See full version: What does a boat broker do
The main job of a brokerage is to match up buyers and sellers. Like a real estate broker doesn't actually own the home they are advertising, brokers don't actually own the boats and yachts that they advertise for sale.
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Horrible of me to open up another VAT related thread I know, but needs must!!
1. Is there any way of conjouring a deal that committed the boat to the broker for say 6 weeks a year such that it was chartered and still therefore a business asset with VAT recoverable, to avoid paying the VAT
Re: Buying a \'TAX NOT PAID\' yacht via a broker
The second type is an open listing agreement. This means you give more than one broker the right to sell your boat. However, you maintain the right to sell your boat on your own. The down side is that no broker is guaranteed the commission so it is highly unlikely that they will spend the time and money to list your boat on YachtWorld. more
They arrange for the required marine survey and sea trials. Many sellers prefer not to be present at these events. Many selling brokers don’t allow it in their agreements.
MarineMax yacht brokers have access to robust advertising resources including a sophisticated system of inventory and lead management. When you list with MarineMax, your yacht automatically will appear on the following internationally known websites: Yachtworld.com, Boats.com, Boattraderonline.com, PowerandMotorYacht.com, Usedboats.com, and Yachtbroker.com. Listings include excellent images, video tours and walk throughs and detailed descriptions to attached buyers. As the world's largest marine retailer, we have a vast database of interested buyers that we share your yacht with through email communications, social media and one-on-one communications. We offer nationwide advertising in magazines such as Power & Motor Yacht, Marlin, Boating, Yachting, Showboats International, and more of the Industry's finest print magazines. here
There are two kinds of broker agreements. A central agency agreement, sometimes referred to as an “exclusive listing,” in this case you hired a specific broker to sell your yacht.
Most brokers also maintain trust accounts, but save for the FDIC protections afforded to a lending institution trust account, there are no other protections for the escrowed funds. A Florida licensed yacht broker is required to be bonded, but only up to $25,000, which, considering the large amount of the deposit in most yacht transactions, also does not afford much protection for the escrowed funds. Before lodging a deposit with a broker, the buyer should have a clear understanding of whom the broker is working for, as the broker could be representing both the buyer and seller in the same transaction. If a broker holds the buyer’s deposit, then regardless of whom the broker represents, the broker has a legal duty to act as a neutral third party concerning the deposit. If the broker is acting on behalf of both parties, then the buyer might want to consider electing another escrow agent. more
With most failed transactions, litigation ensues to determine who breached the agreement and what becomes of the buyer’s deposit. If there is a conflict regarding who has defaulted, then an escrow agent should do one of two things: hold the deposit until he receives mutually-agreed-to written instructions signed by both parties, or lodge the deposit with the local court. Once the deposit is lodged with the court, the parties can fight over the deposit using attorneys.
Most purchase and sales agreements used by yacht brokers contain standard language appointing the buyer’s broker as the escrow agent. Therefore, if the buyer will be using someone other than the broker as the escrow agent, this language must be modified before submitting the offer to the seller. It is typical that a buyer’s written offer is drafted by the buyer’s broker and submitted to the seller’s broker without an attorney review. If the seller accepts and signs off on the buyer’s offer, then the parties have a binding agreement that can only be modified in writing as negotiated by both parties. here
The majority of yacht purchase offers are tendered with a deposit. As a buyer, you can better protect yourself by understanding who holds this deposit and what might happen to it in the event of a contract breach.