Some of the items in the contact that protected me are:
The sale includes the yacht and all equipment on board and in storage. This equipment will be available for the BUYER'S inspection / survey and will constitute the full inventory to be delivered with the YACHT at closing.
Regarding the survey:
The SELLER agrees to make the yacht and equipment available and ready to survey. The broker recommends that the BUYER employ the services of an accredited marine surveyor.
Acceptance of the yacht:
If the BUYER shall be deemed to have rejected the yacht, the deposit will be returned promptly.
1. That he has full power and legal authority to execute and perform tis agreement and that he good and marketable title to the yacht.
2. That the yacht will be sold free and clear of any mortages, taxes, fees, lients, bills, encumbrances, or clames whatsoever, and that if any such obligation remains outstanding at the CLOSING, they will be paid from the proceeds of this sale.
3. That he will pay the BROKER at closing, a fee equal to 10 percent of the SELLING price, and authorizes the BROKER to deduct this fee from the DEPOSIT.
There is other such language in my first contact (don't have it handy) that specifies dates to be made, etc.
Deep Blue C, 2002 C&C 110
Mt. Sinai, NY
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