Boat sold where is the money?

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Adrianwool

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Recently sold my boat through a broker, new owner has sent deposit had sea trial, arranged transport for TOMORROW. Last week, broker ostensably had arranged remaining funds to be received by him 3 - 4 days in advance of the transaction. No funds in my account as of today, at what point would you panic, bearing in mind the transport company are due to onload and transport tomorrow?.
 
Adrianwool said:
Recently sold my boat through a broker, new owner has sent deposit had sea trial, arranged transport for TOMORROW. Last week, broker ostensably had arranged remaining funds to be received by him 3 - 4 days in advance of the transaction. No funds in my account as of today, at what point would you panic, bearing in mind the transport company are due to onload and transport tomorrow?.
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Don't know what standard practice is but no way would i let that boat go anywhere before funds are cleared into my account. Mind you, theres still 24 hrs to go so maybe no need to panic til end of play today maybe. Wow, thats cutting it a bit too fine for my liking tho.
 
would guess the broker would want to keep the money in his account for as long as possible but if it were me, i would be siting on them today to make sure it was sent by CHAPS today and no way would i let the boat go anywhere without cleared funds!

if its in a marina / boat yard, can you tell them not to load the boat under any circumstances until you confirm to them?
 
Has the broker received the funds into his client account? If so, I guess he'll complete the transaction tomorrow, allow the buyer to take ownership of the boat (by transporting it away), and transfer the funds to you, exactly as happens with a house purchase. I'd speak to your broker.
 
The crucial question we need an answer to, and which you do not comment on in your post, is whether the broker has received the cleared funds in his account. If he has, you must let the buyer load the boat onto the truck or you will be in breach.

It is legally of no concern to the buyer whether the broker has paid the funds on to you or whether broker still has funds in his own account. So long as buyer has paid broker, then buyer has fulfilled his side of the deal and if you do not let buyer take the boat you are in serious breach. Indeed, leaving aside the legals you would be behaving atrociously.

So the question is: where is the money. Is it in broker's account in cleared funds, or not?
 
As long as the funds are clear in the brokers account most of them can do a transfer that will clear immediately from their account to the sellers.

When we brought our boat earlier this year our funds did not clear on the brokers account until the day before it was due to be loaded on the transporter. The broker was then happy for the transportation to proceed and I assume he transfered the money to the seller.
 
Nick_H said:
exactly as happens with a house purchase.
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Except for the fact OP is exposed to credit risk/"Peters plc risk" with his broker*, which doesn't happen with a house due to law society coompensation fund. But let's not start off on that subject again - life is far too short :D :D. And in this case it's l'eau sous le pont because on this score OP has already made his bed so has to lie in it

*Edit: I think broker and transaction are in Portugal. I wouldn't fancy pursuing a broker who did a "Peters" on me where the broker was in a country whose legal system doesn't recognise trusts. I suspect OP is an unsec creditor of broker. Jeeze. What a situation to get yourself into. I even posted about this when I sold my first Sq58 thru a French broker, and made sure I didn't become an unsec cred of the broker. But it's too late here: this unsatisfactory bed is made and as i say must now be lied in... Best of luck to OP
 
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Firefly625 said:
what a horrible situation.... lets just hope its only one or two sleepless nights until the OP sees money in his account... :eek:
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Isnt the point of using a broker to have NO sleepless nights :confused: Only sleepless night should be in missing the old boat:D
 
Agree with jfm. In a typical boat sale contract, the broker is acting as the seller's agent and therefore as soon as the buyers funds reach the broker's account, title to the boat has effectively transferred to the buyer. If you are sure this has happened, then you should let the boat go. On the other hand, if you are not sure whether the broker has received the funds, do not let the boat go.
If the broker has the funds and he has not transferred the balance to you yet, then make a nuisance of yourself. Go to his office, demand payment, threaten legal action, do whatever it takes. This happened to me once. 2 weeks after a sale I still hadn't been paid out; the broker made every excuse in the book (computer malfunction, other director on holiday, breavement etc). I went to his office, told every potential customer that came into the office that the broker was a crook and sat there until I got a cheque. Luckily it didn't bounce as the broker went bust a month later
 
Well ladies and gentlemen, I have been to the brokers office today I have apparently been sent a payment which should show on my Portuguese account tomorrow.

I would never dishonour a contract and the purchaser will receive his goods of course, I have to lament a little because I am minded of the old Stock Exchange motto 'My word is my bond', this all changed post big bang and the 'sport' these days seems to be to unsheath your lawyer at the earliest opportunity, some would call this 'progress' I for one do not!. Still soon hope to have a Dale Nelson on the stocks, something to look forward to (I hope!!)
 
Well I can now reveal that the money has arrived!, why else would I get up this early?, other than to check account. Regarding new boat I am now in the position of being able to make a plan, once when I was young and foolish I made the mistake of owning two boats at the same time, not a good idea for those of you tempted to try it, especially in this market. Now I am old and foolish owing one at a time is as much as I am prepared to contemplate. Regarding the Dale Nelson I spent a good deal of time looking at the 45 footer presented at the show in 2009, it was THE boat as far as SWMBO was concerned, I think she used the word 'perfect'!, that description fits in pretty much with my thoughts as well. It would also be ideal for the Atlantic coast here, which can change from tranquil to challenging quickly. With the existing boat gone I am now in a position to consider a new 45, so we will see where we go from here, I may even describe the process from order to delivery on this forum, who knows?.

Good luck to those of you out and about this weekend in the UK, it looks like you are going to have some good 'summer weather' albeit late. I will have to sit in the marina bar this weekend and think my plan over while giving a couple of cold beers a good seeing to.

Happy boating!!
 
Really pleased to hear you have your cash :)

I obviously didn't want to post this link yesterday but it explains how Peters relieved clients of their cash.

http://www.ybw.com/forums/showthread.php?t=254190

Since the post some minor improvements have been made by some UK Broker organisations however THERE IS STILL NO COMPENSATION SCHEME IN PLACE AND IT IS STILL NOT ILLEGAL TO 'BORROW' FROM THE CLIENTS ACCOUNT (as long as the Broker says at the time he borrowed it he intended on paying it back ).

Seeing as you are out side the UK the above only highlights a problem for you and I hope jfm will explain the alternative 'escrow' solution to the problem for your future use and UK sellers alike.
 
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