Is this right?

[KREW2]

Good bit of info, I have just checked, and the broker I am using does have a client account. How then do I know that the buyer has paid into that account.
God! old age makes you cynical.

 

[Alfie168]

A good broker should not mind showing you the relevant entries in his bank statement if you ask. Normally though...this is where the trust bit comes in. If the broker assures you the money has been paid and is in the client account, then we all tend to believe him. He is acting as your agent and has to act in your interests.

Were I a broker I'd feel quite happy to provide any reasonable proof requested. It is a lot of money after all.

Tim

 

[David_Jersey]

No reason why the money cannot be received by broker and then paid out to vendor same day as title transfered. If broker says he can't their is a reason for that.........but I can't think of a good reason.

Whilst I would be happy to give a signed bill of sale to the broker in advance with other title docs (to check in advance and to hold in Escrow - until I ok it's release) I would not want the boat moving anywhere until cash into my own account........a tricky one to deal with in practice once no longer yours

 

[KREW2]

My point exactly.
It is my boat, so to speak, sitting in its cradle at our club. The broker has the money, and handed title to the purchaser. If, for some reason I was not paid I would be powerless to stop the "New Owner" relaunching the vessel and taking it away.

 

[Ubergeekian]

Nowhere have I said I do not trust the broker, what I am saying it seems an odd way to conduct a sale. As I said in an earlier reply. The buyer has the boat, the broker has the cash, all I have is a promise.

A promise all you have if the money is in your bank account. If you want to be really safe, insist on payment in gold bullion. And get it assayed.

I'm in the process of buying a boat. To do that I have to hand over £donttellmywife,000 to a broker's client account. I can't see that that is any more or less problematic than a seller having their money there for a bit.

As someone else said, if you don't trust your broker to pay you, don't use that broker.

 

[maxi77]

Nowhere have I said I do not trust the broker, what I am saying it seems an odd way to conduct a sale. As I said in an earlier reply. The buyer has the boat, the broker has the cash, all I have is a promise. I can however see how it could work the other way. I have the cash in my bank, slip my moorings and sail away. I see no reason for not issuing a bank cheque to be handed over on the exchange day.

Though that lack of trust is implied by the question. One presumes you have a contract with your broker and you freely entered into that and discussed the terms with him. Why now well through the process, which you presumably agreed to are you questioning it. Had you wanted a different arrangement you should have arranged that with the broker before signing up.

Now when I sold my last boat the buyer gave me a cheque and wauited till I had cleared funds before I gave him the keys etc,. When I bought my present boat I paid my money direct into the brokers client account and picked upnthe keys and bill of sale the next day.

Brokers prefer to see the cash go through their accounts as it guarantees their commision, but in theory there is no reason for the buyer to be asked to make two payments, one to you and one to the broker.

Equally there is of course no reason why as soon as cleared funds are in the brokers account then a transfer can be made to your account by the broker. It cam all be done on line these days