SailNet Community - View Single Post - Amount of Good Faith Deposit?
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Old 05-02-2010
jordanship jordanship is offline
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Yes, 10% is the deposit - end of story. There is absolutely no room for negotiation in this. The deposit protects the owner, yard, surveyor, etc. in case the buyer splits. For instance, the buyer is responsible for paying for the survey and haul-out. If the buyer skips, then the surveyor and yard will go after the owner and brokerage. Remember that if you decline the purchase based on survey/seatrail, you receive the deposit in full back.
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