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Concerns about buying a yacht from a private party without a broker

I am buying a yacht in California from a private party without a broker, and the seller’s attorney drafted a two-page purchase agreement. I am a little concerned about whether the agreement adequately addresses the issues that are relevant in this kind of transaction since the agreements that are used by yacht brokers are typically six or seven pages long. I am sure that a lot of the provisions in the longer contracts are designed to protect the broker, but what are some of the issues that I should be looking for in a shorter contract? Also, the seller has asked that I pay a deposit, but he wants to hold the deposit himself rather than depositing the funds in an escrow account. That idea makes me a little nervous since the deposit would need to be returned to me if I reject the boat after it is surveyed. Is there some way that I can protect those funds?


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