Join Date: Jul 2010
Location: Gig Harbor, WA
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I'm not an expert by any means but...
The offer needs to be written and signed. If accepted, a 10% deposit is usually customary and the selling broker would hold it. If you don't like the boat on inspection or sea trial, or you don't like the survey for any reason, you can back out and get your deposit back. The only reason for the deposit is so the seller knows you are serious.
The process is really very much like buying a house. Make offer, they counter, you accept, counter again, or walk.
Good luck. The Ericson 27 is a nice boat.
M/V Kinship, North Pacific 43
S/V Legacy, Catalina 400 MkII, Hull #328