This story ran in an old issue of Classic Motorsports. Want to make sure you're reading all the latest stories? Subscribe now.
Story by Tim Suddard • Photography by Tim Suddard and David S. Wallens • Illustrations by Sarah Young
It seems to be easier than ever to sell your stuff, thanks to a ple…
Regarding sales tranactions in buying & selling around 70 vehicles as a hobbyist:
1) Rarely gave/received a deposit
2) Got a signed Bill of Sale (rarely witness or Notary signed) before ANY money changed hands
All inclusions with the vehicle got listed in an appendix/addendum to the Bill of Sale
3) Rarely used cash, used paper trail of bank draft or wire transfer (fees small)
4) Received/sent all money, then received/sent title, then took/sent delivery of vehicle ASAP
Only had 3 bad transactions: one from a prima donna owner who misrepresented his vehicle & 2 where the title transfer was too loose on my part - (fooled me once, fooled me twice...not lol)
thank you for a great article on due diligence!
In reply to haringmp :
Our pleasure!
You'll need to log in to post.
