Selling advice

I am selling my wife's Mazda MPV. I have an guy intersted in buying it. I have not sold a car to a private party in some time. If he does not want to pay all cash, what do I take? Certified Check? Do I wait for it to clear before handing over title and keys? Thanks for any advice.


Marty G.

BILL OF SALE



For consideration and payment of the sum of $__________________________
For which receipt is acknowledged, the undersigned,
____________________________________ ( seller ) hereby sells and transfers to
____________________________________ ( buyer ) the following motor vehicle:
Year _________ Make _______________________ Model _______________________
Vin __________________________
Mileage ________________________


The sale and transfer is subject to the following condition (s) ________________________________________________________________________
________________________________________________________________________


Seller acknowledges receipt of $ _____________ as a deposit for the vehicle.
Payment in full shall be completed within ______________ days.
Seller states that the odometer reading of the vehicle is ______________ miles.
Seller certifies that to the best of the sellers knowledge, this reading reflects the vehicles actual mileage.
Seller warrants to buyer, that the vehicles title is free and clear of any known liens and or encumbrances. It is further stated that the seller has no knowledge of any hidden mechanical or cosmetic defects.
The vehicle is sold as is where is without warranty, express or implied. This contract shall be adhered to in every particular, in the event that the buyer fails to complete this transaction as conveyed within said contract, the deposit funds shall be forfeited.
All funds, inclusive of an official bank certified check, shall clear prior to the vehicle and vehicle title being released to the buyer, his agent and or shipper.


Total Purchase amount $ _________________
Less Deposit Received $ _________________
Cash Balance Due $ ____________________

Signed this _______ day of ________, ______


Seller ________________________________________________________________

Buyer ________________________________________________________________

Best method of payment is to have the buyer wire the funds directly to your account, this is safe and secure. However, if the buyer is coming in person I would insist in a cash in hand transaction.
I no longer accept a personal check for a small deposit as a buyer knows they are going to make a purchase and should be prepared to shell out a cash deposit as a check is a piece of paper and until it clears is only said piece of paper. i.e. cash is easy pease.
These days a "certified official bank check" can easily be counterfeited. An example is the buyer gets the car and title and you have apiece of paper that may be a fraud & your SOL.
I might add that you must always have the buyer sign the title
and the Bill of Sale in front of you without exception, to allow the vehicle to be removed without said signatures... in the event of an accident, committed felony etc, YOU are still the legal owner.
Always have the buyer sign off on Bill of Sale.... (see next post)
AS IS WHERE IS WITH NO WARRANTY EXPRESSED AND OR IMPLIED ~Alan

Thanks from both Sandy and I.


Marty

regardless of how the transaction goes down....fill out the "Release of Liability"...very very important....

I always add to my Bill of Sales the following:

I hereby release the Seller from any liability due to construction and/or condition of this vehicle and understand said vehicle may or may not meet some State requirements for registration.

Somebody could take a seller to court if they gwt injured when a part on the car fails or the car can not meet State Inspection requirements.