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  #1  
Old 06-24-2013, 02:09 PM
andersonmc andersonmc is offline
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Need help with buyer agreement

So I'm purchasing a Xstar at the end of July from a private party. The terms of the agreement were that I would wait till end of July to purchase boat for a cheaper price since owner is moving beginning of August and wanted to use until then. So we agreed on 10% down and he wouldn't list the boat. I want to be protected though so how should I write up a document to cover me if something were to happen to the boat from now until I pick up? I'm going out Wednesday to test drive and inspect to make sure everything is good. I want to be covered by all means.

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  #2  
Old 06-24-2013, 02:55 PM
SSMoose SSMoose is online now
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Write up something that requires seller to keep the boat in the condition it was in at the time of the agreement. Excessive hours from there, upholstery, fittings will all affect your value. I hope that he made more concessions to you than just not listing the boat. Maybe you should even think about completing the sale and rent him the boat(?). Be plain about protecting your investment in any case. I hope this is a start for you.

I'm not sure that I would have done this. Too much can go wrong over the next few weeks that you are out money and out of a boat.
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  #3  
Old 06-24-2013, 03:11 PM
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shepherd shepherd is offline
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Tell the owner to call you in August when ready to sell. He probably won't go through the trouble of listing the boat if he knows he has a ready buyer when the time comes. At the very least, make the deposit as small as possible -- I don't know the selling price, but 10% seems pretty high. Anything can happen to the boat or owner between now and then.

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  #4  
Old 06-24-2013, 03:13 PM
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mzimme mzimme is online now
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If I was giving him any money whatsoever, I'd want the titles.
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  #5  
Old 06-24-2013, 03:38 PM
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pmkkdx pmkkdx is offline
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yikes! wouldn't be the path I would follow as a lot can happen in a month and a half... but as others have stated, I would want to see (even a copy of) papers for both the boat & trailer, take lots of pictures including hour meter, interior, etc. I would also put a reasonable limit on additional hours otherwise the final price would reflect. Also be sure to put a clause in that full deposit will be immediately refunded should any conditions changed...

I like to trust people but I have found that most will take every possible advantage of you if given half a chance.
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  #6  
Old 06-24-2013, 03:43 PM
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drschemel drschemel is offline
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You would need to set up an escrow account that he only gets access to when you complete the purchase. Kinda like a down payment on a house. That protects both of you, otherwise, you might just be buying his Summer fun and wondering where he went in August.
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Old 06-24-2013, 04:03 PM
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mzimme mzimme is online now
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You might even consider having the funds held in escrow only to be released when the deal is done. If you give him say, 5 grand, and he goes and spends it all... then the deal goes south and he can't pay you the 5 grand, there's not a lot you can do besides go after him in court. Have the funds put into escrow to show you're serious, when the sale goes through those funds are released to him. If the sale goes south, you can get your money back.
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  #8  
Old 06-24-2013, 04:10 PM
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André André is offline
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Quote:
Originally Posted by shepherd View Post
Tell the owner to call you in August when ready to sell. He probably won't go through the trouble of listing the boat if he knows he has a ready buyer when the time comes. At the very least, make the deposit as small as possible -- I don't know the selling price, but 10% seems pretty high. Anything can happen to the boat or owner between now and then.

Take this free advice.
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  #9  
Old 06-24-2013, 04:41 PM
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drschemel drschemel is offline
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Quote:
Originally Posted by André View Post
Take this free advice.
There always seems to be more boats for sale than buyers to buy them! You could find the perfect boat somewhere else before then. I'm sure the seller is thinking he does not want to loose a potential buyer and then have you get cold feet and back out. If this is the perfect boat, do the escrow. If not, leave it to the fates. If he still hasn't sold it in August and is about to move, the price might even come down a little.
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  #10  
Old 06-24-2013, 04:49 PM
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willyt willyt is offline
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yea... this wasnt the best way to go about buying a boat
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