Originally Posted by JulieMor
We took the broker contract, removed all the broker stuff and agreed on a few modifications. No attorneys. It was pretty basic but covered us both to a point. I did add that if the owner backed out we'd be reimbursed for our costs, though I never expected that to actually happen.
Since this was a private sale what did you do about the deposit and earnest money?
Who held it? Did you use an escrow service?
Also did you do anything about liens? I suspected you didn't worry much about liens as they guy had the boat for so long and you knew him.
I wonder if the bank required anything to prove the title?
But you always wonder if he had a beef with the engine guy 5 years ago and never paid the last 5k.
I'm asking about these details because private sales leave more up to the participants than broker sales.
At 20k it's bad enough but at 100k plus you would hate to be the one person in 1000 that had a bad deal.
Look at what happened to Bitchin Bob to the tune of 1M.
Not exactly the same as being a business and a boat but a deal going bad none the less.
Keep on looking you will find your dream boat.
Would you mind posting your modified contract?
I know you have given it a lot of thought.