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Yes Wheels, we were introduced to the boat by the broker, even though we have had long visits with the owners, and as I live or die by commissions, there's no way I would try to cut him out of the loop.

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Too busy during Coastal running this bloody website. :D

Apart from a test sail we will be lucky to get up there once more before Xmas (the house selling is very busy), but I'm hugely focussed on the Xmas cruise. As the girls get older (Nancy now fully employed and living in the city, Ana starts at Uni of Ak next year) it becomes rarer for us all to get together at the same time for more than a short period so I do want to make the most of this one. Their main concern is where will we be for New Years and will there be fireworks.

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Smoke house bay is good for new years. BYO fireworks :thumbup:

 

But the best new years I have had is at the mercs party :D

 

If you can fit your superyacht in the bay it is defiantly worth a look.

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I guess he thought he was doing a better deal for his client, and I know my deal is pretty scruffy, but I tried to explain that the boat market is a bit slow and it could be a long wait for the next buyer.

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Tell me more about the Mercs party??

 

 

All jokes to the joke thread (this one is all mine :lol: ), but feel free to crucify lawyers.

 

Michael Fay usually throws a big party in his barn. If you are anchored in the cove on new years eve a jet ski comes around to all the boats inviting them to the party

 

It's epic :thumbup:

 

Can't wait to get back there

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Awesome.

Maybe the two of you could write your own Legal contract and then have it witnessed. I have no idea how legally that would stand.....any comments DnE????

 

Its a strange thing this, but in some ways, if you are not going to use a solicitor then it can be best to have as little formalities as possible. It can be that if informal agreements go to court and there is some sort of contract, then judges are willing to act in a common sense way and 'read in' to the contract, terms which would have been appropriate. If you use a lawyer or any other kind of professional (even a broker), then the court will take the agreement absolutely literally, meaning if something is in there you didn't fully understand or didn't really mean, the court will still enforce it.

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I'd stil want something in writing if I were either side of this deal. Mainly because it's a long-term arrangement and people have a habit of changing their minds or changing their circumstances. What if something happened to the vendor halfway through the deal and someone else (family, solicitor) stepped in and decided to change things. With nothing except a verbal agreement in place, you could be vulnerable.

 

So painful though it might be at the beginning, getting something in writing would give more protection and peace of mind longer-term.

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I'd stil want something in writing if I were either side of this deal. Mainly because it's a long-term arrangement and people have a habit of changing their minds or changing their circumstances. What if something happened to the vendor halfway through the deal and someone else (family, solicitor) stepped in and decided to change things. With nothing except a verbal agreement in place, you could be vulnerable.

 

So painful though it might be at the beginning, getting something in writing would give more protection and peace of mind longer-term.

 

Just to be clear, I wasn't suggesting a verbal only agreement, you can have written contract that doesn't involve lawyers. But... its gone too far gone for that anyway, a broker is involved and a lawyer has been consulted - so you pretty much have to follow through. Like you say, a pain up front but worth it the long term.

 

I understand from Ogre's first comment that this will be something like a payment up front followed by a periodic payments for a term. So a standard broker's contract (Dan's earlier comment) is unlikely to fit.

 

It would be worth just thinking in layman's terms about what could go wrong and what protections both parties would need. A flavour of what I would want to discuss:

 

First agree what the total sale price of the boat is, then the size of the initial payment, and how many more how often. Decide whether future payments will be inflation linked. If the agreement stretches over many years then if not inflation linked, payments in the future will be worth significantly less over time.

 

What happens if the boat is destroyed/rendered worthless for any reason. The seller will still want to be paid, so I would want a mandatory level of insurance set in the contract (as a seller), so I know that if the worst happens you will still be able to pay me. You want a clause to make sure the boat is maintained in a 'reasonable' condition for the same reason - if it just faded away for lack of maintenance then insurance wouldn't pay out for that.

 

You could consider having a break clause - like what happens in the event of the payments stopping (you out of work, health etc) - could also be covered by income protection insurance. Can the seller repossess his boat, buy you back out etc.

 

Isn't the Ogre a real estate agent anyway? He'll have loads of lawyers in his pocket no doubt, they probably all go to the same bars (with the politicians) as they're not welcome anywhere else :lol: That's a joke, some of my best friends are lawyers and estate agents (oh no, actually they're not)!

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Make sure you read all the fine print Squid. I took Income protection many years back and then found out that I could not claim anything till AFTER I got back into employment and then it was only covering 3 or 4 mths at a time. For what I was putting into it, I figured it not worth it. That was many yrs ago now and policies may have changed for the better now perhaps. But still check it carefully.

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Interesting. I have never bothered with it before and all I want is to have his debt cleared if I have to stop work fo rany reason in the next say 3 years. I'll have to start shopping.

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It's true, a lot of IP/sickness policies require you to practically be a vegetable before nthey pay out.

 

Also confirm whether they pay a trickle (% of your average monthly income) or a lump sum. And remember if you are heavily commission-based check how they calculate your average income as this can be volatile. For example, if it's based on your last 3 months earnings before becoming ill/injured, if you've had a bad 3 months that might be a low payout. :shock: Also check what form the payout takes. If you are temporarily ill, it usuallys pay a trickle, if you're terminal they usually pay a lump sum.

 

So lots of Qs for you to ask Ogre. I'll got some spare time so will give you hand if you want - if you reply to my PM a coupe of days ago! :D

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It's true, a lot of IP/sickness policies require you to practically be a vegetable before nthey pay out.

 

Also confirm whether they pay a trickle (% of your average monthly income) or a lump sum. And remember if you are heavily commission-based check how they calculate your average income as this can be volatile. For example, if it's based on your last 3 months earnings before becoming ill/injured, if you've had a bad 3 months that might be a low payout. :shock: Also check what form the payout takes. If you are temporarily ill, it usuallys pay a trickle, if you're terminal they usually pay a lump sum.

 

So lots of Qs for you to ask Ogre. I'll got some spare time so will give you hand if you want - if you reply to my PM a coupe of days ago! :D

 

Alternative (and probably already thought of) is payment protection rather than income protection insurance. Then cover for the repayments is fixed and variation in pay is not an issue - not sure if these only work in relation to recognised loan products though. Probably amounts to the same thing as a fixed payout income protection policy I guess.

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