Laws & Regulations Articles

Luxury Law Group Partners with Yacht Brokers Association of America

Luxury Law Group, is pleased to announce its partnership with the Yacht Brokers Association of America (YBAA) and sponsorship of their Certified Professional Yacht Broker program (CPYB).  Awarded only to the most qualified brokers, CPYB certification is the boating industry’s brand of excellence for yacht sales professionals throughout the United States and Canada.


Watch Out for Wire Fraud

by Danielle J. Butler, Managing Partner of Luxury Law Group

Wire fraud is ramped and simple to commit. Wire transfer instructions are emailed to the buyer from the seller or seller’s representative. The buyer complies with the instructions to the “T”. Within hours, the seller contacts the buyer asking if the money has been sent yet. The buyer checks with their bank and is assured that the funds have been transferred out. However, when the money has still not shown up, everyone begins to retrace steps. As it turns out, the wiring instructions were bogus. The email came from an address that looked very much like that of the sellers or sellers’ representative, but it was not actually theirs and was that of a hacker.


To Hire or Not to Hire

By Todd Lochner and Eugene Samarin, Lochner Law Firm

Every business struggles with finding good help these days. We all know what questions to ask at the interview and every business person knows who is the right fit for their shop. Yet many potential employers do not grasp the intricate web that is employee-employer relations, its implications and consequences to the business. From a business perspective, a future employee is broken down into two categories, cost (what the worker will cost the business) and revenue (what that cost will buy the business). This is step one in making any decision on whether to employ anyone in the first place. However, when hiring a person, one must also consider the legal implications upon the business as a whole.


Down the Conditional Acceptance and Escrow Agreement “rabbit hole”

by Todd Lochner, Proctor in Admiralty, Lochner Law Firm, P.C

Often a Broker, or any reasonable person, examines the legal aspects of particular situation only to be left with the feeling that they have just looked down a rabbit hole into a Lewis Carroll inspired wonderland. The reason is that frequently the law and reality have nothing to do with one another. In the reality of a broker’s world, a deal is not rejected and a contract survives even though the buyer may want a few fixes after survey. The buyer will frequently “conditionally accept” the vessel as long as this or that is fixed. The law sees this in a way which is different than the reality of brokerage. From the point of view of the law, the buyer made an offer which was accepted by the seller, at which point, there was a "meeting of the minds". The meeting of the minds included a term allowing the buyer to later reject the vessel, ending the contract, with no penalty. That is what the buyer does with the conditional acceptance when it is used in place of an addendum.



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 July 2018 
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July 19, 2018
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YBAA U Annapolis

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