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Old 10-06-2016, 12:36 PM   #12
Ski in NC
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City: Wilmington, NC
Vessel Name: Louisa
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The seller pays neither the selling broker nor the buyer's broker unless the buyer decides to put money in the pot. From there, funds get dispersed according to the various contracts.

It is a matter of semantics to discuss who is paying whom. The money comes from the buyer. The seller is contractually obligated to give the selling broker some. The selling broker is contractually obligated to give the buyer's broker some. So who has a fiduciary duty to whom?

Another way to put it is that brokers are working for an entity called "the sale".

The bottom line is that a good buyer's broker who wants to preserve his very important reputation will actually represent the buyer. Word of crappy brokers is freely spread around the dock.
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