Boat Brokerage Purchase And Sale Agreement

3. The attached inventory, as agreed, which belongs to this yacht, is included in this sale. The broker offers in good faith the details of the vessel, but cannot guarantee the accuracy of this information or the condition of the vessel. It is understood and agreed that the buyer may order its agents or appraisers to review the details that the buyer wishes to validate. Boat closures in Florida require the collection of a 6% revenue tax (limited to $18,000), unless the seller and buyer have made a valid affidavit for the exemption and the boat is removed from Florida waters within 90 days. We advise you to read Florida`s sales TAX statue if you do not intend to pay the tax. The activity of a broker is to market the seller`s boat, which involves organizing visits, negotiating the conditions of sale, processing documents and obtaining an agreement to distribute the sale price. A broker can also perform ownership and financing checks, provide documents supporting the VAT status of the vessel and proof of compliance with class, vessel and several other provisions. For this work, the broker usually charges the seller (and sometimes the buyer) an agreed commission, usually a total of 10% of the gross sale price for MYBA members. Here in Boatinglaw, we were recently contacted by a salesman who told the following story: He sold his boat the week before through a broker in Kent Island, Maryland. Buyers interviewed and tested the boat before closing, paid their money and received the keys and title.

Then the buyers took out the boat and a pulley failed at the serpentine belt, the engine died, it was not known if there could be further damage. The vendors were in the process of buying a new house and really had to sell the boat and pay the deposit. Before describing what happened next, I would like to say that this transaction was a mistake…