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Old 04-13-2016, 08:12 PM   #41
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Originally Posted by BinkleyBoat View Post
Your post assumes I did not do that.
Yes, I had assumed you did not confirm cheque clearance at your bank. I thought that was pretty obvious or you would have said so.

Was the cheque cashed ?
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Old 04-13-2016, 08:13 PM   #42
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State of broker and of boat?
Florida x 2. Hawg nailed the boat in post 30.
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Old 04-13-2016, 08:21 PM   #43
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Here are the general rules on recovery of a lost or stolen cashier's check.

After determining it has not cleared, the next thing you do is notify the bank so they'll remove their guarantee of funds and honoring the check.

Then you file a "Declaration of Loss" with the bank. You're claiming the funds and doing so under penalty of perjury. You declare you don't have the check and you're not going to find it.

The Declaration of Loss is a claim you're making on the funds. They then become your funds, but you won't receive them until 90 days after you file the declaration of loss.
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Old 04-13-2016, 08:21 PM   #44
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If it were me and my funds were, in fact, absconded with, I'd invest in a little quality time with my lawyer with all of the documentation in hand.
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Old 04-13-2016, 08:28 PM   #45
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Originally Posted by BinkleyBoat View Post
Florida x 2. Hawg nailed the boat in post 30.
YACHT AND SHIP BROKERS
View Entire Chapter
326.005 Escrow depository, closing transactions.
(1) A broker shall place any funds received pursuant to a transaction into a trust account in a savings and loan association, bank, trust company, or other financial institution located in this state having a net worth in excess of $5 million until he or she disburses such funds. A separate record shall be maintained of all such moneys received and the disposition thereof.
(2) At the closing of a transaction in which title to a yacht is transferred, a broker shall provide the seller and purchaser with an itemized closing statement, including the selling price and all charges and credits, a description of any yachts exchanged, and the amount of any consideration. If the transaction is closed through escrow and the escrow holder renders a closing statement which reveals such information, that shall be deemed compliance with this subsection on the part of the licensed broker.
(3) A broker who intentionally fails to comply with the provisions of this section concerning the establishment of a trust account, deposits of funds into a trust account, and withdrawal therefrom, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. The failure to establish a trust account or to place funds therein as required in this section is prima facie evidence of an intentional and purposeful violation of this section.

http://www.myfloridalicense.com/dbpr...es/YSRules.pdf

Brokers are bonded in Florida, $25k for the aggregate broker bond and $10k for the salesperson.

First thing is to determine if check was cashed or deposited. Second is to either notify the state or require the broker to notify the surety company or both.
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Old 04-13-2016, 08:29 PM   #46
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If it were me and my funds were, in fact, absconded with, I'd invest in a little quality time with my lawyer with all of the documentation in hand.
Once I found out from the bank if it had cleared, which I would have found out today and don't know why Binkley hasn't, I would have met with my attorney as well.
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Old 04-13-2016, 08:30 PM   #47
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If it were me and my funds were, in fact, absconded with, I'd invest in a little quality time with my lawyer with all of the documentation in hand.
We're talking a few days here, with a weekend in the middle. I don't know if anything is even lost, or missing in the mail, let alone absconded with.

It'll show up or get sorted out and the only harm in the end is a bunch of sore knees.
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Old 04-13-2016, 08:37 PM   #48
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Yes, I had assumed you did not confirm cheque clearance at your bank. I thought that was pretty obvious or you would have said so.

Was the cheque cashed ?
Nope. Not cashed. And the stink pie part is the bank will not stop payment and refund the funds to me until I find a bondsman that will write a surety bond ( that I have to pay for ) to guarantee that the funds have not been collected by another entity.
So, alas I think the whole process stinks. Broker screws up, I pay. Broker misrepresents a boat, I pay. There has to be a better way.
Thought some enterprising entrepreneurs would have a good shot at starting a brokers "Angie's List ". Could be a market there. Brokers have cost me thousands over the last 10 months. But I am reluctant to expound on that because some here would decide I have it out for brokers. I really don't, but I am getting very discouraged about this process. It's buyer beware on steroids.
After this is finished I'll post a recap of my broker tribulations. I'll even name names and post the links to the boats. I've got stories that will curl your hair.
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Old 04-13-2016, 08:48 PM   #49
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Thanks Band B.
I have already notified the State authorities.
Still waiting for a reply. I needed the cited law to make my case with the broker and get this resolved. Many thanks.

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Old 04-13-2016, 08:49 PM   #50
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One thing we've discussed here previously and I've made my opinion known is that I would not get a cashier's check for a deposit on a boat. I would only consider a check or a wire transfer, and generally only a check. In general, a Cashier's check would never leave my hands unless completing a deal and closing and even then it's not my preferred method. I've never heard of a realtor requiring one on a home. There is zero reason for a boat broker to require one. It doesn't assure anyone of your plans as until it passes survey and sea trial to your satisfaction, you are free to back out of the transaction. It clearly does nothing for the seller as they don't get it.
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Old 04-13-2016, 08:50 PM   #51
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Originally Posted by BinkleyBoat View Post
Thanks Band B.
I have already notified the State authorities.
Still waiting for a reply. I needed the cited law to make my case with the broker and get this resolved. Many thanks.

BB
The law is readily available on the web. Glad to have linked you.
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Old 04-13-2016, 08:52 PM   #52
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Were you dealing with the seller's broker or a buyer's broker? Buyer's broker could have been of your own choosing and perhaps working more in your favor. Everyone buying a boat, needs their own buyer's broker, very carefully selected.
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Old 04-13-2016, 08:53 PM   #53
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Many thanks to Band B for cutting to the chase. This is the reason this venue is one off our best tools to resolve problems.

3) A broker who intentionally fails to comply with the provisions of this section concerning the establishment of a trust account, deposits of funds into a trust account, and withdrawal therefrom, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. The failure to establish a trust account or to place funds therein as required in this section is prima facie evidence of an intentional and purposeful violation of this section.

BRAVO
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Old 04-13-2016, 09:04 PM   #54
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Were you dealing with the seller's broker or a buyer's broker? Buyer's broker could have been of your own choosing and perhaps working more in your favor. Everyone buying a boat, needs their own buyer's broker, very carefully selected.
B and B is right on the money here. Get a buyer's broker, they work for you and don't cost you a dime.

I highly recommend Joe Hamilton at Advantage Yacht. He works out of Stuart but will cover the whole state. He is 100% honest and a true professional. PM me if you want his contact info.
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Old 04-13-2016, 09:10 PM   #55
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Greetings,
I highly recommend our very own "yachtbrokerguy" Tucker Fallon". He attended a sea trial with us in Long Island NY, also one in Ft. Meyers FL and flew to Puerto Rico, at our expense, of course, to check out another boat for us.
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Old 04-13-2016, 09:12 PM   #56
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Using third parties to issue a check (as in a cashier's check) leaves one distant from knowing the status of the check and any recovery. If it's merely a deposit and there is no immediate transfer of ownership, a personal check should be sufficient.
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Old 04-13-2016, 09:47 PM   #57
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I suggest you concentrate on resolving the cheque issue, you need to mitigate the loss best you can. Retribution on the broker can follow. You won`t know what he cost you by not negotiating the cheque until you`ve finalized the cheque issue, especially as it seems you may incur some expenses. Sending a cashiers check by ordinary mail, with the risk it gets lost, and the problem that creates, is at the very least,very silly.
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Old 04-14-2016, 07:14 AM   #58
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Thought some enterprising entrepreneurs would have a good shot at starting a brokers "Angie's List ".
It's been around for a couple of years with about a thousand broker reviews today - it would be interesting to know if your broker had a previous review:
http://www.eboatcards.com/services-b...rs/record-list
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Old 04-14-2016, 07:54 AM   #59
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I suggest you concentrate on resolving the cheque issue, you need to mitigate the loss best you can. Retribution on the broker can follow.
Good advice!

After this is resolved a letter to the state agency that licenses brokers and salesman explaining the details and the financial cost to you would be in order with a copy to the broker.

Then perhaps a rating for this broker on Active Captain.
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Old 04-14-2016, 07:59 AM   #60
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It's been around for a couple of years with about a thousand broker reviews today - it would be interesting to know if your broker had a previous review:
Boat Brokers Services eBoatCards
Thanks. He's not on it, but soon will be. And I am a member of EBCards, duh.
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