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Old 02-16-2012, 01:21 PM   #1
Join Date: Jan 2012
Home Port: Ny
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Default Questions on brokers, and sellers. We are in the process of buying

What are the rules concerning brokers and owners? We have a contract and a down payment on a boat. Can an owner sell to someone else while this is active? We are worried, thought the deal was done...and now are not hearing anything from owner...neither is the broker. Does anyone know the laws about this?

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Old 02-16-2012, 04:21 PM   #2
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Vessel Name: SV Mahdee
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Unless you signed an agreement with the broker (which included giving him/her some money) saying the broker is representing YOU, then you must assume the broker's responsibilities are to the seller. That means to get the seller the best price, etc.

Having said that, what does your contract say? Usually there's a date by which you've got to complete the transaction. Is there? Has it passed? Typically the earnest money that you provide is enough to keep them honest and they won't try and get out of the deal since you can typically take them to court for breaking the contract.

The broker should be keeping the earnest money in an account rather than giving it directly to the owner. Is he? If the owner has your money, then you and that broker do need to quickly track down the owner and figure it out.

The laws that govern your transaction are the laws of the state that the contract was signed in and the transaction is taking place in (assume these are the same state that you live in as well). Nothing special and "boat-y" about that.

Fair winds,

"Do or do not. There is no try." - Yoda

What we're doing - The sailing life aboard and the Schooner Chandlery.

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Old 02-16-2012, 05:58 PM   #3
Join Date: Jan 2012
Home Port: Ny
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Thanks, I'm forwarding this to my honey since he is doing the deal...thanks! You are full of great info

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