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Old 04-06-2010, 02:34 PM
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Double D Double D is offline
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Help! Boat Sale - Whats Legal??

OK all you legal eagles. Here is a situation I find someone in that maybe you'all can provide advice.

3/31/10 - Two parties come to an agreement on a price for a boat sale.
3/31/10 - A homemade written and notarized purchase agreement is faxed to the buyer saying the seller agrees to sell said boat for X.
4/2/10 - The buyer says bank will cover 65% and he will get the rest, shouldn't be a problem. let you know Monday next week.
4/2 to 4/4 - Seller has 3 more serious inquiries about his boat.
4/5/10 - Seller commits to buy another boat now that his is sold.
4/5/10 - No call from buyer. Repeated e-mails and calls from seller to buyer to get final answer and set up delivery.
4/6/10 - Still no response from buyer.

So,
  1. When can he contact the other interested parties to let them know the deal may be falling apart?
  2. When can he sell it to someone else with no possible legal action?
  3. Can he give him a midnight deadline tonight and then proceed with the other possible buyers?

Thanks for any experience or thoughts if have been in the situation or know the legal facts.
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Old 04-06-2010, 02:43 PM
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brucemac brucemac is offline
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not a laywer so can't really comment on the legality, but i would think if the guy never paid you anything and/or never signed and returned a bill of sale, then you're off the hook.

if the guy truly wanted to buy your boat, he'd BE ALL OVER IT or at least returning your calls.

if you truly have other serious buyers, then the stand up thing imo would be to simply tell the guy the truth via fax, email and/or voice mail that you have other interested parties and that you have to move on by X time, if he can not get back to you. then i'd move on down the list to the next in line.

sounds like it's time to cut bait.
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  #3  
Old 04-06-2010, 03:27 PM
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Dad 2 3 Dad 2 3 is offline
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I agree with Brucemac. Read some examples of verbiages with 'Right of First Refusal' documents which will state the proper language for methods of communication and timing.
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Old 04-06-2010, 03:28 PM
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Dad 2 3 Dad 2 3 is offline
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BTW, I am not a lawyer either so my advice should not be taken as such.
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Old 04-06-2010, 03:37 PM
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etduc etduc is offline
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Quote:
Originally Posted by Double D View Post
OK all you legal eagles. Here is a situation I find someone in that maybe you'all can provide advice.

3/31/10 - Two parties come to an agreement on a price for a boat sale.
3/31/10 - A homemade written and notarized purchase agreement is faxed to the buyer saying the seller agrees to sell said boat for X.
4/2/10 - The buyer says bank will cover 65% and he will get the rest, shouldn't be a problem. let you know Monday next week.
4/2 to 4/4 - Seller has 3 more serious inquiries about his boat.
4/5/10 - Seller commits to buy another boat now that his is sold.
4/5/10 - No call from buyer. Repeated e-mails and calls from seller to buyer to get final answer and set up delivery.
4/6/10 - Still no response from buyer.

So,
  1. When can he contact the other interested parties to let them know the deal may be falling apart?
  2. When can he sell it to someone else with no possible legal action?
  3. Can he give him a midnight deadline tonight and then proceed with the other possible buyers?

Thanks for any experience or thoughts if have been in the situation or know the legal facts.
I guess the 35% down, was a problem. In these times of Judge Judy, I'd fax your intention to sell, to another buyer. Frankly, if he doen't have money for the down, he doesn't have money for a lawyer.

This has happen, a couple of times to me, so...

First with money, gets the boat.


Nice boat, by the way.
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  #6  
Old 04-06-2010, 09:27 PM
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Double D Double D is offline
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Thanks to those who responded. Anyone else have thoughts?

BTW, its not my boat. Its my brothers and as of 9:30 PM tonight, no response from buyer and he has contacted the next guy on the list with a heads up.
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If its not a competition ski boat, its always second best.

1994 MasterCraft ProStar 205
275 HP 350 Chevy Indmar
Monster Tower & PerfectPass

Check out the MasterCraft Buckeye Bash on Facebook!

"In my many years I have come to a conclusion that one useless man is a shame, two is a law firm and three or more is a congress." - John Adams
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  #7  
Old 04-06-2010, 09:38 PM
03 35th Anniversary's Avatar
03 35th Anniversary 03 35th Anniversary is offline
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Did the 2 parties put a payment date on the contract or exp. date?

I'd think if no money has changed hands you are in the free and clear since he will not return any emails or phone calls. Just save them all.
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Old 04-06-2010, 09:41 PM
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D3skier D3skier is offline
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Quote:
Originally Posted by 03 35th Anniversary View Post
Did the 2 parties put a payment date on the contract or exp. date?

I'd think if no money has changed hands you are in the free and clear since he will not return any emails or phone calls. Just save them all.
I'm with 03 on this one as well if no money has changed hands and no return calls regarding what his status is go to the next person and move on.
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Old 04-06-2010, 10:40 PM
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east tx skier east tx skier is offline
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This isn't legal advice. But if it were me, I'd probably rescind that offer in the same fashion by which it was made, i.e., fax. Again, this is NOT legal advice.
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To me, this forum is about love of inboard boats. It is about the sharing of information and, on a good day, some humor. It is not about post count, brand of boat, or any other superfluous labels that lend themselves to a false sense of superiority. Please, respect one another, try to pass on accurate information, and keep your eye on the ball.
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  #10  
Old 04-07-2010, 10:22 AM
DBrown2 DBrown2 is offline
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Agreed, Fax them... then move on...

Speaking from This line of work of buying and selling... Until cash is in hand or check (certified that is) nothing is sold... Hand shake is the thing of the past...
Plus a bill of sale, is only the intent to buy... To go legal only the Lawyer is winning by you paying them...
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