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Old 09-11-2008
wind_magic wind_magic is offline
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Buyer question - Earnest money

What is earnest money actually for ?

Seems like the typical process for buying a boat through a broker is agree you want the boat, then make an offer with earnest money, do your survey and sea trial, then reject or accept the boat, renegotiate the price, etc. Then once you accept the boat your earnest money is then at risk and if you don't complete the purchase it looks like you forfeit the money. My question is ... why ? I mean I am sure there is probably a reason, but what is it ? Trying to see it from the seller's side I really don't see what damages they could suffer to create an expectation of keeping the earnest money. The seller didn't pay for anything, the buyer pays for the survey, hauling the boat, etc.
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