|Topic Review (Newest First)|
|02-02-2012 12:50 PM|
Everything is negotiable, including death and taxes.
Saurav, if you are buying a boat, don't worry about the broker. The seller signed a contract with them, that's not your concern. it is between the two of them.
If you sign a contract, that's something else again. Contracts, in theory, are negotiated between the signing parties and it is up to them to negotiate their own deal.
|02-01-2012 03:43 PM|
|Midnightflyer||It's never a bad idea to "Get it in writing" No matter what kind of transaction you are making. Good for the buyer and seller alike.|
|02-01-2012 03:26 PM|
Originally Posted by Sailormann View Post
I am sorry, as it appears you had a bad experience, but we dont crucify the whole of any industry due to some bad apples.
|02-01-2012 03:19 PM|
Originally Posted by saurav16 View Post
|02-01-2012 01:00 AM|
|prishi||Brokers ALWAYS work for the channel from where the commission is coming from!! The 'standard contract' will include clauses to make both parties feel it is all fair and square, but there is no way the broker is looking after your interests if you are not paying him. That is why they get a Sales Commission or a brokerage fees; though they may like to present it to you as 'fees'. It is not fees, it is a commission they get, from the Seller, and the 'first 10%' may be paid to the Broker and the rest is sent to the Seller, if the arrangement says so. But please don't fool yourself into believing that the Broker is working for you. If there is anything that is outright wrong, the Broker will point out that piece to you, but the broker is not going to do more. He needs the sale to complete!! Therefore, it is natural, that, if you want to protect your interests, find your own broker and hire him at whatever fees/rate you are willing to pay (over and above the sale price, whether it is a direct sale, or sale through a seller's broker). For the right boat and right price, you'll be happy to have had a broker on your side! It is like getting the Boat Surveyor more interested in the transaction and actually working for you.|
|06-11-2007 01:54 PM|
Originally Posted by xort
|06-10-2007 10:18 PM|
Just to be picky, the broker works for...the broker! If they can screw somebody to their benefit, they will.
Take a sellers broker. You'd think they would want to get you the best price so they get the most out of their 10%. NOT. They want the quickest sale they can arrange. Dropping the price 20% costs them very little but can accelerate the sale. You get screwed.
As for rates, 'round here the rate is 10% with a minimum. I saw minimums from $1500 to $2500. This makes the situation even worse. Lets say you are selling a $15,000 boat. 10% is $1500. The broker may have a $2000 minimum so he won't care if the boat sells for $10,000 if you agree to the $2000 minimum. He then tries talking you into the lowest listing price he can sucker you into. He's guaranteed his $2000 no matter what.
|06-10-2007 09:36 PM|
broker sales contracts
If you are a buyer, remember that both brokers, the listing broker and "your" broker are getting paid by the seller. They are both technically "sellers' agents". They get paid by getting you to buy the boat. There are many honest brokers, they are just people, after all.
Many brokers use standard purchase/sale form contracts that are generally seller favorable. One of the really big things I've noticed is that the purchase and sale agreement says that the seller is making no warranties or representations. You have the right to, for instance, require the seller to state in writing that he is not aware of any material deficiencies in the boat, that he is not hiding or failing to disclose something important. This is an important concession to get from the seller, even if you have the boat surveyed. If might be hard to prove the seller knew something he didn't tell you, but you are a lot better off putting the seller on the spot before signing on the dotted line and making sure the contract language states that the sellers' warranty survives closing.
You have the right to add addendums and clauses for things that are important to you as a buyer, to move the deal away from a "caveat emptor" type of deal.
|04-05-2007 08:49 AM|
Some of the items in the contact that protected me are:
The sale includes the yacht and all equipment on board and in storage. This equipment will be available for the BUYER'S inspection / survey and will constitute the full inventory to be delivered with the YACHT at closing.
Regarding the survey:
The SELLER agrees to make the yacht and equipment available and ready to survey. The broker recommends that the BUYER employ the services of an accredited marine surveyor.
Acceptance of the yacht:
If the BUYER shall be deemed to have rejected the yacht, the deposit will be returned promptly.
1. That he has full power and legal authority to execute and perform tis agreement and that he good and marketable title to the yacht.
2. That the yacht will be sold free and clear of any mortages, taxes, fees, lients, bills, encumbrances, or clames whatsoever, and that if any such obligation remains outstanding at the CLOSING, they will be paid from the proceeds of this sale.
3. That he will pay the BROKER at closing, a fee equal to 10 percent of the SELLING price, and authorizes the BROKER to deduct this fee from the DEPOSIT.
There is other such language in my first contact (don't have it handy) that specifies dates to be made, etc.
|04-04-2007 10:54 PM|
|Sailormann||Even in a case where the contract includes a holdback to ensure that all systems are operational and the boat is as represented, it can be very hard to get the broker to compensate for deficiencies...|
|This thread has more than 10 replies. Click here to review the whole thread.|