Yikes, this is about as trivial a legal situation you are ever likely to face.
Are the the words of your agreement those copied below from the Standard? If yes, as I said in the first post, neither survey nor sea trial is required, send the written rejection letter and you'll get your money back, unless you haven't laid all the facts on the table. Actually the standard form has no provision or reference to sea trial at all, although you may have written one into ADDITIONAL PROVISIONS. As long as you didn't markup the rejection language, that would be irrelevant.
This is just business, not something personal. That's the lovey thing about a contract, there's no need for all the hypothesizing that otherwise gets thown out.
"
STANDARD FORM OF THE YACHT BROKERS ASSOCIATION OF AMERICA
YACHT PURCHASE AND SALE AGREEMENT
DATE: ________________________________
1 of 4
1
This is an Agreement (the "Agreement") made by and between ________________________________________
2
of ____________________________________________________ , a citizen of _________________________
3
(the "BUYER"), and _______________________________________ of ________________________________
4
________________________________ , a citizen of _______________________ (the "SELLER"), owner of the
5
________________________________ described in Attachment(s) _____ to this Agreement, which is made a
6
part hereof, and named "___________________________________________________ ," (the "YACHT").
7
The BUYER and SELLER recognize __________________________________________(the "SELLING BROKER")
8
and __________________________________________ (the "LISTING BROKER") as the brokers handling the sale
9
of the YACHT, and herein referred to collectively as the "BROKERS."
10
1. PRICE AND DEPOSIT: The "SELLING PRICE" shall be
11
________________________________________________________ (______ _____________ ) for which the
12
BUYER agrees to buy and the SELLER agrees to sell the YACHT, subject to the terms and conditions
13
set forth in this Agreement. The sum of __________________________________________________
14
(______ _________________ ) of the SELLING PRICE shall be paid as a deposit (the "deposit") upon
15
execution of this agreement. The deposit shall be paid to and held in escrow by the SELLING BROKER
16
pending resolution of this sale. The balance of the SELLING PRICE shall be paid in collected funds at the
17
closing. Should the SELLER and BUYER agree that payment may be made in any form other than collected
18
funds, they further agree to jointly and severally indemnify and hold harmless the BROKER(S) involved in
19
the transaction from any loss or liability resulting from reliance on use of such other form of payment.
20
2. SURVEY: The BUYER may have the YACHT surveyed at his expense, to verify the condition of the
21
YACHT and the accuracy of the attached inventory.
22
A. The SELLER agrees that the BUYER or his agents may examine the YACHT and inventory in a
23
nondestructive manner. If the YACHT is in the water, the SELLER may stipulate at which boatyard he is
24
willing to have the YACHT hauled for survey and agrees that delivery to and from the boatyard for survey,
25
which he hereby authorizes, is to be at the SELLER's sole risk and expense.
26
B. The BUYER agrees that the surveyor(s) shall be employed by the BUYER. BUYER agrees that any and
27
all claims that may arise regarding the accuracy of the survey in the transaction may not be asserted against
28
the BROKER(S).
29
3. ACCEPTANCE OF THE YACHT: The BUYER shall notify the SELLING BROKER of his acceptance of
30
the YACHT and inventory, or his rejection of same. Such notice which shall be in writing, shall be received
31
no later than five o'clock p.m. local time on ___________________. If said notice has not been timely
32
received, the BUYER shall be deemed to have rejected the YACHT and inventory in its present condition,
33
subject to the terms, if any, of paragraph #7. IT IS THE BUYER'S RESPONSIBILITY TO OBTAIN ANY
34
ASSURANCES HE REQUIRES REGARDING THE AVAILABILITY OF SATISFACTORY FINANCING
35
AND INSURANCE PRIOR TO THE ABOVE MENTIONED DATE.
36
4. TERMINATION OF AGREEMENT: If the BUYER gives notice of his intention to reject the YACHT
37
under the terms of this Agreement, such notice shall constitute termination of the BUYER's obligation to
38
purchase and the SELLER's obligation to sell, and the BUYER and the SELLER both authorize the
39
SELLING BROKER to return the deposit to the BUYER, after deducting any fees and charges incurred
40
against the YACHT by the BUYER, or by the BROKERS on behalf of the BUYER, including the cost of the
41
survey and related expenses.
42
INITIALS: BUYER BUYER SELLER SELLER
43 DATE DATE"