetings and welcome aboard the CF, Tucker.