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Who holds the funds in escrow for closing, advice please.

  • Thread starter Thread starter Streff
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Streff

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Hatteras Model
53' EXTENDED DECKHOUSE (1983 - 1988)
I are in the process of closing. This particular closing company does not have their own escrow. The funds go into the seller’s broker escrow (where I sent the deposit). Once all paperwork is completed, the closing company co. Advises the broker to fund the seller. Usually I send the funds to the closing company Escrow (not the seller’s broker escrow). So I am not familiar with this new angle. Does anyone see an issue with sending the funds to the seller’s broker? It a bit of a conflict but this broker is well known but does things differently. Would love to hear your comments. Thank you Streff
 
Pretty much standard operating procedure for the 35 years I've been a yacht broker. I assume there's only one
broker involved?
 
Most of the boats I've bought I've wired the money to the seller's broker. The only exceptions were with my current boat, there was no broker involved, me and my better half just met the seller and his wife at Ruth's Chris in Virginia Beach and gave them a cashier's check in exchange for the signed USCG title. They are such wonderful people. My last boat before this one, that particular broker said he didn't like to do the accounting / paperwork for an escrow account so he used this other company called yachtclosing.com or something similar, and they handled the whole thing. The seller sent them the title and I sent them the money, and they acted like a title company for boats basically. But the traditional way is usually the Seller's broker does it all, that's what happens most of the time.
 
Thank you all for the replies. Last purchase I did was with Seattle yachts in 2020. I wired the deposit to the broker (only one broker involved) but the balance was wired to Pacific maritime closing company. Just like in real estate. Yes, this time I am working with a broker but he works under the umbrella of the Seller’s broker (where I wired the deposit). So essentially the same brokerage.. the owner/senior person is the seller’s broker and they all use the same escrow.Thanks for the inputStreff
 
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