Often a Broker, or any reasonable person, examines the legal aspects of particular situation only to be left with the feeling that they have just looked down a rabbit hole into a Lewis Carroll inspired wonderland. The reason is that frequently the law and reality have nothing to do with one another. In the reality of a broker’s world, a deal is not rejected and a contract survives even though the buyer may want a few fixes after survey. The buyer will frequently “conditionally accept” the vessel as long as this or that is fixed. The law sees this in a way which is different than the reality of brokerage. From the point of view of the law, the buyer made an offer which was accepted by the seller, at which point, there was a "meeting of the minds". The meeting of the minds included a term allowing the buyer to later reject the vessel, ending the contract, with no penalty. That is what the buyer does with the conditional acceptance when it is used in place of an addendum.
It’s terrific to get together with fellow industry professionals. I am always grateful to Vin and his staff for arranging these meetings. On this occasion, one topic really captured my attention.
The national Certified Professional Yacht Broker (CPYB) program, supported and sponsored by all seven broker associations in North America, recently welcomed John Adey, President of the American Boat and Yacht Council (ABYC) as a member of their Certification Advisory Council.