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| how to write up a contingent contract https://www.smwebhead.com/phpBB3/viewtopic.php?f=8&t=6997 |
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| Author: | drballard33 [ Fri Jan 21, 2011 9:44 am ] |
| Post subject: | how to write up a contingent contract |
I hope this is the right place, if not please feel free to move it. As some of you know my 298 is for sale, I received a very low offer, countered, and the buyer gave me a not so much better offer. He has never bought a boat before so he wants to have every possible inspection/test done on the boat, which I completely understand and would expect from any buyer. Here is the thing, its bitter cold in Cleveland so I obviously need to wait until spring for the sea trial, and some of the inspections. I refused the buyers final offer and told him I thought I could do better once the spring fever hits. Plus I would hate to wait until the sea trial and have him find one thing he doesnt like and walk away without giving me a chance to repair. This could provide him an out and would screw me because I would have missed some key time to list the boat. He has offered to provide me a deposit to hold his offer, and would allow me to relist the boat as long as I give him first right to refusal on any offer I receive. Then, if by my launch date, I have not received a better offer I could either continue to refuse his offer and give him his deposit back, or could agree at the offer price and go forward with the inspections. My question is, how would I write this up so it is agreed upon and no one loses out? I am confident that the inspection will show no issues because I had it surveyed in 2009 with no issues and have replaced and serviced any item that would be worn, outdated or prone to break (i.e. bilge pumps, electronics, canvas, carpets etc.) Any suggestions? Is there something simple I am missing? the buyer seems to be accomodating and understanding on everything except the price. |
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| Author: | jxp [ Sat Jan 22, 2011 3:55 pm ] |
| Post subject: | Re: how to write up a contingent contract |
I was involved in a very similar case like yours last year, This buyer sent me a 6 page contract with everything protecting him and nothing to protect me the seller. After I read it a few times and seen how unreasonable he was ,I told him to find another boat to purchase and killed his deal. I had no problem selling our 328 ,it just took a little while, then a person that appreciated a super clean and very well maintained boat took a look and purchased it . Everyone was happy then and the buyer is still happy now. Do not tie yourself up with this buyer now, Boating season is going to be here before you know it. The number of clean used boats in the 30-35 foot range are dwindling. good luck ,Joe. |
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| Author: | drballard33 [ Sat Jan 22, 2011 4:26 pm ] |
| Post subject: | Re: how to write up a contingent contract |
That's exactly what I am going to do. I already have a few more people interested in the boat. It seems a lot of people wanted to wait for the Cleveland boat show to come to get in the fever again which is driving more interest. Thanks for the advice! |
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| Author: | Decision [ Wed Jan 26, 2011 4:07 pm ] |
| Post subject: | Re: how to write up a contingent contract |
Drballard33, You sound like a reasonable guy who is trying to see both the buyer’s and seller’s concerns. Being honest and upfront with any potential buyer is the right approach to nurture a sale along. Given your scenario, I wouldn’t want to write up a Contingent Contract or Sales Agreement to capture all the variables you outlined. I’d thank the buyer who made the initial offer and let him know (like you did do) you wanted to see what further interest there is in your boat (over whatever time frame you wish) and leave the door open for talking in the near future. If the buyer really wants to pursue a contingent/sales agreement with you, you could always suggest he write one up for your review. This wouldn’t cost you anything and you still have all the right to decline it or make changes and send it back. Don’t know if you are selling to move up in boat size or getting out of boating for now. If moving up a Sales Agreement may be simply worded in a paragraph or two or an existing Sales Agreement can be found from boating sources like BoatUs, or a google search. In addition, your attorney should be able to draft one up for you if you feel the situation warrants. Lengths of these contacts may vary widely depending on circumstances. My wife and I have bought and sold all but one boat through private sales over a number of years and have been fortunate to have almost all of these transactions be completed in a very friendly manner. Heck, the couple that we sold our last boat to (our 30' Doral Prestancia) wanted to get together for a couple of nights during our 2010 two week boating vacation. Kinda neat having your old boat and new boat docked side by side. Anyways, where I’m going with this is, not everyone is open, upfront, honest or ethical. Some boat owners may have unknown liens against their boats, some may not have paid their due sales taxes and some may even after verbally agreeing on a price all of a sudden change their price etc., so a proper Sales Agreement may by prudent to help protect you and your family against unwanted liability and expense. Finding your ideal boat and selling your boat does indeed take some work to get it right, but in the end your due diligence should pay off. It did for us and we are very pleased with our 328 Four Winns Vista purchase and are very much looking forward to the start of this year’s boating season. Good luck with your sale, Mike. |
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| Author: | drballard33 [ Thu Jan 27, 2011 8:16 am ] |
| Post subject: | Re: how to write up a contingent contract |
Thanks for the info, I posted the boat online again on boatrader.com and let the buyer know my plans, he is very understanding. I am certain the boat will sell quickly, especially where it is priced. BTW, when did you sell your Doral? I was looking at that exact boat in your exact location a while back and was wondering if it was the same one. I love the look of that Doral. |
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| Author: | Decision [ Thu Jan 27, 2011 8:58 pm ] |
| Post subject: | Re: how to write up a contingent contract |
We sold our Doral Prestancia in July 2009 and purchased our 328 Four Winns in April 2010. Just a suggestion, but you may wish to consider listing your 298 on Craigslist and Kijiji as these sites are free to list on. We used both Craigslist and Kijiji when listing our Prestancia and were pleasantly surprised at the interest these two sites got us as compared to the more well known sources for buying/selling boats. Mike. |
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| Author: | drballard33 [ Fri Jan 28, 2011 1:29 pm ] |
| Post subject: | Re: how to write up a contingent contract |
Thanks, I have it on craigslist but will add on kijiji as well. |
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