Join Date: Jun 2006
Thanked 0 Times in 0 Posts
Rep Power: 9
The penalty for fraud and misrepresentation is treble damages - triple the amount of the sale. Since the profit on a boat is usually a fraction of the sale price, the intent of the law is to severly punish those who misrepresent what they sell.
The stakes are high enough that conscience or no conscience, most sellers aware of the law would lean towards full disclosure.