Am I out of line on my boat offer? - Page 5 - SailNet Community

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Go Back   SailNet Community > General Interest Forums > Boat Review and Purchase Forum > Boat Buyers & Sellers Forum
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  #41  
Old 05-09-2013
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Re: Am I out of line on my boat offer?

You're right, I can put all kinds of funky stuff in a contract, and a court might ignore it. But, usually, courts only do that when there is willful, wanton action or gross negligence. If you and I have a contract that says I'm not liable for any damage to your boat and I go for a ride and hit an unknown, submerged object and wind up sinking your boat, the court probably won't find me liable. By contrast, if I take a chainsaw to your boat, the court is going to ignore the liability limitation/waiver language. Similarly, if you're a soccer camp and my kid breaks his leg during a game at your camp, and assuming we have a contract that says you aren't liable for any injuries, you probably won't be liable for the broken leg. By contrast, despite the contract, if one of your employees uses the field one night for target practice with his wrist rocket and leaves shattered beer bottles all over the field, and then my kid falls and gets severe cuts, etc., you're probably going to be liable. The courts typically try to draw a distinction between what the parties knowingly contracted for, and stuff that's so over-the-top that nobody would have agreed to it.

In the end, how you choose to structure the contract is up to you. You have to be comfortable with it, and you have to understand what you're getting/not getting out of the contract. For me, I'm with James; there are advantages to having that stuff called out in your contract, and I'd prefer to have it in there. If I put in something that says "seller represents and warrants that the seller has clear title to the boat" and it turns out that there's a lien against the boat, that helps my fraud case, so I think its wise to have it in there. The same would be true for the "normal operating conditions" clause, especially since there is an exceptions area.
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  #42  
Old 05-09-2013
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Re: Am I out of line on my boat offer?

Quote:
Originally Posted by miatapaul View Post
Yes, this is the one place that a broker is really handy, as they keep the deposit. (traditionally don't even cash the check) When dealing with a direct seller, you have to trust they will give deposit back. If the survey comes back with deal breaker problems. Or even if the seller sells it to someone else.
There are third-party escrow companies throughout the country, which will hold and disburse funds and documents for parties to a contract for a fraction of the cost of a broker.
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Old 05-09-2013
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Re: Am I out of line on my boat offer?

Quote:
Originally Posted by dgasmd View Post
To add something here, can someone define for me "acceptable sea trial"? Does that mean to most that the boat floats, moves with an engine, and that the sails to up/down and can move the boat? Or does it imply satisfaction in the way it sails? If the buyers has never sailed a similar boat before and finds the boat "tender" or "too slow" for his taste or expectations, does that constitute "not acceptable"?
In addition to the previous answer to your question, when I have had a sea trial done the surveyor also wanted the steering checked out (under power, not sail). Steering the boat in a figure 8, turning radius, that kind of stuff.
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Old 05-09-2013
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Re: Am I out of line on my boat offer?

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Originally Posted by agarcia View Post
This first time sailboat buying experience has my head spinning. It seems easier to buy my last two houses then figuring out the right offer. Percentage wise I'm assuming 20 to 25% off the asking price is reasonable for a 1980s Great Lakes sailboat in average condition. Now I haven't a clue. I'm just trying to land a good boat somewhere between 18 and 20k and feel like I bring on more good than bad.
Like others have said in many cases the original ASKING PRICE will bear little relationship to the final selling price.

Do your due diligence. If possible get a broker to look at a site called soldboats, this gives the actual prices boats changed hands for.

Find the market value and offer a little less.

My boat was bought for 51% of the original advertised price. The owner was trying to recoup what he had spent.
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Re: Am I out of line on my boat offer?

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Originally Posted by jameswilson29 View Post
There are third-party escrow companies throughout the country, which will hold and disburse funds and documents for parties to a contract for a fraction of the cost of a broker.
They will also typically sell services to research title and file the documents to transfer ownership. Not terribly expensive and worth the money, particularly if one is not sure how to do it themselves. Great idea.
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Old 05-14-2013
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Re: Am I out of line on my boat offer?

re escrow, i've used real estate title companies to hold funds. abstract/title search, use the USCG service. documentation transfer is very easy.

best,
sOj
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Re: Am I out of line on my boat offer?

So, what happened?
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Old 05-17-2013
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Re: Am I out of line on my boat offer?

I would definitely talk about money in great detail before I would drive 240 miles to look at a boat.
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