I am a broker in Georgian Bay,
Ontario,
Canada. Your question is valid. How do you know if the seller is reputable and ethical?
In our case we have a contract that spells out who is responsible for what. We would become the exclusive broker for the boat and they sign to that effect and promise not to try to pull anything
funny by doing an end-run, ie: "Oh, this guy offered to buy the boat before I listed it with you and now I want to honour my word..." or "we had a deal in place before" etc...
The way our contract is worded, if I show the boat to a client that I have cultivated, on behalf of the seller, and then both wait for the contract date to peter out, and then they strike a deal on their own, I have the right to sue the seller for the
lost commissions. I brought the buyer to the table. Would I? Depends on the amount. If it's not a lot I'd let it go but make it known I know what they've done, and word would get around. If, however it is a Big deal boat, with a high commission, damn right I'd sue. That's why I keep an exhaustive paper trail of all dealings.
I do know of a recent case where brokers made a deal, contract signed by both, deposit made and they were waiting for the
survey to be conducted, and then the seller found another buyer on his own who upped the
price and the seller then tried to get the first buyers to make a higher bid, starting a bidding war. That case is winding it's way through the courts. A storm of feces surrounds this one.
I wouldn't touch your case with a ten foot boat hook without having something signed by the seller and witnessed, maybe even notorized, indicating you are the exclusive representative of the boat. Bearing in mind that before you undertake this you should insure nothing, and I mean nothing, about that boat is going to come back and bite you in the ass. I'm insured, you wouldn't be.
If there are warts, don't try to hide them. Go aboard before you agree to anything and look it over with the critical eye of a wary, knowledgeable buyer, if the boat is a name-brand see if there is an owner's forum and ask them what common problems the make has, check to see what others are going for on Yachtworld or the independent market. And definitely recommend a survey be conducted by the buyer.
And as mentioned above, both seller and buyer will meet each other at the Sea Trial. A lot has to do with the integrity of all involved. Good luck.