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Old 10-06-2016, 03:43 PM   #15
denverd0n
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City: Tampa, FL
Join Date: Nov 2013
Posts: 670
Quote:
Originally Posted by Ski in NC View Post
It is a matter of semantics to discuss who is paying whom. The money comes from the buyer.
True, of course. Obvious, in fact.

Quote:
Originally Posted by Ski in NC View Post
The seller is contractually obligated to give the selling broker some.
Exactly. It is the SELLER who is contractually obligated to pay the broker's commission, which is then split when two brokers are involved. The buyer has no such contractual obligation. So you can say that it is just a matter of semantics, but in this case the law would clearly view it as the SELLER paying the commission. That means that the fiduciary duty is owed to the SELLER (because fiduciary duty is a legal issue, not a semantic one).

Quote:
Originally Posted by Ski in NC View Post
Another way to put it is that brokers are working for an entity called "the sale".
You can put it that way, and I understand the point you are trying to make. Nonetheless, "the sale" is not a legal entity. It has no legal standing, so it has no bearing on where the fiduciary duty lies.

Quote:
Originally Posted by Ski in NC View Post
The bottom line is that a good buyer's broker who wants to preserve his very important reputation will actually represent the buyer.
Once again... True, of course. Obvious, in fact.

I hope that you don't think I am criticizing the concept of a buyer's broker, or trying to put any sort of negative light on the idea of retaining a buyer's broker. I tried to make that clear in my last paragraph. I have used buyer's brokers. They provide a very valuable service. I strongly recommend them to anyone who is new to boat buying.

Regardless of that, I still think it is best to be aware of what the legal relationships are, and what it REALLY means when you say that a buyer's broker "works" for you. That's all I'm saying. Be sure you really understand the legal relationship you have with your buyer's broker. Because if things go wrong, and everybody ends up in court, it WILL matter.
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