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Old 09-11-2008
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JohnRPollard JohnRPollard is offline
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Your earnest money will get returned to you if you don't accept the boat. But if you accept the boat, then you have made a contractual obligation to purchase it. If you back out, the seller is damaged by having taken the boat off the market and possibly having lost another prospective purchaser.

But there are some folks feel the real purpose of earnest money is so that the broker can get his/her commission up front without worrying whether the seller will gyp them after the sale is completed.

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Pacific Seacraft Crealock 31 #62

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