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Old 30-07-2020, 14:28   #1
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What contingencies,when making an offer on a boat?

So, I'm sitting here with a partially-completed boat purchase and sale agreement, ready to buy my first boat.

What I'm wondering about are the additional terms and conditions. Basically, upon what should I make the offer contingent.

I've had a conversation with a surveyor, and he suggested that I make the offer contingent upon a satisfactory sea trial, satisfactory survey, satisfactory financing, and ability to arrange satisfactory insurance.

This despite my intention to pay cash.

Does this seem reasonable?

Any particular language?

My first draft would be:

Quote:
Offer is contingent upon 1: completion of a satisfactory sea trial, to include demonstration of working engine, rigging, and sails, 2: completion of a satisfactory marine survey of the hull and engine, 3: completion of a satisfactory inspection of the trailer, 4: buyer's ability to arrange satisfactory financing, and 5: buyer's ability to arrange satisfactory insurance.
Thoughts?
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Old 01-08-2020, 22:43   #2
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Re: What contingencies,when making an offer on a boat?

You should have the option to back out for any reason whatsoever in a given time frame before closing and get your deposit back. After that, you lose your deposit. I think my window was 20 day option, with closing scheduled for 30 days. Something like that
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Old 03-08-2020, 13:57   #3
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Re: What contingencies,when making an offer on a boat?

Just make sure it's long enough in the date to get a survey...
It's amazing how backed up most surveyors are right now. Took almost 4 weeks to schedule ours. (could have done it in 3, but would have had to move the boat about 2 hours each way to haul it out and haul out fees there would have been triple)
And then have enough time AFTER the survey to make a valid decision and negotiate anything needed or follow up on little things.
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Old 04-08-2020, 03:09   #4
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Re: What contingencies,when making an offer on a boat?

I would make 1

1: completion of a sea trial satisfactory to the purchaser.

That way you do not have to give a reason for not going ahead with sale.

Would delete the finance option if you are paying cash. Not needed as you ate covered by (1) if you want to pull out.

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Old 04-08-2020, 04:06   #5
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Re: What contingencies,when making an offer on a boat?

Quote:
Originally Posted by ilenart View Post
I would make 1

1: completion of a sea trial satisfactory to the purchaser.

That way you do not have to give a reason for not going ahead with sale.

Would delete the finance option if you are paying cash. Not needed as you ate covered by (1) if you want to pull out.

Ilenart
I'd give the buyer more rights but compel certain actions by the seller - something along the lines of the following (some may already be covered elsewhere in the Agreement):
"Contingent upon Buyer's acceptance and agreement that the results of vessel and equipment inspections are satisfactory. All inspections shall be at Buyer's expense with exception of Sea-Trial costs related to presenting, operating, and insuring the vessel during the Sea Trial. Unless otherwise agreed in writing, Seller retains financial and operational responsibility for the Vessel during the Survey and Sea Trial period. Seller shall make Vessel available to Buyer (including Buyer's representatives) for all reasonable, customary, and non-destructive inspections including mechanical, machinery, electronics, equipment, rigging, hull, sails, and appurtenances."
Good luck

Peter
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