Join Date: Apr 2010
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Re: At what point can the seller just end a deal?
It does depend on what was in the original purchase agreement. But unless specific contingencies are outlined, the process basically follows that you (the buyer) have made a financial offer. The seller has accepted that offer. The offer is usually contingent on a satisfactory survey and sea trial, but these contingents basically mean the buyer reserves the right to refuse the deal, or renegotiate based on the findings.
But as soon as you decide to renegotiate, the original offer and deal is essentially off the table. The seller then has equal rights to negotiate a whole new deal, which could even include cancelling the deal, or even raising the price (although I've never heard of this).
Too often I read on forums like this that survey results are some sort of license to whittle the price down. I think this is unfair and unreasonable. If a survey reveals something unexpected, then absolutely the deal should be renegotiated. But if the survey reveals a bunch of things that one should expect from a boat of that age or type or history, then I don't think a buyer should expect to use that as a means to reduce the agreed upon price. My view is you, the buyer, should already know these things. You've made your offer based on these factors. If not, then you've not done your due diligence prior to making your offer.
I have no idea what the details were regarding the deal the OP is discussing. I'm not saying Koalemus did anything wrong. But bad surveys don't automatically give the buyer the right to ask for a lower price.
Why go fast, when you can go slow.