Join Date: Oct 2004
Location: Narragansett Bay
Thanked 2 Times in 2 Posts
Rep Power: 15
Boat Buying Process
MGFraser . . . Based upon my experiences, upon accepting the buyers offer, the seller is not legally obligated to repair issues found defective by the buyer''s surveyor. Nor is the seller legally required to reduce the amount of the accepted offer. The Acceptance of Offer Contract, is intended to allow the buyer the option to back off in the event of unknown issues discovered during the survey.
My recent boat purchase involved the seller accepting my offer, conditional of my surveyor''s report. A formal agreement was processed by the broker which everyone signed. My surveyor found blisters and a few rigging defects, I received written estimates and presented them to the Owner (in writing) with my reduced offer. Being a fair man, he accepted my offer without countering. Technically, the seller has paid for professional repairs which are currently ongoing. However, he could have walked from the deal.
I would expect most sellers would honor a legitimate reduction, unless the boat was originally value priced with all known issues identified. Otherwise, the seller always has the upper hand in the negotiations.
Best of luck, Steve