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Closing the sale of my boat ???

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Old 09-13-2006, 10:39 AM
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Default Re: Closing the sale of my boat ???

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Originally Posted by Sydwayz
FTM are stand up folks. As with any marine business, they have had their share of ups and downs, and PO'd customers; but I don't think they are trying to pull one over.
I dont think so either but it's not how I have learned to do a transaction like this.

She wants me or my broker to fly there for a saturday closing. Even this would not work because the funds would not transfer until monday. And a Cashiers check would take a few days.

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Old 09-13-2006, 10:41 AM
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Default Re: Closing the sale of my boat ???

Have them wire the money to your account and then you send all the title. That's how all my car.boat/truck sales have gone.
congrats on selling the boat.
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Old 09-13-2006, 10:42 AM
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Default Re: Closing the sale of my boat ???

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Originally Posted by t500hps
There is a broker on both ends of the deal......let them work it out. You'll sign it over once you are paid. (Isn't this what THEY are being paid for???? )
Thats what I was thinking! 10% fee too!
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Old 09-13-2006, 10:48 AM
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Default Re: Closing the sale of my boat ???

Sorry to jump in, but how does that work with a broker at both ends, do they split the 10% fee or do they each get 10?
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Old 09-13-2006, 11:04 AM
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Default Re: Closing the sale of my boat ???

Whatever happened to "you bring cash, I'll bring the boat and title?"
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Old 09-13-2006, 11:11 AM
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Default Re: Closing the sale of my boat ???

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Originally Posted by wananewboat
Sorry to jump in, but how does that work with a broker at both ends, do they split the 10% fee or do they each get 10?
They Split it.

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Old 09-13-2006, 11:26 AM
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Default Re: Closing the sale of my boat ???

It worked for me just like buying & selling a house. SOmething like this if I understand it correctly. The check is made out to the lawyer & The title is signed. Once the check has cleared & the title is deemed clean (both by the lawyer), the the transaction takes place w/ the lawyer paying the seller & handing the title over to the buyer.

FWIW, we purchased our boat (formula) from FTM & they have been good honest people to deal w/
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Old 09-13-2006, 11:29 AM
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Default Re: Closing the sale of my boat ???

You have two brokers and neither is or has put the cash in a esgrow account, I would tell them right now to give you proof that the money is in esgrow, or the deal is off. I mean crap its not rocket science, this is what their commission is for.

Or I would counter with the offer, one broker fly up to you with $100 doller bills and you will sign the title and he can carry it back.

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Old 09-13-2006, 11:45 AM
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Default Re: Closing the sale of my boat ???

No money first, no deal.
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Old 09-13-2006, 12:19 PM
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Default Re: Closing the sale of my boat ???

Your agent (selling agent) works for you to sell your boat.
The buyers agent works for him.

His agent made the sale, so your agent has to split the commision. The % he gets is not only for advertising your boat but also for protecting your interest.

Process should be that an offer to purchase be presented, usually in the form of a purchase agreement which is contingent on sea trial and survey. This will be accompanied by a 10% or so deposit which is placed into escrow. The buyer should then complete the trial/survey and either accept the vessel or ammend the purchase agreement due to extensive problems.

Once vessel is accepted your money should be placed into escrow, funds should be cleared and all titles/documentation should be cleared before any money is disbursed to you or the brokers. The buyer usually is charged a small fee for the paperwork etc. Once everything checks out and the title is cleared for transfer the broker should release the title and disburse all funds.

The listing broker works for you, you are the one paying the commissions, they should be protecting your interest above trying to close a sale.
 
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