cataldo
Well-Known Member
hello again,just wondering after broker sells your boat to his client is it normal for seller to recieve payment for boat before it leaves sellers custody.
when to get paid
- Thread starter cataldo
- Start date
peterb26
Well-Known Member
I have always had an agreement with the broker that I will not release the boat until cleared funds are received by them - and that at the earliest opportunity (worst case - next working day) then they CHAPS me my monies.
I have to add, I have always used the same broker and I have faith in them.
If you put yourself in the buyers position - once they have given cleared funds to the broker, they want possession of your boat asap.
I have to add, I have always used the same broker and I have faith in them.
If you put yourself in the buyers position - once they have given cleared funds to the broker, they want possession of your boat asap.
Its_Only_Money
Well-Known Member
Surely if the broker is acting as the sellers agent then when he has the funds ownership has transferred so whether the boat is released or not isn´t up to you - its the buyers boat!
alan006
Well-Known Member
The best thing to do (IMHO) is in the paperwork, specify the point of sale. I think the best solution for modestly priced boats is to say the point of sale is on receipt of cleared funds by the broker and completed Bill of Sale by the seller. This keeps it simple and safe for both parties. If you don't clearly specify the point of sale then there is the possibility of innocent misunderstandings or worse.
I know as a seller you want to have the point of sale as early as possible so the deal is done, but better to have a safe deal than end up in court.
I know as a seller you want to have the point of sale as early as possible so the deal is done, but better to have a safe deal than end up in court.
Andrew_Fanner
Well-Known Member
10 days and counting. Allegedly monies xferred last Friday. Despite having been paid by plastic the previous Sunday. I'm not happy and have said so, not even seen an account. Brokers don't see this as their problem. I do.
cataldo
Well-Known Member
why can it not be that buyer pays owner his money direct and broker his comission direct at the same time.
alan006
Well-Known Member
Nothing I've said is an excuse for brokers to delay transfering funds to sellers. If you feel they are behaving poorly ( and from what you've said I see your point of view) then I would get on their backs and push for action. Waiting 10 days from completion for payment is very poor.
I was asked by one chap about having the point of sale when the buyer passes the final cheque. The worry here is that if the cheque bounces then the boat has changed ownership and the seller would have to take legal action to recover the funds. ( What if the buyer simply hasn't got the money....the nightmare senario). I know the situation is more complicated on higher value boats so this simplied approach would not be so relevent. The other problem IMHO with legal action is that it takes time and money and in the meantime you are in limbo till its sorted.
I was asked by one chap about having the point of sale when the buyer passes the final cheque. The worry here is that if the cheque bounces then the boat has changed ownership and the seller would have to take legal action to recover the funds. ( What if the buyer simply hasn't got the money....the nightmare senario). I know the situation is more complicated on higher value boats so this simplied approach would not be so relevent. The other problem IMHO with legal action is that it takes time and money and in the meantime you are in limbo till its sorted.
alan006
Well-Known Member
I understand why this might seem attractive, but I think you could get into problems with this. As a seller if the broker releases the boat and paperwork and did not receive all the funds how could he accept responsibilty if there was a problem with the transfer to the seller?
Also many buyers feel safer transfering funds to a broker rather than a private person. If you want to sell privately then thats one thing, but if you use a broker let him get on with it or one person will assume the other has done such and such and mistakes can be made.
Also many buyers feel safer transfering funds to a broker rather than a private person. If you want to sell privately then thats one thing, but if you use a broker let him get on with it or one person will assume the other has done such and such and mistakes can be made.
Searush
Well-Known Member
Hmmm, the longer the cash sits in the broker's account, the more interest it accumulates . . . .
. . . Whyever would he want to delay cash transfer then? Ha Ha, it's the same reason the banks choose to take 3 days for an electronic funds transfer!
. . . Whyever would he want to delay cash transfer then? Ha Ha, it's the same reason the banks choose to take 3 days for an electronic funds transfer!
gjgm
Well-Known Member
well, on £50000,as a benchmark, maybe he is earning £8 a day...
Sure if he has 50 boats going through, its significant, but this isnt HSBC we are talking about.
Sure if he has 50 boats going through, its significant, but this isnt HSBC we are talking about.
Searush
Well-Known Member
[ QUOTE ]
well, on £50000,as a benchmark, maybe he is earning £8 a day...
Sure if he has 50 boats going through, its significant, but this isnt HSBC we are talking about.
[/ QUOTE ]
True, but 10 days = 80 squid per sale, for literally avoiding doing anything. Sounds like a useful contribution to revenues to me.
well, on £50000,as a benchmark, maybe he is earning £8 a day...
Sure if he has 50 boats going through, its significant, but this isnt HSBC we are talking about.
[/ QUOTE ]
True, but 10 days = 80 squid per sale, for literally avoiding doing anything. Sounds like a useful contribution to revenues to me.
Nick_Pam
Well-Known Member
IMHO 10 days is FAR too long.
My last sale was completed to the broker via CHAPS on one day and his transfer to me was triggered the same day (with documentary proof via copy of bank CHAPS transfer authorisation via email) on the same day - I actually received the money 24 hours later.
He already had the signed Bill of Sale with specific written instructions not to release said document until CHAPS transfer in was complete.
OTOH during the purchase of a new boat, it will not leave the factory on its delivery journey until funds have been paid over through broker/dealer to factory...at lease that's the way Jeanneau play it.
My last sale was completed to the broker via CHAPS on one day and his transfer to me was triggered the same day (with documentary proof via copy of bank CHAPS transfer authorisation via email) on the same day - I actually received the money 24 hours later.
He already had the signed Bill of Sale with specific written instructions not to release said document until CHAPS transfer in was complete.
OTOH during the purchase of a new boat, it will not leave the factory on its delivery journey until funds have been paid over through broker/dealer to factory...at lease that's the way Jeanneau play it.