Having just closed the sale of my boat yesterday, I can claim to be a (temporary and specific-situation) expert. My brokers sales agreement provided for the buyer doing both a sea trial and survey. If for any reason the buyer was not happy, he could walk away from the deal taking his deposit with him. There was no language in the agreement about discovered items. It remained all up to how those items were negotiated. In my case, in a lousy power boat market and wanting to see the boat go away due to interest in other pursuits, I ended up (after some negotiations) agreeing to most of the survey items with an amount placed in escrow to cover the items. The buyer wanted to also have language requiring me to cover any costs that exceeded that escrow amount  in other words, he wanted me to turn over my checkbook to him. I insisted that I have no additional liability over and above the escrow amount. I preferred simply discounting the price equal to the amount of the escrow, but the buyer declined. It would have saved him tax on the escrow amount. I personally handed a copy of the survey items to be done to the boat yard foreman (who had made the estimate of repairs) to help insure that only the survey items were to be done. It would be nice to think that I will have some money come back to me, but Im not betting my life on it. A couple points: 1. Contract law will prevail in disputed situations, so if its not too late be sure you are satisfied with the sales agreement language. Change it if you want. If they wont agree, youll have to decide whether to walk or not. 2. The seller is paying the broker. It is my understanding that the broker has a fiduciary responsibility to the seller. Those responsibilities are defined by law. The reality is most boat brokers arent aware of its meaning and frequently violate its intent by acting in a way that can violate their responsibilities to their client, the seller. An example would be where the broker shares information about the seller with the buyer that should remain confidential . . . such as making statements like the seller has a sick spouse and feels compelled to sell the boat to pay medical bills. 3. This is a buyers market, especially for power boats, even for the Monk (by the way, make sure you spend some time on the Monk in a slip to see if you can handle the severe rolling motion in minimum wake situations). Do your best to control your emotions and be willing to walk away from the deal. 4. Brokers will charge their commission on the contract selling price, not the selling price minus the escrowed funds as in my example above. If that is something that a seller doesnt like, negotiate with the broker up front to change the language of the listing agreement. 5. In a pinch, some brokers will reduce their commission to save a sale. Its done in commercial real estate all the time. Im not suggesting working the broker. Some work very hard at what they do. But if you have reached your pricing limit and are preparing to walk, then it does present one last option to agreeing to a deal. I am not licensed to give legal or accounting advice, so seek you own council in these matters. But I did stay in a Holiday Inn Express last night! J Wright Treasure Island FL Now Boatless

Jeff- You mentioned the severe rolling motion with the Monk. How bad do you or anyone else think it really is? Michael Wilkie Grass Valley, Cal. 3. This is a buyers market, especially for power boats, even for the > Monk (by the way, make sure you spend some time on the Monk in a slip to > see > if you can handle the severe rolling motion in minimum wake situations). > Do > your best to control your emotions and be willing to walk away from the > deal.