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Admin fees

Discussion in 'General Yachting Discussion' started by Fishsail, May 1, 2023.

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  1. Fishsail, May 1, 2023
    #1
    Fishsail

    Fishsail New Member

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    Ok so we are buying a used boat. Had the offer accepted did the survey and sea trial negotiated a different price all parties accepted. The brokerage house is preparing the closing documents and charging us $500 for admin fees. I’ve never paid these fees before. Thoughts!! Are these fees my responsibility or the sellers?
  2. Pascal, May 1, 2023
    #2
    Pascal

    Pascal Senior Member

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    Is it the broker or a documentation agent. Doc agents charge fees paid by the buyers, sometimes a little more than that. As usual, you can’t expect an intelligent answer when you don’t even bother mentioning if you re buying a $100k boat or $10M…
  3. motoryachtlover, May 1, 2023
    #3
    motoryachtlover

    motoryachtlover Senior Member

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    I would read the sales contract and see if it refers to admin fees. If it is not in the contract I would not pay attention to it. As you alluded to the commission is the seller’s responsibility, thus admin fees would be seller’s responsibility. Read the contract and see what it says if anything regarding admin fees.
  4. Fishsail, May 1, 2023
    #4
    Fishsail

    Fishsail New Member

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    Sorry I didn’t realize the value of the boat made a difference however it’s under 100k. I’ll read the contract! Tnx
  5. JWY, May 2, 2023
    #5
    JWY

    JWY Senior Member

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    The standard IYBA (International Yacht Brokers Assoc) purchase agreement does not call for admin fees. If you, as the buyer, are paying for a documentation agent, then the doc agent should specify the breakdown of fees. If not related to financing the boat, then sounds to me like someone is finding a category for an "add on." I know car dealers tack it on (I throw that into my negotiations every car purchase/lease), but I have never seen a yacht broker do it.
  6. Fishsail, May 2, 2023
    #6
    Fishsail

    Fishsail New Member

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    It was in the contract however broker split the fees with me. All good to close next week.
  7. gr8trn, May 3, 2023
    #7
    gr8trn

    gr8trn Senior Member

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    Just so we may learn more, who were you and the broker paying the Admin Fees to? Was it to the brokerage or to a third party documentation profressional to manage lien search, title search, etc...?
  8. Fishsail, May 3, 2023
    #8
    Fishsail

    Fishsail New Member

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    It was to the brokerage house, we got it squared away. All is good
    gr8trn likes this.
  9. DOCKMASTER, May 3, 2023
    #9
    DOCKMASTER

    DOCKMASTER Senior Member

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    Congrats on the purchase! When will we see some photos? :):)