Canopy Locked
Well-Known Member
Hope that there might be someone who has trod this path before. Selling one of our workboats to Germany. Would one use a broker or legal firm to hold payments in escrow? recommendations?
Selling a boat to Germany - payment / legal issues
- Thread starter Canopy Locked
- Start date
Solent Sailor
Well-Known Member
Why do you need escrow at all? What is the contingent event that necessitates this?
If a conventional sale/purchase where a deposit is paid prior to sea-trial/survey etc. then the (vendor's) broker is the normal holder of the deposit, but I have seen instances where the purchaser doesn't trust that particular broker, in which case an alternative was sought (but from recollection, not found!). In the commercial world, there are escrow providers, but they do charge a commission which puts people off normally.
Is there a way to avoid this? If the boat is in the water, then can it be sea-trialled now with an agreed amount handed over immediately to cover fuel and crew time, for instance? If ashore, can the survey proceed without a deposit? I've done both of these things without any issue in the past.
If a conventional sale/purchase where a deposit is paid prior to sea-trial/survey etc. then the (vendor's) broker is the normal holder of the deposit, but I have seen instances where the purchaser doesn't trust that particular broker, in which case an alternative was sought (but from recollection, not found!). In the commercial world, there are escrow providers, but they do charge a commission which puts people off normally.
Is there a way to avoid this? If the boat is in the water, then can it be sea-trialled now with an agreed amount handed over immediately to cover fuel and crew time, for instance? If ashore, can the survey proceed without a deposit? I've done both of these things without any issue in the past.
Canopy Locked
Well-Known Member
Reason for Escrow - There's no sea trial the offer is for 50% before departure and 50% on delivery - problem is once you've steamed x100 miles across the North Sea, it's a bit of a PITA if the buyer then turns around as says no, only going to pay 80% of the balance. Also looking at it from the Buyers point of view it would be a bit strange to pay 50% upfront (a 6 figure sum in itself ) and not have any guarantee that we'll deliver.
So I think at some form of 3rd party money holding will be required - just wondered if anyone had ideas about companies in this profession.
So I think at some form of 3rd party money holding will be required - just wondered if anyone had ideas about companies in this profession.
BartW
Well-Known Member
Why would you cross the channel first? why can’t the buyer come over to uk for a sea trial?