Boat under contract on Lake Erie

I have sent the deposite and Ck cleared my bank.
 
they cannot launch the boat, so why did they put that in agreement. If they launch it and it runs out I will buy it.
 
Golfman25 said:
There is nothing "conflicting" about it. It clearly says "Buyer to complete survey, oil analysis . . . then close on the boat." Then a $30k escrow for sea trial.
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Section 3 clearly says the Buyer is under no obligation to purchase until he completes a trial run and survey, if the buyer elects to have one done, to his sole satisfaction. That conflicts with the additional terms and the set close date.
 
@RBB You have gotten some solid advice. My suggestion is that you take it offline and talk to a lawyer who is familiar with Sales agreements. I get it that you are looking for support but we are not lawyers (well....most of us are not) just guys with a lot of experience in owning, buying and selling boats.

Take it to your lawyer and see what he/she says.
 
PlayDate said:
@RBB You have gotten some solid advice. My suggestion is that you take it offline and talk to a lawyer who is familiar with Sales agreements. I get it that you are looking for support but we are not lawyers (well....most of us are not) just guys with a lot of experience in owning, buying and selling boats.

Take it to your lawyer and see what he/she says.
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Already did, they think it is BS.
 
But thanks for the opinions.
 
highslice said:
Section 3 clearly says the Buyer is under no obligation to purchase until he completes a trial run and survey, if the buyer elects to have one done, to his sole satisfaction. That conflicts with the additional terms and the set close date.
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Yes, but that is waived by the language requiring a closing on Dec. 15 and the escrow.

The contract is pretty tight. Only hope would be seller and broker wouldn't want to litigate it due to cost of defense and wait for spring to close.
 
Reading it over again, you have a Dec 14 acceptance date. Unless you alread accepted, reject the contract due to the survey/oil analysis -- certainly the boat isn't perfect. Then re-offer in the spring.
 
This escrow until spring setup is not uncommon for us northerners. I was seconds away from signing up for exactly this just a couple months ago. There is no other way for us to buy/sell boats from October through April. It just makes sense.

They aren't trying to scam you, though the amount in escrow does indeed seem very low for a diesel boat. If you need affirmation, reach out to just about any broker in Michigan. They can confirm for you this is common practice.
 
We have never used a lawyer for a boat purchase but this has shown that it probably a good idea. A lawyer on a house purchase is about 1K. A survey is 1K. If we ever buy another boat or large RV I think I will get a lawyer involved. A second opinion is always nice. They ask you questions yo never thought of.
I looked at a boat in the winter once the owner wanted the majority of the money to hold the boat until it went for sea trial.
 
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Stee6043 said:
This escrow until spring setup is not uncommon for us northerners. I was seconds away from signing up for exactly this just a couple months ago. There is no other way for us to buy/sell boats from October through April. It just makes sense.

They aren't trying to scam you, though the amount in escrow does indeed seem very low for a diesel boat. If you need affirmation, reach out to just about any broker in Michigan. They can confirm for you this is common practice.
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The other way is to hold everything over the winter and close in the spring. When I bot my first boat it was winter. We did survey and sea trial in April. Closed within a few days thereafter. That is my preference as a buyer, but either way can work.
 
northern said:
We have never used a lawyer for a boat purchase but this has shown that it probably a good idea. A lawyer on a house purchase is about 1K. A survey is 1K. If we ever buy another boat or large RV I think I will get a lawyer involved. A second opinion is always nice. They ask you questions yo never thought of.
I looked at a boat in the winter once the owner wanted the majority of the money to hold the boat until it went for sea trial.
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What would a lawyer do? Explain a simple contract? Or tell you not to sign and blow up your deal?

OP admits he was confused, so I suppose a second set of eyes could be helpful. But bottom line, if he likes the boat he should stick to the deal.
 
Golfman25 said:
What would a lawyer do? Explain a simple contract? Or tell you not to sign and blow up your deal?

OP admits he was confused, so I suppose a second set of eyes could be helpful. But bottom line, if he likes the boat he should stick to the deal.
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+1. I can't imagine involving a lawyer in such a thing. A decent buyers broker would be money better spent...
 
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