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post #188 of Old 07-31-2013
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Re: What Is A Boat Really Worth?

Originally Posted by JulieMor View Post

The more I read, the more I'm seeing an attorney familiar with marine sales contracts (didn't even know they existed until recently) is far more valuable than a selling broker (as in, "no contest"). But where do you find one?
I applaud your approach to the boat buying process. I am not advising everyone to seek counsel for boat buying, but you should understand the limitations of the brokers' contract, how you might modify it to suit your needs, and your ability to use your own contract.

The main problem with the brokers' contract is the buyer spends a considerable amount of money to understand the condition of what he or she is actually buying. It is possible that both the seller and the broker are aware of conditions, that if revealed to the buyer, would end the sale without the buyer spending all that money first.

If I spent several thousand dollars on a haul out and survey only to discover a defect that the seller (and broker) probably knew about, that killed the deal, my view is the parties who failed to reveal the defect should be liable for reimbursement of costs.

How about using the Golden Rule in business instead of trying to screw everyone over? Why not reveal what you know about your boat up front? That would certainly limit the back end negotiation after the survey. That way, everyone knows what is being bought and sold up front.

I recommend - The right attorney makes the difference for finding attorneys, because it includes client reviews and endorsements from other attorneys:Chicago Maritime Lawyers. Find the Best Maritime Attorney in Chicago, IL -

If you want a lawyer to prepare a sales contract or assist you with the transaction, you would probably be just as well served in a purchase transaction by finding an Illinois-licensed lawyer who works with contracts and sails as you would be by a maritime law lawyer.

Last edited by jameswilson29; 07-31-2013 at 08:07 AM.
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