Join Date: Feb 2010
Location: Narragansett Bay
Thanked 306 Times in 286 Posts
Rep Power: 8
Re: Previous owner wants property tax credit?
The standard YBAA contract has the following language:
8. SELLER’S REPRESENTATIONS: The SELLER warrants and/or agrees as follows:
B. That the YACHT will be sold free and clear of any mortgages, liens, bills, encumbrances, or claims whatsoever.
D. To pay any and all duties, taxes, fees, or other charges assessed against the YACHT by any governmental authority prior to the closing, to hold harmless and indemnify the BUYER and BROKERS against any claims or actions for such fees, and to provide validation of such payments at the closing, upon written request by the BUYER.
I'm curious whether these parties used the standard contract, however, it makes common practice pretty clear, doesn't it?
Seller does not owe these in common practice, let alone if the seller did not negotiate them prior to purchase.
Real estate has a different common practice, because real estate can't be moved out of the jurisdiction. It's not applicable.
To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.
In the harsh marine environment, something is always in need of repair. Margaritas fix everything.
Last edited by Minnewaska; 08-15-2013 at 08:30 AM.