Is a 10 Percent Deposit Always Required in a Brokerage Yacht Purchase?

I am considering the purchase of a boat through a yacht broker, and he has advised me that I must submit the offer with a 10 percent deposit. This is a fairly significant purchase, so a 10 percent deposit will amount to quite a lot of money. In light of this, I have two questions. First, does the deposit need to be 10 percent — or can I submit the offer with a smaller deposit, or even no deposit at all? Second, will I lose my deposit if I withdraw from the transaction? Yacht purchase transactions usually require a deposit, but there is no rule that requires the deposit to amount to 10 percent of the purchase price or any other amount. Like any other contract, a yacht purchase agreement requires the parties to exchange valuable “consideration.” If there is no exchange of consideration the contract is not enforceable. The courts will not evaluate whether the exchange of consideration provides equal value for each side, but the parties must exchange something of value. If a purchase agreement simply calls for the buyer to pay money and the seller to turn over the boat, no deposit is required. Consideration is exchanged when...