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Deal fell apart on my Cigarette. (keep deposit?)

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Old 04-29-2002, 10:37 AM
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Default Deal fell apart on my Cigarette. (keep deposit?)

The fargin bastage backed out on the deal. He said he couldn't get insurance (I gave him the names of Sy Goldberg and Perf mar. assoc.).
When I called PMA to tell him to continue my polocy, I asked him if Mr. X had called. PCA said yes he had and pulled out the quote.
Mr. X is very easily insurable and the rate was around $1700.

The only contingency in the sales contract was that the buyer could get reasonable ins.

I think I should be able to get the deposit check from the broker.
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Old 04-29-2002, 10:40 AM
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i think the contract needs to be written so that the deposit in non-refundable inorder to keep it. i had a similar situation with a truck and my lawyer stated that the depsit is refundable. i see more contracts stating the desposit is non - refundable. my next contract will be worded as such.
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Old 04-29-2002, 10:56 AM
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DUDE!

Let's take the deposit and DEPOSIT it at LACE!!!!

Who's in?
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Old 04-29-2002, 11:00 AM
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In my opinion it depends how big the deposit was,,, a couple hundred bucks you should be able to keep for your troubles, and the boat being off the market temporarily, and cancelling your ins, and having to reinstate it, so on and so forth. If it was in the thousands, I feel you should return most of it,,,,,, unless of course you had a written contract stating deposit non refundable as stated earlier. just my thoughts on it.
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Old 04-29-2002, 11:03 AM
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Every boat brokers contract I have ever read, clearly states the deposit is non-refundable. That doesn't mean everyone keeps the deposit if the prospective buyer decides to back-out, but if it says its non-refundable and he found very reasonable insurance(which it sounds like) then go ahead and pocket the money. Just my opinion. Good luck.

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Old 04-29-2002, 11:07 AM
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If its a few hundred bucks I saw its yours, if a few thousand, deduct a couple hundred for time and costs incurred, such as relisting, your time, putting ins back ......

my 2 cents
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Old 04-29-2002, 11:14 AM
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If that is the reason he back out, 1700 is not reasonable insurance?, I say keep it up to 1,000.00. Sounds like he had buyers remorse before he even bought the boat, or wife threw a fit? I say keep it.
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Old 04-29-2002, 11:31 AM
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Old 04-29-2002, 12:13 PM
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Is $1700 a year about right for the insurance on the boat?

As to the deposit, I guess it really depends on the entire situation, to which only you and the potential buyer are privvy to. Perhaps this guy got in a little over his head and didn't do all his homework prior to picking out a boat.

Good luck.
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Old 04-29-2002, 12:53 PM
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Ya it depends on the contract if there was one. If not then you will have to work it out with him I guess. I think if you turned away any potential buyers then your resoning to keep the deposit is a little more solid. If not then I would work out something with the guy basically saying that these are my expenses incured with this whole deal yada yada yada. How about you pay for half of his first years insurance???? I know not the best deal for you but maybe it keeps things going forward.

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