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Need help W/ writing receipt when buying from owner
|Author||Topic: Need help W/ writing receipt when buying from owner|
posted 09-21-2001 10:35 AM ET (US)
I am planing on buying another boat this weekend. I reaaly would like to know if anyone knows of a site I can print out a copy of a contract or receipt for buying from an owner.
I dont want to leave anything out or make any mistakes. I plan to give him 75% of the money on sat. & the balance on mon. If you dont know of a site that I can print out a basic reciept or contract on, any advise on what to write myself is apreciated.
posted 09-21-2001 12:02 PM ET (US)
I would put as little money down as possible as a deposit. You need to state that it is a deposit and that in the event that the transaction is not consummated, the money paid as a deposit will be refunded from the seller to the buyer. If you pull out of the deal for whatever reason, the seller should be entitled to keep some part of that deposit as reimbursement for the seller's effort to mitigate damages (i.e., cost to place a new ad, etc.)
posted 09-21-2001 12:13 PM ET (US)
I have found out (the hard way) that pre printed contracts aren't much help; too many variations of law from state to state.
Here is what I do when I need to secure financing or wait until the bank opens and the person will not take a check. Give him a small check, couple of hundred as a binder, state this on the check. Tell him you will have the rest of the funds on Monday at noon or whenever you can. Tell him if you do not buy the boat the binder is his anyway,,,you just forfeited it. THEN GET THE MONEY. I have also written a check for the full amount, told the person not to cash it until a certain time or have him meet you at the bank and cash the check. Of course either way you will not take delivery of the boat/car/widget until he gets the funds in his hand.
Just my two cents,
posted 09-21-2001 12:26 PM ET (US)
Thanks for the advice guys but, I am basicly stealing the boat from him. He is expecting full payment on sat. but I will be $800 short. I wont be able to get the balance untill mon (payday). Am I setting my self up to get ripped off?
posted 09-21-2001 02:37 PM ET (US)
No you are not being set up. I handwrite them as follows:
I Nick hereby sell my 1980 13' Boston Whaler serial # 123456 with a 1982 Johnson 35hp Serial# 654321 and a 1980 Magic tilt trailer for the sum of $1000 to Rick in AS IS condition on 9/22/01.
Deposit of $800 was received on 9/21/01 with the remaining $200 to be paid on 9/23/01. If failure to produce the remaining $ on 9/23 by 2pm it will be forfeited, etc.....
Have both parties sign it and he gets a copy and you get an original(ink) one. In FL sales tax is only on the hull and trailer so it is a great way to skate that. The hull is worth $200, Trailer $100, engine $1000. ETC...Enjoy!
posted 09-21-2001 04:34 PM ET (US)
You have good advice in the posts above. I would not hand over any $ until I look at the title/registration documents and am sure the seller can pass clear title free of any liens for the boat, motor and trailer. The motor vehicle admin or agency where you will title the boat may have printed forms you can use. Be sure after you pay in full you have everything you need to take title.
posted 09-21-2001 06:52 PM ET (US)
Would also highly suggest that you include an itemized listing of what "extras" are included in the sale (if any). Is the seller including life jackets, spare fuel tank (unless built in), flare kit, anchor, lines, etc. I'm speaking from experience. We had a verbal agreement that several such items were going to be "thrown in" with our purchase, so we let some of the same "go" in the sale of our previous boat -- why would we need doubles? When we went to pick up our newly purchased boat, the items were missing. When we questioned the seller, he said they weren't included after all, considering the "deal" he gave us on the boat. Since we had nothing in writing, we had no recourse. Luckily, there was a marine store nearby where we could get at least enough equipment to pass Coast Guard inspection. Good luck with your new purchase! -- LKS
posted 09-21-2001 08:42 PM ET (US)
Agree with all the advice given except the second sentence in the second paragraph. While nature abhors a vacuum, the law abhors a forfeiture. I'm certain that although the example sales contract says that the money is forfeited, when tested in a court, the seller will be forced to give most of the buyer's money back otherwise the seller is unjustly enriched. Thus, it's best not to label the forfeiture a "forfeiture".
posted 09-21-2001 09:04 PM ET (US)
Something like, "liquidated damages" ??
posted 09-21-2001 10:07 PM ET (US)
While that might be better, no matter what you call it, the principle is the same. I believe that the amount of "liquidated damages" has to be reasonably related to the expected loss if the transaction isn't consumated. In the example provided, I think that 80 percent of the value of the transaction could be viewed as not reasonably related. If the Whaler isn't sold that day, it isn't going to melt and become valueless. If the Whaler sold a day later for $900 to a second Buyer instead of $1000, it might be reasonable to allow the Seller to keep $100 to make the Seller substantially whole and require a refund of $700 to the first Buyer.
posted 09-21-2001 10:12 PM ET (US)
Got it - thank you.
posted 09-24-2001 08:34 AM ET (US)
Thanks for all the advise Guys. I wound up typing up a receipt very simialer to what Bigshot suggested. All went well & I am the proud owner of a 1988 13 ft avon w/ an almost new 1996 Mercury 75 HP. This boat Is Scarey Fast it is very overpowered & feels like it wants to hook around on you when you get close to 3/4 of full power. I cant belive what a deal I got on the boat. The motor is going to be AWESOME on my 1984 15 ft S.S. I cant wait to get my old Tired Johnson 60 off of it.
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