Selling my boat. The Deposit.

B

buckeye

Member
Joined
Dec 30, 2002
RO Number
10928
Messages
70
I am in the process of selling my boat. I am getting the downpayment and trying to understand why I should ask it as "non refundable"? If it needs a survey and sea trial how do I protect myself from someone backing out for some small, insignificant reason?
 
You don't. That is just one of those things that comes with the territory in selling a boat or most other things for that matter. If you ask for a non-refundable deposit you will find few takers.

George
 
In my mind the deposit protects me against the boat being sold prior to the agreed c,isinglass date. I have always been able to settle any problems arising from survey/sea trial.
 
It all depends on the wording of the contract. Indeed if the boat doesn’t perfect to the buyers expectation or if any issue which can’t easily be solved pops up during survey the buyer can back out. The only way to avoid that is to sell AS-IS but few would agree to that unless the boat is a bargain
 
You can write the contract any way you want. Non-refundable, partially/mostly refundable, all refundable. What the deposit does is help weed out the tire kickers who want to take a boat ride at your expense. A guy won't cough up 10% up front unless he A. has some financial resources available, and B. is seriously in the market.

My .02
 
Take 10% refundable deposit, have faith your boat is as you represent it, iron out any minor issues and hope that it all works out.

The boat/house/car/etc isn't sold until the closing is done.

A 10% deposit is a big deal, alot of money, so I wouldn't worry about too many people backing out for insignificant reasons. IMHO, they are taking the risk, not you.
 
I would never under any circumstances get into a contract where my deposit was not fully refundable. I have sold a lot of boats and to me, a deposit merely shows that the buyer is serious about a deal. Nothing more.
 
Unless the boat is small, old and or cheap, few buyers will put down a 10% deposit held by a private seller. BoatUS has an escrow service if no broker is involved in the sale

Also, bybthe time a buyer has spent hundreds or likely thousands on survey, haul out etc they won’t back out for minor issues. As to no deposit no sea trial, it depends on the buyers. You can often feel if someone is serious or just a tire kicker... what s an hour of your time and few gallons of fuel?

Couple of years ago I did a quick sea trial before contract and deposit on the boat i used to run. Buyers were from out of town, were supposed to fly out the next day and no time to get the paperwork and deposit. I had a good feeling about it, offered them the ride and that sealed the deal.
 
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