Join Date: May 2002
Thanked 44 Times in 42 Posts
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Got my title for the 30 footer..
Jeff and Whoosh are right. Actually, it is not only an ethical obligation, but it is also a legal obligation to disclose known defects that would materially affect the value of property. The day is past when a seller could alter an odometer to hide the mileage of a car, or sell a flood-damaged car without disclosing its history, or make cosmetic repairs to hide a serious structural defect in property.
That fact that the Title is a regular Title, and not a Salvage Title, doesn''t relieve him of the legal and ethical duty to disclose the boat''s history. It just makes it easier for him to hide it.
To put it in perspective, how would you feel if you bought the boat for full market value, not knowing its history, and then found out that it had serious, hidden damage that the seller knew about, that destroys much of the value of the boat? The worst part is that you then have to decide whether you are going to make disclosure to prospective buyers, or whether you are going to compromise your own principles and not make disclosure, so you can get your money out of the boat.