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BoatWiki - Definitions

Definition


A co-broker can be defined as an agent that represents either the buyer or seller in a boat purchase and sale arrangement. In this scenario, each party retains their own personal representative apart from the other.

Meaning


A co-brokerage exists where the buyer has retained an agent that is not associated with the broker which holds the listing arrangement. In this scenario, the respective commission is typically split between the two agents.

Context


Co-brokerage situations are quite common in the marine industry. It is facilitated by a multitude of boat listing resources where a buyer's agent can assist in locating the desired boat. It also helps to avoid a conflict of interest where the listing and selling broker are one in the same.

Conclusion


Although not unusual for buyers to work directly with a listing broker, there are some implications to consider. This is especially true for buyers that are unfamiliar with boating products and procedures. It can be difficult for brokers to maintain neutrality when representing both parties. Brokers are furthermore minimally regulated in some jurisdictions. This accordingly makes it a matter of due diligence in determining whether to work directly with a listing agent.


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4/21//2022 - Page initiated by Team BoatWiki.




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