I've read this thread with interest but I am still confused. The obligations of an agency (broker) seem pretty clear. What is not clear is when you say, "We were working with a broker."
Buyer - Did you have an agency agreement with the broker? If so what did it say about how he got paid? Maybe when you look at a boats you should carry around a blank purchase agreement and be prepared to get signatures. You could write in something like, "Parties agree the purchase price
is X. Downpaymet of Y% in 36 hours. Caveats on inspections. etc."
Seller - Did you ever reach a verbal agreement. Almost impossible to hold up in court but before the broker wooed him did he say anything like, "OK I'll sell you the boat for X." The 10% broker fee now becomes the sellers problem. If he wants to ask 10% higher in the hopes he can get greater than 10% more by using a broker, that's his option but to be so blatant as, "The buyer needs 10% so you (buyer) have to cough up." is wrong. Especially if he made a verbal contract
You need to decide if you had a verbal agreement with the seller and whether you are willing to pursue in court.
Broker - This one gives brokers a bad name. I would never use a broker representing both sides. Impossible situation. If you did not have a written agreeement with the broker, why did you take him to the first viewing of the boat? Maybe you had a written agreement and it was just bad luck to have this broker.
One thing I am learning
fast is that boats are a learning
experience. Even the buying
of a boat is a learning experience. Maybe you chalk this one up to "I learned a lot about buying
a boat from my "first" boat"" and move on.
It is interesting that the seller has come back to you. Maybe the next buyer isn't working out?
Anyway, You could send him a sales agreement, valid for 30 days with your price
, and see what happens.
Me - I'd move on. I don't think the seller has much integrity either and that makes only one decent party to the transaction...