Join Date: Feb 2010
Location: Narragansett Bay
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Re: What Is A Boat Really Worth?
No point going to a local bank to open an escrow account. Use an escrow agent that already has one.
There is really no practical point to cashing the good faith check prior to survey. In the standard contract, the buyer can bail for absolutely any reason whatsoever and get it all back, up to that point. Why would anyone in their right mind (attorney, broker, etc) bother with the liability for accepting the cash, when they have zero right to it yet.
The process is mostly good faith, until she is accepted post-survey, and that's all.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.