Originally Posted by JusDreaming
A friend of mine bought a Island Packet
from the owner. He handled the survey and haul-out. Then they just did a bill of sale
and transferred federal docs and that was it.
While this type of a transaction can occur, it is rare and, more importantly, provides no protection for either party if something goes wrong. What if the haul out
damaged the boat? What if buyer walked away and didn't pay for the haul out
? The best protection is a well drawn, thoughtful, sales agreement. I have sold 2 sailboats on my own. In both cases the key was the level of maintenance
and care that my boat exhibited. Once the Buyer realized that my boat was extraordinarily well maintained, it sold itself. Then, I had in hand a well drafted agreement that favored me, the seller. Similarly, I have purchased several boats without a broker. In those cases I drafted the Purchase
Agreement and made sure it favored me, the buyer.
Remember, the objective of the broker's contract
is not to protect either the seller or buyer. It's purpose is to protect the broker and to make sure that neither the seller nor the buyer have too many exit points since the broker only gets paid if there is a sale. Just because the brokers agreement is printed (mostly) that doesn't mean that you can't delete, change or add terms, whether you are a seller or buyer. As a seller, before you list a boat with a broker you should read his sales contract
first and make sure that your changes will be accepted by the broker. Yes, I know that brokers will argue that they add a great deal to the transaction. But, in today's world where you can reach the entire planet via internet
, the amount a broker adds is minimal... unless you are lazy or very rich.