Fairline Phantom 43

[jfm]

Just spoken to my broker, the buyer has not pulled out or asked for his deposit back, he needs time to sort out his problems and will get back to us hopefully with a date for survey, at least he still wants the boat.

Paul
your position depends ENTIRELY on what the contract says, and none of us has read it. You need to read it.

First off, DO NOT do what your broker says. Scuse my bluntless, he is unlikely to be any kind of expert on contract law. The concept of "pulling out" is just chat with a pint of beer in your hand talking to your mates in a pub, not any precise legal concept.

The buyer might have rescinded, but we have not nearly enough info to decide. If he has, sent him a letter demanding that he performs, with a time limit. Tell him if he doesn't he wuill be held liable for your losses and that you hold his deposit on account of that but not in final settlement. Then sell the boat in the next 2 months or so for the best offer, and chase buyer for your losses. Obviously google research him to check he has some money

Alternatively, he might not have rescinded and might just have asked for more time. In that case do not sell the boat to someone else. Be reasonable and give him a bit more time (that time extension but nothing else to be "without prejudice") but tell him if he misses the new time limit then you will hold him in breach and he will be liable for your losses. do everything in writing, nothing by phone

Do not take any legal advice from the broker. do not let him send letters with amateurish "without prejudice" titles written at the top

Now, you could be much nicer and softer than all that, and that's up to you. but people going around the country signing contracts for (say) £100k and not then performing them becuase they've changed their mind or some other wimpish reason get no sympathy in my book. A deal is a deal, and grown men/women should know that or be taught it.