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Entries in transaction (1)


10% Deposit on Purchase And Sale Agreements Not Set In Stone

Another great post from David Weil:

He's right.  Even though most brokers require a 10% deposit in order to present an offer to a boat owner, there is nothing magic about that number.  In order to be enforcible, the law requires something of value to be exchanged by both parties.  In a typical P&S an owner is taking the boat off the market in exchange for a potential buyer potentially buying the boat.  In order to be enforcible, that potential buyer has to put up more than just "potential."  That is where the deposit comes in.