Private sale offer

[Moretolife]

When you buy a boat ,private sale , do you present the formal offer as with brokerage , or just between you and the seller, and even a simple email would be fine?
Can someone please let me know what are the regular conditions people put in an offer to protect themselves and leave a window to back off? Thank you

[mvweebles]

Here is a PDF of a standard broker's sales' contract.

https://cdn.website-editor.net/c361f...t%25202019.pdf

As a buyer, here is the operative wording you want to include to give you strong rights to exit - length of inspection period is up to you. Right now, surveyors are pretty busy so it may take a while:

VESSEL INSPECTIONS AND RIGHT TO CANCEL: Buyer shall have 15 days after Effective Date (“Inspection Period”) within which to have such inspections of the Vessel performed as Buyer shall desire during the Inspection Period. If Buyer determines, in Buyer’s sole discretion, that the Vessel is not acceptable to Buyer, Buyer may terminate this Contract by delivering written notice of such election to Seller prior to expiration of Inspection Period

[denverd0n]

Unless you are talking a about price that is low enough that you could lose it all and only be slightly inconvenienced, then you definitely want a formal, written contract. For me, when I bought a small sailing dinghy for $800, it was just a handshake and hand over the cash. When I spent $2,500 on a runabout I wrote up a formal bill of sale and insisted on getting the sellers signature on it. Much more than that and I would want a full-on contract, with inspections, a sea-trial, and options for backing out.


And how much you trust the seller doesn't have anything to do with it. I trust my wife, my mother, and my father more than anyone else in the world, but when we play pinochle I still cut the cards!

[PJS]

The straight answer is what are you willing to lose if there is not a formal contract?

Not certain about you but I like my money and will never put myself in a position to be screwed over; knowingly our otherwise.

Contracts are there for protection of both parties. Anything that has a title or Ownership Documents should have a sales contract/agreement. You can find a boat/vessel broker sale contract online... there are many legal document sites that are free.