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Old 29-08-2019, 10:03   #1
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Question about boat broker agreement

Hello Forum;

Question: How do boat brokers keep sellers and buyers apart?

I have an auction website. I advertise on Facebook. I have been selling things like antiques to the local community.

There is a person who has a Bryant boat. It looks like it may be worth close to six figures.

The owner is interested in me selling the Bryant boat for him. There is no way for me to know if the seller has integrity.

Several years ago I was a real estate broker. I listed an small apartment building for sale. The buyer and the seller communicated without my knowledge. They waited until the listing expired and then closed the deal.

I am trying to figure how to keep the same thing from happening with boats.

Thank you in advance.
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Old 29-08-2019, 10:07   #2
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Re: Question about boat broker agreement

Pretty much impossible unless you have an exclusive listing contract with the seller. Then it's still impossible, but at least you can sue (or threaten) if he goes around you.


I believe we do have one or two boat brokers who frequent this forum, so maybe one of them will chime in.


Good luck.
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Old 29-08-2019, 13:34   #3
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Re: Question about boat broker agreement

After your brokerage contract expires anything goes anyway
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Old 29-08-2019, 14:59   #4
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Re: Question about boat broker agreement

everybody knows each other after the survey .. but not before that.
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Old 30-08-2019, 10:29   #5
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Re: Question about boat broker agreement

When I used a broker there was a clause that stated that any person the broker had shown the boat to, the broker was entitled to the commission. Even if the sale happened after the sales contracts has expired.
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Old 30-08-2019, 10:49   #6
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Re: Question about boat broker agreement

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.
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Old 08-09-2019, 10:44   #7
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Re: Question about boat broker agreement

Thanks to everyone for contributing. I appreciate the information.
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Old 08-09-2019, 18:37   #8
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Re: Question about boat broker agreement

Quote:
Originally Posted by john61ct View Post
After your brokerage contract expires anything goes anyway
Except that portions of the contract survive the end of the listing. Usually they include commision due if the boat is latter sold to anyone the broker brought to the boat.

For example
Quote:
xxxxxx shall be the exclusive marketing broker and agent for sale of the above vessel. This agreement shall
continue until boat is sold. Either party may terminate this agreement upon 60 days written notice. It is agreed and
understood that Broker is entitled to its full commission should any party produce a purchaser, ready, willing, and able to
consummate sale. Broker is still entitled to full commission if sale is consummated after this contract is terminated but with
a prospective purchaser produced by any party while the contract was in effect.
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Old 08-09-2019, 18:56   #9
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Re: Question about boat broker agreement

I have bought and sold a number of boats over the years and have avoided the hassle of dealing with brokers, many of whom are not beyond trying to get their hands on a commission after doing absolutely SFA towards making a sale!
Generally, I have found them to be money grabbing dishonest folks who do nothing but trying to get unsuspecting buyers and sellers to sign exclusive contracts then sit back and let others do the leg work to put a sale or purchase together.
A plague on all of them!
Phil
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