Only brokers in Florida and California are required to be licensed. This means that yacht brokers and salespersons undergo an FBI criminal background check and must maintain a surety bond.
There is a difference between a licensed salesman and a licensed yacht and ship broker in the state of Florida - A broker is a person who sells, offers, or negotiates to sell; buys, offers, or negotiates to buy; solicits or obtains listings of; or negotiates the purchase, sale, or exchange of, yachts for other persons. A licensed salesperson is a person who is employed by a broker to perform any acts of a broker.
To be licensed as a yacht and ship broker, one must first be licensed as a salesperson for two consecutive years.
Only brokers in Florida and California are bonded. This means that before a license may be issued, he or she must deliver a surety bond or irrevocable letter of credit, executed by the broker as principal, in the sum of $25,000.
Only escrow accounts in Florida and California are regulated by the state. This means a broker shall place funds received pursuant to a transaction into a trust account in a financial institution located in this state until funds are disbursed. A separate record shall be maintained of such moneys received and the disposition thereof. At the closing in which title is transferred, a broker shall provide the seller and purchaser with an itemized closing statement. A broker who intentionally fails to comply with these provisions commits a felony of the third degree.
An unlicensed yacht broker cannot legally represent a buyer or seller in Florida or California.
Aside from being licensed and bonded, your yacht broker can and should offer a wide range of expertise. Familiarity with: laws and regulations, schools of thought behind various designs, knowing which yacht will best suit your purposes, attending numerous marine surveys and knowing degrees of severity of any issues that may arise. A yacht broker facilitates the transaction between buyer and seller. An outstanding yacht broker adds value to that transaction.
The Catamaran Company offers buyers and sellers peace of mind by publishing our Sales Reports, Agreements and other documents on-line as a matter of public record. |
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CPYB candidates must have worked for the past three consecutive years and currently work in the business of yacht sales, not have been convicted of a felony, maintain a dedicated escrow/trust account that is utilized for all client funds in trust, currently hold all necessary licenses required by all applicable governmental entities, ensure all client payments are made payable to the brokerage firm/broker of record and not to individual brokers, ensure all client transactions are supported by fully executed contractually sound written agreements affording protection to both the buyer and seller, conduct business in compliance with the CPYB Code of Ethics and not have been found in violation of any yacht broker association's code of ethics.
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Other recognized associations include: Mediterranean Yacht Brokers Association (MYBA), California Yacht Brokers Association (CYBA), British Columbia Yacht Brokers Association (BCYBA), Northwest Yacht Brokers Association (NYBA), American Boat and Yacht Council (ABYC) and Association of Brokers, Yacht Agents (ABYA).
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The broker's job is to get the BUYER the lowest price and the best terms. Your agent will help with financing alternatives and if applicable, may advise you to be pre-approved by a lender. Why? A fully approved loan makes you a cash buyer - a definite plus in having your offer taken seriously.
A buyer's agent has a legal and ethical obligation to put the buyer's interests first!
Buyers... some things to consider:
Use extra caution if the asking price is unusually low. If a yacht is listed significantly below similar yachts on the market, take steps to verify the seller's claims. Your broker can help protect you from fraud.
Be cautious with international Sellers. If a dispute arises in the transaction, United States laws may not apply to the international seller. Escrow funds only in the US where you are protected.
Request proof of ownership. Private parties selling a yacht should be able to produce evidence of Title, Registration, Documentation and Hull Identification Number (HIN).
Request Proof of Possession. Request information or photos only someone in possession of the yacht could supply such as the engine, the actual HIN marked on the hull, or a close up of a specific part.
Talk with several brokers and confirm their credentials, but only use one to represent your interest. More than one broker representing the same buyer confuses sellers and listing agents.
Buyers! We have put together a thorough study of the buying process. See /sales/buyersguide/intro.asp for all the information you will need to make an educated purchase. You can also request my "Insiders' Guide to Buying Catamarans" which is guaranteed to save you time and money. This document is a culmination of my years of experience and continuously evolves to reflect the current market, resources, laws and practices. Request your copy now. |
A seller's agent can help you find and purchase a yacht and may provide some of the same services as a buyer's agent, such as setting up your
survey and sea trial and monitoring your progress from contract to closing. A seller's agent must disclose material facts about a vessel and other known structural problems. However, a seller's agent cannot disclose personal information about the seller or the seller's property, such as an impending divorce, foreclosure, or job change. A seller's agent has a duty to get the best possible deal for the seller, so always assume that any information you give a seller's agent will be passed on to the seller. Never disclose your "top dollar" or any other confidential information to a seller's agent.
Sellers! Visit /sales/marina/index.asp for the most comprehensive plan designed exclusively for sellers! I have also
put together some helpful suggestions to consider when selling your yacht. Ask for my seller's guide.
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"The Catamaran Company has again proved its status as the most dynamic and committed sales organization for new and pre-owned catamarans in North America and we are proud to present these awards to President Hugh Murray," said Nick Harvey of Lagoon America in handing over the Dealer
of the Year award to Mr. Murray.
The awards reflect The Catamaran Company's status as the leading meeting place for catamaran buyers and sellers in North America.
Click here to make an appointment to meet with me at the Miami Boat Show or after the show at our catamaran docks in Ft. Lauderdale, Florida.
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