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post #21 of 30 Old 01-19-2007
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You make an offer with the boat on the hard, have the survey and diesel inspection, and sign the contract with an escrow reserved for minor problems. Spring comes and the boat is put into the water. You come back the next day to take the boat out, and all you can find is the mast. Who owns the boat?

I like the idea about right of first refusal.
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post #22 of 30 Old 01-19-2007
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[quote=jones2r]You make an offer with the boat on the hard, have the survey and diesel inspection, and sign the contract with an escrow reserved for minor problems. Spring comes and the boat is put into the water. You come back the next day to take the boat out, and all you can find is the mast. Who owns the boat?

The previous owner owns the boat as title has not transfered.
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post #23 of 30 Old 01-19-2007
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Quote:
Originally Posted by pigslo
The previous owner owns the boat as title has not transfered.
...and hopefully all monies are in escrow and not the owners posession.
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post #24 of 30 Old 01-20-2007
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I can see both sides. I've known at least two boats that behaved perfectly at the dock--but overheated after 1/2 hour of engine time in the water. A sea trial would turn that up, a survey, even an engine survey, wouldn't. So I think a sea trial is important, but to expect a buyer to hold a deal open for four months...Nah, that's just too much.

Maybe to hold some specific escrow terms open, against specific problems after launch, is not unreasonable. Otherwise, I'd find a way to get the boat in the water within a month. If this winter warms up again the way it has been...it could actually be nice sailing weather.

Makes buying a boat that's on the hard, stacked back in a yard, more of a risk. Maybe if you approach the seller and say "I've got specific concerns about...Why don't you take a couple of days and get back to me with what you think would be a reasonable way to deal with these?"

Or, perhaps not buy the boat now, not tie the seller up, but offer the seller a reasonable sum to give you the right of first refusal on the boat. That is, agree you'll do a regular buy in April or May if the boat is still unsold, and that if a buyer comes up before then, you have bought the right to meet his offer and buy the boat at that time instead. (And in any case, they keep the deposit you've paid for that right of refusal.)
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post #25 of 30 Old 01-20-2007
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I am inviolved in a similar deal . The difference for me is that the boat needs a new or rebuilt engine. The seller wants to sell where is as is . The boat is well equipped an apparently well cared for , but the engine is pooched. The price reflects this though. I will have a surveyor do a walk through and if he believes the boat is in good shape at first look then I will have him do a thorough survey. I am concerned about buying her without a sea trial but as the engine seems to be the main item under scrutiny when doing the test sail it may not be such a big risk her price is in the 100k range.....What do you think?
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post #26 of 30 Old 01-20-2007
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KM... If you already have the engine worked into the price AND a survey on land...then you're probbly not risking much. My own experience is that when the engine is gone...there is more stuff than just that to deal with so your plan sounds like a good way to go about it.
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post #27 of 30 Old 01-20-2007
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Quote:
Originally Posted by pigslo
Quote:
Originally Posted by jones2r
You make an offer with the boat on the hard, have the survey and diesel inspection, and sign the contract with an escrow reserved for minor problems. Spring comes and the boat is put into the water. You come back the next day to take the boat out, and all you can find is the mast. Who owns the boat?
The previous owner owns the boat as title has not transfered.
But if you had a signed contract, the previous owner is in breach of said contract...

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post #28 of 30 Old 01-20-2007
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Quote:
Originally Posted by hellosailor
but to expect a buyer to hold a deal open for four months...Nah, that's just too much.
Then as the buyer I move on.

Quote:
Originally Posted by hellosailor
(And in any case, they keep the deposit you've paid for that right of refusal.)
Again, I move on. Allowing you a right of first refusal is no sacrifice to the seller even if it is a benefit to the buyer. Its a win/win as buyer does not have to pay until adequate survey/trial can be performed and seller knows he has a buyer in the spring if he does not find one sooner. That is not something that I am willing to pay for as a buyer.

If the buyer finds another boat and goes in that direction and "cancels" any arrangement perhaps then the seller can keep the deposit but you can't expect the buyer to compromise his position in the process because the seller has his boat stacked up on the hard.
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post #29 of 30 Old 01-20-2007
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Otaga,

Thank you for posting. These contributions will benefit many of us.
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post #30 of 30 Old 01-20-2007
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Scrolled down and found this article:

Optimizing Sea Trials

Very interesting!
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