SailNet Community - View Single Post - Amount of Good Faith Deposit?
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Old 05-02-2010
turfguy turfguy is offline
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Quote:
Originally Posted by jordanship View Post
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.
Yes Jordan I can understand a 10% deposit, but that would be after the offer is accepted. 10% for a "good faith" Offer seems extremely high. No surveys or haul outs would be done before the acceptance of the money offer. Seems unreasonable when no one would ever do this on a home. You say there is no negotiation on this---welll guess then I will buy a boat privately and forget the brokers. Guess this will stir alot of people up but to me everything is negotiable if someone really wants to sell something.

turf
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