Quote:
Originally Posted by Yellow_Festiva
This is the grey area I referred to before.
During this time, who owns the car?
I guess the seller seeing paperwork and physical ownership hasn't changed hands.
You are, (I'm sure) and honest person. Not many buyers I assume will pay for something in full then wait for the seller to confirm payment and finalise the transaction.
I know I wouldn't. If you decide to shoot through or just point blank refuse to hand over what has been paid for who would help you? Police? Doubt it?
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Still mine until I hand over the keys. But as you say, there is definitely an amount of trust needed, depends if the seller is honest, hopefully the interactions you have with the buyer you can decide if it’s suss or not. If you’re not sure, meet at the bank and do it there.
I just tell buyers when funds clear they can have the car. If they want to deposit then wait, pay cash, meet at the bank, bank cheque, whatever it doesn’t bother me, whatever they are comfortable with I just let them know no cleared funds, no car. Never an issue selling a dozen or more cars over the years.
I have paid cash, bank cheque, direct deposit for cars, some wait for it to clear, some don’t. Funnily enough my most expensive purchase ($31k) The old bloke chucked me the keys and said go for it when I test drove it, when I picked it up I gave him the bank cheque, he gave me the keys, easy as.