Advice

Yeah I'm taking all your advice and waiting on sea trial and survey. The other guy got back to me with more information on the non searay boat I listed below. Seems solid but still kinda want to hold out for a searay
 

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Does anyone have a template contact for buying a boat with a deposit put down with the rest pending sea trial results with a clause for xxx amount of money in damages
 
Does anyone have a template contact for buying a boat with a deposit put down with the rest pending sea trial results with a clause for xxx amount of money in damages

A deposit would imply it’s refundable. You are describing a transaction where you agree on a purchase price but an escrowed value to cover costs discovered during trial. You have basically agreed to purchase the boat for full price, minus escrow, if repair costs exceed escrow. You are banking costs will be less than escrow and seller is hoping costs are minimal. You own the boat regardless. That allows the seller to take the amount minus escrow and start spending it. Just say that in plain English in the conditions of purchase.
 
A deposit would imply it’s refundable. You are describing a transaction where you agree on a purchase price but an escrowed value to cover costs discovered during trial. You have basically agreed to purchase the boat for full price, minus escrow, if repair costs exceed escrow. You are banking costs will be less than escrow and seller is hoping costs are minimal. You own the boat regardless. That allows the seller to take the amount minus escrow and start spending it. Just say that in plain English in the conditions of purchase.
Thank you for the clarification and help much appreciated
 
Is this a private party sale in progress? A broker should have the experience to write the buy/sell agreement. I am far from an expert in the arena as I am in the middle of my first boat purchase as well. In my case there is a broker and I’m fortunate in that he is familiar with the process. I am thinking outside the box here but maybe you should look for a local broker who can run point on this. You will likely need to give him a commission but it may be worth the price depending on how much you are looking to spend and what you consider gambling money.
 
Unfortunately had to pass on it, he was unwilling to let me put a large sum down pending a sea trial, just said he knows buying a boat out of water can be scary but the trailer is new and worth 4 k.... Maybe it is a gem and works great but the gambles too high, think I might have to wait until spring and see what people start selling when fuel prices go up

you did the right thing. Never buy a boat without a sea trial and survey. As others posted, issues may crop up during the sea trial that might not otherwise be apparent.
 
Does anyone have a template contact for buying a boat with a deposit put down with the rest pending sea trial results with a clause for xxx amount of money in damages

don’t put a deposit down until after the sea trial. Be patient and deliberate in your search. It’s very easy to give up your money. Much more difficult to get it back.
 
don’t put a deposit down until after the sea trial. Be patient and deliberate in your search. It’s very easy to give up your money. Much more difficult to get it back.

Wha? I don't know many sellers, private party or otherwise, that are going to offer up a sea trail with no signed offer, no money in hand.

I don't generally offer free boat rides to people I don't call friends or family :)
 
Wha? I don't know many sellers, private party or otherwise, that are going to offer up a sea trail with no signed offer, no money in hand.

I don't generally offer free boat rides to people I don't call friends or family :)
Yeah, that's not going to work.
 
Wha? I don't know many sellers, private party or otherwise, that are going to offer up a sea trail with no signed offer, no money in hand.

I don't generally offer free boat rides to people I don't call friends or family :)

its your prerogative to do whatever you like, when conducting a sale. It’s my prerogative not to buy from you.
 
Is that why you are boatless? :D

im boatless because it hasn’t been a good time to buy, for quite some time. Boat sellers are trying to hit the lottery, and many are succeeding. But With $8 a gallon a gas on the horizon and uncertainty in the financial markets and Russia, I suspect things should get much better for buyers.

personally, I would not pay a deposit before a sea trial but I would reimburse for the cost of fuel, and any other expenses associated with a sea trial, which is fair. This would deter tire kickers.
 
im boatless because it hasn’t been a good time to buy, for quite some time. Boat sellers are trying to hit the lottery, and many are succeeding. But With $8 a gallon a gas on the horizon and uncertainty in the financial markets and Russia, I suspect things should get much better for buyers.

personally, I would not pay a deposit before a sea trial but I would reimburse for the cost of fuel, and any other expenses associated with a sea trial, which is fair. This would deter tire kickers.

Have you ever bought a "big boat" before? I'm not trying to be snarky but what you're describing is highly unusual when moving forward with these types of boat purchases. If it's your expectation to hop on someones $100k+ boat, offer to cover gas, and go for a cruise I think you're going to be pretty frustrated with the process. And it won't have anything to do with unreasonable sellers...

And for what it's worth someone, someday, will be quite fortunate to buy my 400. She's been exceedingly well cared for. I understand if you're not interested due to my unreasonable expectations, of course :)
 
im boatless because it hasn’t been a good time to buy, for quite some time. Boat sellers are trying to hit the lottery, and many are succeeding. But With $8 a gallon a gas on the horizon and uncertainty in the financial markets and Russia, I suspect things should get much better for buyers.

personally, I would not pay a deposit before a sea trial but I would reimburse for the cost of fuel, and any other expenses associated with a sea trial, which is fair. This would deter tire kickers.
Unfortunately, you'll probably not be buying a boat. No sane person is going to go thru a true sea trial without a deposit.
 
Unfortunately, you'll probably not be buying a boat. No sane person is going to go thru a true sea trial without a deposit.

and a signed contract. Plus why would they sign a contract if you have no skin in the game. It’s not well known, but it is kinda a sellers market these days. ;-)
 
and a signed contract. Plus why would they sign a contract if you have no skin in the game. It’s not well known, but it is kinda a sellers market these days. ;-)
Tell me about it. My last seller refused to do a sea trial even with and contract and money upfront. Sold it anyway.
 
Have you ever bought a "big boat" before? I'm not trying to be snarky but what you're describing is highly unusual when moving forward with these types of boat purchases. If it's your expectation to hop on someones $100k+ boat, offer to cover gas, and go for a cruise I think you're going to be pretty frustrated with the process. And it won't have anything to do with unreasonable sellers...

And for what it's worth someone, someday, will be quite fortunate to buy my 400. She's been exceedingly well cared for. I understand if you're not interested due to my unreasonable expectations, of course :)

We’re not talking about a 40 foot Searay.
OP said his budget is 10K-30K, so your comments are out of scope. Every transaction is negotiable. People should decide what works best for them.

For a $100K+ craft, the deposit would go into escrow backed up by a contract outlining terms of acceptance, especially conditions for refund of deposit. This is to protected buyers from polished turds masquerading as boats.
 
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Have you ever bought a "big boat" before? I'm not trying to be snarky but what you're describing is highly unusual when moving forward with these types of boat purchases. If it's your expectation to hop on someones $100k+ boat, offer to cover gas, and go for a cruise I think you're going to be pretty frustrated with the process. And it won't have anything to do with unreasonable sellers...

And for what it's worth someone, someday, will be quite fortunate to buy my 400. She's been exceedingly well cared for. I understand if you're not interested due to my unreasonable expectations, of course :)
I hope it's me!
 

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