Selling items privately - The process?
Submitted by Darren253 on Tue, 2021-02-16 17:16
So the boat will be going to a new home next week... Being quite a sum of money, how do you all manage the transfer? Buyer is proposing electronic transfer but from a different bank.
I was thinking:
1) We'll do the paperwork/rego together etc
2) Buyer can then make the transfer with that protection of signed paperwork.
3) Buyer can pick it up once funds have cleared
Is there a better way that offers both parties protection in private sales?
Silver Fox
Posts: 1097
Date Joined: 19/06/14
Bank cheque
Nice and easy. They give you a cheque then you do the paperwork. They take the boat. You then proceed to do cartwheels as you've just sold a boat......:)
My wife understands why I clean my rods n reels in the shower....
dodgy
Posts: 4563
Date Joined: 01/02/10
I've just had them do the
I've just had them do the transfer and called them up as soon as money had cleared. It's only a day or 2. Paperwork all signed and ready to hand over. Never had an issue.
Does anyone know where the love of god goes, when the waves turn the minutes to hours?
sea-kem
Posts: 14853
Date Joined: 30/11/09
I sold mine recentley and
I sold mine recentley and was paid with an OSKO payment so money was instantly there. Nice and easy paperwork done and off they went.
Love the West!
CD
Posts: 45
Date Joined: 06/12/16
Go to bank together
Bank Cheques can still be cancelled apparently, and people can be reluctant to do a transfer and not get the boat straight away.
Best way is to meet up, do the paperwork, head to the bank together. The teller will confirm their details, then you provide yours and they process it. When I did it they also gave me a copy of the receipt. Then they get the boat and you know the cash is on its way to your account and can't be stopped.
scotto
Posts: 2470
Date Joined: 21/04/08
Transfer
Is by far the easiest, but both parties need to ring the banks and forewarn them, as they often hold large, unusual sums for a day or 3 otherwise.
i rang my bank and told them I was transferring x amount, and it cleared whilst we were doing the paperwork, within 1 hour.
Rob H
Posts: 5745
Date Joined: 18/01/12
I sold mine privately
I sold mine privately interstate not long ago.
The buyer wanted to go thru a boat broker to ensure the funds were handled correctly.
The broker charged a little over $5K for this service.
I didn't pay for this, but I was a little astounded to say the least.
I have purchased boats and cars at long distance, and there is always a risk.
Mostly you can check that it all adds up, the people and boat actually exist and are who they say they are with some effort.
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
Darren253
Posts: 570
Date Joined: 23/07/16
Thanks for the input
Thanks for the input guys...
As per one of the suggestions above, i have organised to go to the buyers bank with him and transfer the funds to my account. its only 1km from home to the local branch. That way with a receipt i know the funds are on the way and he can collect the item same day.
straith
Posts: 396
Date Joined: 25/11/13
Everyones different
... so many people dont know how to do this.
I have when buying and selling done it both with bank cheque and eft
Car dealers are happy with bank cheque because you sign a bill of sale agreement and have to verify your details via drivers license etc... just do that.
Template bill of sales freely available on the net and that way even if funds are forfeited you have a signed legal document to pursue. Just make sure you itemise everything you are buying or selling.
Weeds out the tyre kickers and dreamers too.
Have it done for the buyer first though so it doesnt take too much time.
Having said that i sold my last boat on a handshake... horses for courses
pelagicyachts
Posts: 1299
Date Joined: 23/02/11
Bank cheques as said can be
Bank cheques as said can be stopped (cancelled) and they can also take up to 3 business days to clear (depending on issuing branch)
Bank transfer is pretty hard to beat, they can provide you a copy of the transfer - yes this can be "faked" but so can a bank cheque.....
Rig
Posts: 2925
Date Joined: 27/12/06
Bank transfer
I have always done a bank transfer and waited for it to clear when purchasing, yes there is some risk but if I didn't have some level of trust I probably wouldn't buy the boat off that person
the guy who bought my last boat rocked up for a look and had 25K cash with him, much to my surprise
Rob H
Posts: 5745
Date Joined: 18/01/12
.
You know, the crazy thing with cash, is that even then if the cops roll up the next day and say he robbed a bank yesterday and that money wasn't his, you lose it.
And when you deposit your >$9999 it pops up automatically on the Gov radar.
Did you see what happened in India 4 years ago?
They cancelled and reissued the all 500 and 1000 rupee notes, giving people a few weeks to swap them.
Meant all the billions of dodgy rupees stashed in drug deals became worthless.
They talked about doing similar here with $100 notes, just the mention is prob enough to scare the shonky's!
Give a man a mask, and he'll show you his true face...
The older you get the more you realize that no one has a f++king clue what they're doing.
Everyone's just winging it.
Rig
Posts: 2925
Date Joined: 27/12/06
gov radar
Yeah not a problem with the bank flagging the deposit as there is transfer paperwork lodged, those sort of deposits are a 1 off for me unfortunately :)
I don't really like having that much cash for those sort of reasons but when your selling a boat for 12 weeks and that offer gets made, its a "start the car" moment
eziliving
Posts: 865
Date Joined: 30/12/09
Cash is king IMO
Cash is king IMO
Get busy living, or get busy dying!
swarf
Posts: 54
Date Joined: 07/08/13
bank transfer
As above I dont recommend bank cheques I sold my boat a few months back to 2 guys that were mates going halves in it. Both bought bank cheques to my place and picked up the boat.
Next day I went to deposit the bank cheques and one of them wasnt signed correctly.......took a good hour at the bank with the teller on the phone to the buyers bank to get it sorted.
The guys werent dodgy that bought it, it was a teller error when he ordered the bank cheque, thought I had been stitched up for a while there when I was waiting at the bank!
SeperateKnob
Posts: 660
Date Joined: 28/11/16
If the deal goes pear shaped
If the deal goes pear shaped when selling and the funds didn't go through but the transfer papers were posted would you report the boat as stolen? And would insurance companies pay out claim?
sea-kem
Posts: 14853
Date Joined: 30/11/09
Due dilligence to get some
Due dilligence to get some positive ID and an address of the buyer. In other words make sure you know where the punter lives.
Love the West!
Skull
Posts: 630
Date Joined: 03/01/12
Give me
Give me the money and I will give you the keys, simple really
Skull
DAVO 1
Posts: 111
Date Joined: 02/07/07
What about gold bars worth
What about gold bars worth double the price