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scubajohn

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newbie, after getting experience and training im ready to look at buying a mobo i prefer to buy through a broker,now my question is ive found a boat perfect for my needs pay a deposit arranged a survey sea trial etc, and crunch the survey find problems significant repair costs no real hope of price reduction the owner not happy ,i want out no sale do i lose my deposit.
 
If buying through a broker, paying the deposit comes after signing a purchase contract which will be subject to survey and possibly sea trial. The contract should, and normally does, set out what happens if defects are revealed. Normally seller repairs or adjusts price or if no agreement can be reached, you are entitled to withdraw with deposit returned.
 
What does it say in the contract you signed with the broker? Normally the sale is conditional on survey etc. In which case you should expect to get your deposit back. But the contract is the key.
 
No you will not lose your deposit IF the seller will A) not rectify the fault or B) will not reduce the price by the amount that the surveyor thinks it will cost to put it right. Anyway do show the report to the BROKER and see what he says and likewise discuss with the seller, informing him that you will cancel if he does not comply with your request for adequate reduction.

Good luck

Peter
 
Don't forget the cost of the lift out, survey and sea trial - those you will lose either-way but agree with others if seller does not rectify the fault or reduce price accordingly
 
First boat we seriously looked at, the survey revealed several problems. We went back to the broker pointing these out, backed by the survey report. The owner wouldn't repair or adjust the price, so we cancelled the sale and the broker returned the deposit without any trouble. It'd be different if you simply decided you didn't like the boat any more: you need a reasonable set of undeclared problems to break the contract.
 
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