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BoatWiki - Definitions
Definition
A yacht broker can be defined as an individual who represents a seller and/or buyer in negotiating the purchase and sale of a boat. This is accommodated through an agreement that dictates the terms of such arrangement. Yacht brokers typically work on a commission basis, which may be shared depending on whether the boat has been listed through a different broker. A yacht broker is also referred to as a boat broker.
Context
Although yacht brokers can work independently in some jurisdictions, they are typically associated with a brokerage firm. In cases where the buyer and seller each have their own representation, the broker is labeled respectively as a "selling broker" or "listing broker". A broker representing both parties creates an awkward situation as this sets the stage for potential conflicts of interest.
Conclusion
Governmental regulation of broker or brokerage activities can range from somewhat stringent to almost non-existent depending on the respective jurisdiction. Although trade associations have emerged to help fill the gaps, this is not always a viable solution. Buyers and sellers should accordingly ask for a broker's credentials and run a check on their standing.
Credits and References
3/1/2022 - Page initiated by Team BoatWiki.
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