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01-09-2008
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Senior Member
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Join Date: Oct 2006
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Contingency wording?
Is there any standardized wording for contingencies when placing an offer on a boat?
I've searched and found lots of suggestions to make an offer contingent on insurance, financing, survey including engine and rigging, sea trial, etc. What I haven't found is how these contingencies should be worded. Trusting the broker with the wording, even if he is a nice guy, doesn't seem like the safest approach. Making it up on my own might not be much better.
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01-09-2008
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Senior Member
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Location: Long Island, NY
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contracts
Hello,
I used the standard contract provided by the broker for the last two boats I bought. The broker should provide you with a copy of the contract ahead of time. You can review it and make changes as you require / see fit.
For me, the contract was very clear and provided me with the protection I wanted. Basically, I could have the boat surveyed if I wanted to. The seller had to make the boat available for the survey. If I didn't do anything after the survey, it was assumed the deal was off, and my deposit would be returned.
Barry
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Barry Lenoble
Day To Remember, 1986 O'day 35
Mt. Sinai, NY
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01-09-2008
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Just another Moderator
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Location: New Westminster, BC
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There will be a clause dealing with "subject tos" where you can specify that the offer is subject to such things as satisfactory survey, moorage availability, financing etc.
These are usually left open on the form, as some buyers will not need financing, others already may have moorage, etc etc. You can pretty well write in what you want here. For example in the last deal we made, because of time constraints I wrote into it that the offer was subject to the sellers delivering the boat to a specified location... to which they agreed.
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".. there is much you could do at sea with common sense.. and very little you could do without it.."
Capt G E Ericson (from "The Cruel Sea" by Nicholas Monsarrat)
1984 Fast/Nicholson 345
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01-09-2008
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Moderator
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If your broker is using the standard YBAA purchase agreement, the wording is very advantageous to the Buyer and covers all the contingencies you describe above. (Your broker should be able to provide a copy of this ahead of time.) Basically the boilerplate language will allow a purchaser to back-out, and receive a refund of their deposit, for almost any reason.
I would not be concerned about adding additional language if they use the YBAA P&S agreement. Of course, you should read it carefully yourself before signing, and you have every right to modify the language to fit your circumstances -- just make sure you get them to initial any changes.
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01-09-2008
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Siren 17
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One thing I'd add, is that contracts are governed by the state and the contingencies and clauses are allowed or disallowed state by state. Get a copy of the contract from your broker and if you have any questions pepper away. If he doesn't know the local laws, he has a manager that does.
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01-09-2008
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Cruiser/Lats and Atts TV
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Danjarch - Great sig! Makes me laugh every time... 
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"Always approach the dock at the speed you wish to hit it."
s/v VENUS
1978 North Sea 33 Pilothouse Cutter (Ta Chiao)
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01-09-2008
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Telstar 28
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I would add that if you have any serious reservations about what is written in a contract, you should have your own attorney go over it with you.
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Sailingdog
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Telstar 28
New England
You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
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01-09-2008
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1997 Dehler 33
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Quote:
Originally Posted by sailingdog
I would add that if you have any serious reservations about what is written in a contract, you should have your own attorney go over it with you.
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And that is coming from SD, who does not like attorneys!!!
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01-09-2008
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Telstar 28
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I like attorneys... preferably 300' below the ocean surface...but I like attorneys...  One of my best friends and my brother-in-law are both lawyers...
Quote:
Originally Posted by max-on
And that is coming from SD, who does not like attorneys!!!
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Sailingdog
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Telstar 28
New England
You know what the first rule of sailing is? ...Love. You can learn all the math in the 'verse, but you take
a boat to the sea you don't love, she'll shake you off just as sure as the turning of the worlds. Love keeps
her going when she oughta fall down, tells you she's hurting 'fore she keens. Makes her a home.
—Cpt. Mal Reynolds, Serenity (edited)
If you're new to the Sailnet Forums... please read this To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts..
Still—DON'T READ THAT POST AGAIN.
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01-09-2008
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1997 Dehler 33
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Join Date: Mar 2004
Location: Rhode Island
Posts: 747
Rep Power: 8
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Quote:
Originally Posted by sailingdog
I like attorneys... preferably 300' below the ocean surface...but I like attorneys... One of my best friends and my brother-in-law are both lawyers... |
The only thing is SD, at 300 ft down, I would have to add a premium to my hourly rate due to the nitrogen narcosis, the underwater writing pads are extra too!
In all seriousness, I agree with SD, if you have questions or are uncomfortable with the language, review the agreement with an attorney, the document is a legally binding contract.
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