Posted: 1/29/2004 10:00:50 AM EDT
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Ok so i am selling my used truck and I have never sold a car before. I have some questions. I have a verbal agreement with the buyer and he is going to give me the money and purchase the car tomorrow. saying everything goes as planned Should I then have a contract stating that the car is sold as is and that there is no implyed or expressed warranty? How long does a buyer have to back out of the deal? say he picks it up tomorrow and on sunday he decides that he doesn't want it, can he then back out? Also another sinerio is, he wrecks the car driving home and doesn't have insurence. The car is then totaled and he wants his money back. Does he have a leg to stand on? any help would be greatly appreciated, thanks Rocko |
| I'm not a lawyer but I do know you should definitely put the contract in writing as long as it's valued over $500. Make sure you write exactly what he is paying for and what he is getting(the whole quid pro quo idea). It should also state what you mentioned about being "as is" and releasing you from any responsibility for the car. You should also notify the DMV that the car is no longer yours. As for changing his mind, I'm pretty sure that is different state to state and I have no idea about the whole insurance thing. I know dealerships (at least in CA) have to see proof of insurance but I don't know how that works with private transfers. Hopefully I helped a little. By the way, nice sig there. |
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Did you get all the paperwork from the DMV? In NYS there is a form that you both sign with the agreed price (which is then used to figure out the sales tax you need to pay) along with the transfer of ownership papers. About waranties, you need to check into your states Lemon Laws. You may be liable and not even realize it. As far as the accident, he/she should know that you need insurance on the car. Once the papers are signed, and he/she takes control of the car, he/she is responsible. Driving the car without the proper registration, which of course requires the proper insurance (at least in NYS)is illegal. Just make sure ALL your stickers and tags are off the car. DO NOT loan out your plate "just to get the car home." |
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Quoted: Ok so i am selling my used truck and I have never sold a car before. I have some questions. I have a verbal agreement with the buyer and he is going to give me the money and purchase the car tomorrow. saying everything goes as planned Should I then have a contract stating that the car is sold as is and that there is no implyed or expressed warranty? How long does a buyer have to back out of the deal? say he picks it up tomorrow and on sunday he decides that he doesn't want it, can he then back out? Also another sinerio is, he wrecks the car driving home and doesn't have insurence. The car is then totaled and he wants his money back. Does he have a leg to stand on? any help would be greatly appreciated, thanks Rocko I have sold & bought several privately. First, do you have the title in hand? On the back of it, there are places that you would sign as seller and the buyer signs with a witness. Usually done at a notary. Most states have a "as is" law for used vehicles. Get the phone book, and find a "Notary, Tax, Title License" type of place. Call them and see if they do private transactions, if not, do they know anyone that does? Usually it costs about $35 (buyer usually pays it). The place will handle all the paperwork and legality. I highly suggest finding a place like this for your first transaction to get the gist of it. Once they sign the dotted line, and hand you the money. If they crash it on the way home, tough. If they don't have insurance, tough, not your problem as you are not the owner. |