Client Account.

[sailor0500]

 

 

 

I have asked this twice, without answer, lets see if you have a reply.

 

I am starting to wonder if Sailor is just posting for the sake of it.

In the original post he states he is buying a boat and looking for advice about using Solicitors, once that has been answered, the reason for the thread is turned around to be a 'public announcement/warning' to make buyers aware of how untrustworthy brokers are.

 

Perhaps he just likes a moan

 

 

Where did I say I intended using a solicitor? I simply asked if anyone had experience of doing this. After not getting an answer from anyone who had used a solicitor the post was hijacked by all and sundry so if the post serves as a warning to those who were not aware that the 'Client Accounts' operated by brokers are worthless then it will have served a purpose.

Nice photo. Which one is you?

[Guest]

Where did I say I intended using a solicitor? I simply asked if anyone had experience of doing this. After not getting an answer from anyone who had used a solicitor the post was hijacked by all and sundry so if the post serves as a warning to those who were not aware that the 'Client Accounts' operated by brokers are worthless then it will have served a purpose.

Nice photo. Which one is you?

I think you will find that what you actually mean was a discussion ensued because there is some doubt about the value of using a solicitor and the need to do so was queried due to the rarity of problems with boating transactions agreed through a brokerage. You see this is a discussion forum and that kinda is the type of thing that happens on a discussion forum, people discuss things.

 

(Oh and before you ask I'm Statler. )

[sailor0500]

I think you will find that what you actually mean was a discussion ensued because there is some doubt about the value of using a solicitor and the need to do so was queried due to the rarity of problems with boating transactions agreed through a brokerage. You see this is a discussion forum and that kinda is the type of thing that happens on a discussion forum, people discuss things.

 

(Oh and before you ask I'm Statler. )

Discussion is fine by me. I am trying to put my point of view on points brought up by others.I don't expect in the course of doing that to be told that I am posting just for the sake of it and to have people post photos which could be construed as being offensive.

As to the rarity of problems on transactions handled by brokers there should be no problems.

I will be sure to resurect this post when the next broker goes bust as is certain to happen.

We were in the South of France on route to Spain from the UK for the winter, having not found the ideal boat prior to the onset of winter, we were prepared to buy and stay in the UK this winter, we're looking for a Northwich Trader type, RW Davis, / Barry Hawkins etc etc etc. ideal 62ft.

We happened to get access to a wifi by sheer luck just before the Spanish Border,. and found a very very well known Brokerage had just put a boat on there web site that ticked a lot of our box's, 1 hour later we'd printed the full pdf boat spec made contact with the broker who arranged for us to meet the owner at a marina north of London the next day.

We turned around drove overnight back to Calais took the Eurotunnel and cleared London by mid morning and headed for the meet at the Marina.

When we arrived we met the owner standing next to the boat, after the usual greetings we started to walk down a pontoon to go aboard when casually he mentioned since the block had been welded there hadn't been any further trouble with it, that stopped everything right there and we realised we'd been up all night and travelled for nothing, not a mention from the broker re any block being welded.

You've got to get past the Broker / Car Dealer / Estate Agent commission chasers, the business only exists the make commission on sales, meet the owner, apart from our experience of traveling for nothing, there's a impression of just maybe the kind of life and up keep the boat has had when you meet it's owner.

Payment to the owner in a bank together if needs or a bag of cash after all the checks / paperwork have proved ok. (keep the cash withdrawal slip to hand on) as for the broker taking the boat of the market whilst formalities take place survey costs / lift out and at most a grand to him show your not a tyre kicker.

Me thinks the broker should have insurance and liability should a claim come on the boat later, he was paid commission he should be liable, even if it does put his rate up.

I am in complete agreement Jack.There is far too much complacency on this subject.

[Guest]

Discussion is fine by me. I am trying to put my point of view on points brought up by others.I don't expect in the course of doing that to be told that I am posting just for the sake of it and to have people post photos which could be construed as being offensive.

As to the rarity of problems on transactions handled by brokers there should be no problems.

I will be sure to resurect this post when the next broker goes bust as is certain to happen.

I am in complete agreement Jack.There is far too much complacency on this subject.

Offensive? Lighten up.

 

If you plan to resurect the thread when a broker goes bust what will that say exactly? Other than brokers sometimes go bust, which has been more than acknowledged in the thread?

[Paul C]

sailor0500 - are you planning to buy a boat then pay its full amount (substantially) before collecting it?

[sailor0500]

sailor0500 - are you planning to buy a boat then pay its full amount (substantially) before collecting it?

I am planning on doing what I have done with eight of the nine boats I have owned which is to pay by bank draft or wire transfer during a face to face meeting with the vendor having satisfied myself as far as is humanly possible that he is the rightful owner first and I expect the keys in my hand at this time.

[Paul C]

I am planning on doing what I have done with eight of the nine boats I have owned which is to pay by bank draft or wire transfer during a face to face meeting with the vendor having satisfied myself as far as is humanly possible that he is the rightful owner first and I expect the keys in my hand at this time.

 

Good, I'd say that's the main risk overcome. The deposit is still at risk but its only a fraction of the boat's price, don't be pressured into putting too-high a deposit. I can't recommend trying not to put a deposit on, for that size/price boat the risk of someone else just coming along and cash buying it there and then is too great (and you'd not blame the seller for preferring this type of arrangement).

 

You do realise when you say vendor, you might never see them if you bought from a brokerage?

[sailor0500]

 

Good, I'd say that's the main risk overcome. The deposit is still at risk but its only a fraction of the boat's price, don't be pressured into putting too-high a deposit. I can't recommend trying not to put a deposit on, for that size/price boat the risk of someone else just coming along and cash buying it there and then is too great (and you'd not blame the seller for preferring this type of arrangement).

 

You do realise when you say vendor, you might never see them if you bought from a brokerage?

Not a big problem Paul if one loses a nominal deposit but it would be a big problem if I lost say 50k as being a liveaboard I would have lost my home.

I do realise that It might not be possible to see the vendor if buying through a brokerage but if I were selling through a brokerage I would certainly want to be present during the transaction and recieve the money directly from the purchaser. That would seem to be in the interest of both parties. In any case I would expect the keys in my hand upon handing over the money. I think that is not unreasonable.

[Alan de Enfield]

..............but if I were selling through a brokerage I would certainly want to be present during the transaction and recieve the money directly from the purchaser.

 

 

 

I don't think you will find any brokerage anywhere in the world that operates that way.

The seller does not get 'his money' until it has been deposited into the brokers bank, has cleared and the broker has deducted his commission, mooring fees or monies due.

 

The seller will receive a cheque for the balance 'some days' later.

[sailor0500]

 

 

 

I don't think you will find any brokerage anywhere in the world that operates that way.

The seller does not get 'his money' until it has been deposited into the brokers bank, has cleared and the broker has deducted his commission, mooring fees or monies due.

 

The seller will receive a cheque for the balance 'some days' later.

When the seller gets his money is his problem. If he is not present I will exchange the money for the keys with his agent..Deal done.

That is why I would never use a broker to sell my boat.

Edited November 27, 2015 by sailor0500

[Jack48]

When the seller gets his money is his problem. If he is not present I will exchange the money for the keys with his agent..Deal done.

That is why I would never use a broker to sell my boat.

No keys for payment, do deal, WHY NOT ? everyone and everything's done and dusted. isn't it ?

[MtB]

When the seller gets his money is his problem. If he is not present I will exchange the money for the keys with his agent..Deal done.

That is why I would never use a broker to sell my boat.

 

Well I'm inclined to think possession of the boat is not the same thing as owning it, keys in your hand or not.

 

If the seller never gets his money and the broker has stolen it, yes you are in a dispute about ownership whether you like it or not. The other side of the same coin is the seller saying

 

"I placed it with the broker and have heard nothing, so as far as I'm concerned the boat is still mine. And I have a set of keys too!"

[Alan de Enfield]

When the seller gets his money is his problem. If he is not present I will exchange the money for the keys with his agent..Deal done.

That is why I would never use a broker to sell my boat.

 

But you said :

 

..............but if I were selling through a brokerage I would certainly want to be present during the transaction and recieve the money directly from the purchaser

 

That is what I was responding to.

 

Lets try and keep the 'story' on track, you being a 'buyer' and a 'seller' are two different things.

[sailor0500]

 

But you said :

 

 

That is what I was responding to.

 

Lets try and keep the 'story' on track, you being a 'buyer' and a 'seller' are two different things.

Yes i said ''IF'' i was selling through a brokerage.

I am not selling through a brokerage and would never sell through a brokerage. Have you nothing better to do than nit pick my posts. I think you need to get a life. Me, I'm going sailing.

[sailor0500]

 

Well I'm inclined to think possession of the boat is not the same thing as owning it, keys in your hand or not.

 

If the seller never gets his money and the broker has stolen it, yes you are in a dispute about ownership whether you like it or not. The other side of the same coin is the seller saying

 

"I placed it with the broker and have heard nothing, so as far as I'm concerned the boat is still mine. And I have a set of keys too!

The broker is the sellers agent. If his agent does not hand over the money its a problem between them. But its another good reason for not involving a broker. Less chance of a dispute.

[Graham Davis]

When the seller gets his money is his problem. If he is not present I will exchange the money for the keys with his agent..Deal done.

That is why I would never use a broker to sell my boat.

 

The Agent is the broker!

 

Yes i said ''IF'' i was selling through a brokerage.

I am not selling through a brokerage and would never sell through a brokerage. Have you nothing better to do than nit pick my posts. I think you need to get a life. Me, I'm going sailing.

 

Perhaps you need to re-read the Guidelines of this Forum again!!