Originally Posted by Lizzy Belle
Edit: unless you have a buyers broker, I keep forgetting that's much more common in the US. In that case, the broker works for you, finds boats for you to look at and you pay a fee for that. The survey
etc. are still fully your responsibility tho.
Well, it depends. You can hire a fee-based buyer's broker, or you can work
with a broker who will split the commission with the seller's broker, and then you don't actually pay your broker anything. In the latter case, who the buyer's broker really works for depends on state laws.
In some states, because both brokers are being paid by the seller, their "fiduciary duty" is to the seller, and only the seller. In some states the laws are that, even though the seller is paying, the buyer's broker has a legal
duty to represent the best interests of the buyer. So you need to know local law.
The real bottom line, though, is that brokers are working for themselves. They want to get a commission. So they have a vested interest in finding a way to get a deal done as quickly as possible. Even with a fee-based buyer's broker, the quicker he can get you into a boat, the quicker he can move on to the next buyer. That's always a good thing to keep in mind.