Join Date: May 2002
Location: East Coast
Thanked 6 Times in 6 Posts
Rep Power: 17
You want to do a sea trial before you part with all your money. Major things can go wrong in a sea trial that can't be found on the hard...engine problems, auto pilot, instruments etc. You may not want to walk away if any of this is found, but you don't want to be left holding the bag either!
My suggestion would be to write the contract with the balance due after survey but with a "holdback" amount designed to cover major cost issues placed in escrow until the sea trial and closing.