Originally Posted by sailpower
You are buying a used boat without a warranty so there is always risk.
In your Pearson example, suppose you had spent the $1,000 on a survey prior to making an offer and then the seller rejects what you offer him? You donít get the survey money back.
Suppose after you pay for the survey but before a contract is ratified another buyer comes along and offers the seller a higher price? You donít get the survey money back then either.
These contracts are supposed to protect the rights of both parties as best as can be foreseen.
I've never contracted a survey before the offer was accepted. The buyer backing out of an accepted offer would create liabilty on his part for my cost. I've never had this happen. Not even aware if it can happen.