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Brokerage Settlement Information

Old 07-29-2003, 09:31 AM
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Join Date: Oct 2002
Location: Maple Glen
My Boats: 1994, Formula LS 232
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Question Brokerage Settlement Information

I'm in the process of selling my 1994 232 LS. I have the boat at a broker and they have a buyer. I have not seen a agreement of sale or anything like that. I have to secure a loan to make up the difference to pay off the boat loan. I have never delt with a broker before. Should they be showing me proof that they have a buyer? I don't want to go through the hassale of getting the loan only to find out the buyer walked away from the deal.
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Old 07-29-2003, 11:17 AM
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Join Date: Apr 2001
Location: Annapolis MD
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If they have a firm (ie written) offer they should be forwarding it to you for review and/or approval.

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Old 07-29-2003, 12:33 PM
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When I brokered my Fountain it was all in writing what was going to happen. I had settled on a price that I wanted cash and anything over and above it they kept. That was one option. The other one was a 10% fee based on what ever the boat sold for.

Since I already knew what I wanted I just set that as the minimum.
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Old 07-29-2003, 01:11 PM
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Default Brokerage

You should make sure there is something on paper first. At the dealership that I work at (SeaRay) whenever there is a brokered boat that is sold, everything has to be on paper and the seller has to sign off on it as well as the buyer. This way both parties know exactly what will happen as well if there are any contingencies...such as financing.
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