Originally Posted by sailpower
You might have been raised by attorneys but so what? You are no more qualified to answer the legal question than if you had been raised by wolves. OK, redundant, never mind.
Wolves don't drill into their pups heads to scour every word of any contract they sign. But wolves can't hold a pen anyway.
Broker, buyer and seller all want to be protected in the sales process because of the the amount of money involved in many of the transactions. That's perfectly understandable.
As a percent of purchase price, I can't think of any any major purchase that leaves a buyer with a potential for greater expenses than a boat. And most contracts (if not all) specifically state that once the sale is closed there are no warranties, implied or otherwise. Paragraph 17 of the YBAA contract is a perfect example of that.
There are lemon laws for cars sold. There are laws protecting a buyer, after the sale, from fraud and failure to disclose when buying a home. I know of no laws protecting a boat buyer after the sale. Maybe there aren't enough lawmakers who own boats.
It's been said many times that upfront and honest disclosure about the known condition of a boat could mean no boats would ever be sold. That implies that either the boating industry is rife with deceit (and that's why boats sell) or the cost of owning a boat is so great many who purchase a boat shouldn't have because they couldn't afford it in the first place (ignorance), leaving too many boats in poor condition. Or something in between.
If the boating industry today was comprised of owners who had a full understanding of the cost of owning a boat, there wouldn't be as many boats out there as there are now. That would mean a smaller market but it would also mean the value of boats would be higher than it is in any given economy.
But it seems the industry that exists today relies on a certain level of buyer ignorance to fuel sales. There's an element of that in any major purchase that has a high level of emotions fueling it. The only difference is the lack of any laws (again, as far as I know) that protect the buyer from fraud after the sale.
I had a conversation with the owner of one of the boats we will be seeing. I got the impression he was very upfront and honest about the condition of the boat. He told me something that had killed an earlier deal. I feel if we entered into a contract, I would know everything he knows. That's about as perfect a relationship between buyer and seller you can get, IMHO. When you know what you're getting into, it's easier to make the purchase.
OTOH, if the seller plays Where's Waldo and leaves it to the buyer to find anything that would kill the deal, to me, that's the worst buyer - seller relationship you can have. And it hurts the boating industry and lowers the value of boats in general.