What does it mean?
When you buy a boat from us you pay all monies in to our Company Clients Trust account which means that the buyers and sellers money is protected. This is the same account that solicitors set up for house sales .This money does not belong to the company it belongs to the buyer until the sale is complete and then we pay the seller from the company Clients Trust Account.
You can make payment into this account once you are ready to transfer your final funds via the following methods: CHAPS, BACS, cheque, cash. If you decide to pay by cash we will give you the Clients Trust Account details and you can pay this directly into the account.
We cannot release the money from the Clients Trust Account to the seller until the vessel has been accepted and handed over to the buyer because if there was a fault with the vessel and the buyer refused to accept it and wanted their money back we could not do this because the seller would of already had the money. This could become a very costly and messy problem for all parties.
If at any point the company went bust then the buyers/sellers money is safe and it would go back to the rightful owner of the money.
We have had this company Clients Trust Account set up from day one to protect our customers money. This account is a secure holding account. We pay the seller monies due from this account when the buyer has signed to accept the vessel. Payment is made from this account to the seller by cheque or BACS from the Clients Trust Account which is protected guaranteed funds.
We are members of the British Marine Federation and we follow a strict code of practice regarding the above. We hope this explains what a Client Trust Account is and you can be sure that you are buying/selling via an ethical company that has morals, ethics and standards and think of our customers first.