ASA and PSIA Instructor
Join Date: Apr 2000
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I think the sample agreement offered below is a example of a something provided by brokers for use - understand the broker's motivation is to see the sale get closed, and the document doesn't offer adequate protections to a buyer.
Two examples - the wording "if the Owner refuses to repair, at his
expense, the essential items of repair as required by the survey" don't give you wriggle room you may want to deal with what the surveyor says. "Essential" and "required" may be subject to interpretation - the survey is not likely to contain these words, it may have "recommendations" and "findings". You are not likely to get a written copy of the survey in three days, and that does not leave time to decide what is essential to you or not, or what to counter at what cost or not. The agreement should allow you three/four weeks to complete the survey and up to two weeks after the survey date to terminate the offer, with no explanation other than the survey was not satisfactory to you. Understand the really good surveyors book three of four weeks in advance, skip any surveyor who can do your boat next week...If the seller or broker want to see the survey, you can sell it to them, you paid for it.
Secondly, there's no provision for the seller's inability to deliver the boat in undamaged condition. Suppose a truck backs into the rudder, the boat is not destroyed, and the seller isn't going to want to pay his deductible, and you are out of luck.
As with any legally binding document to which a lot of money is tacked, have an experienced attorney review the agreement for you.