Purchase deposit

T

TmBates

New member
Hello, from reading purchase advice on the site here it seems like putting a refundable deposit down is a fairly standard practice. Can anybody tell me how they’ve gone about this? Gentleman‘s agreement or some sort of escrow account? Appreciate any advice here. Thank you, Tom
 
I have generally done a Gentleman's agreement, However it is much safer to give a deposit. On one especially good price I wired a deposit to the seller's account and we did an E-mail contract. On the sale of my current 25 I knew the seller from C Brats and it was a gentleman's agreement for a number of months.

I have heard of cases where folks even with a deposit sold a boat for a higher price to another buyer. I consider this dishonest.

I have not used escrow accounts for the amount of C Dory (although as you get to the Tom Cat and larger boats, the 10% deposit coin is significant.)
 
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