hoping to take the plunge & buy my first car :D it'll be a private seller. Have found the car now just needing to sort out the last few details.
First of all payment. what is the "best" method to pay? as in the safest?
I am hoping to pay via bank so money from my account into the sellers but i want it to go through as a payment not just a gift or whatever. if that makes sense. Kinda in a way so if something does go wrong i could have at least some sort of comeback (although i realise in a private sale when things go wrong come back options are few and far between).
Also with transferring a payment from my account to the sellers obviously there is the time factor. He is gonna want the money in his account before parts with the car but i'll want the car at the same time the money goes in and i'm aware payment can sometimes take a few days to go through. Any way round this?
On a side note i will be preparing a recepit for the sale. i've noticed the declaration part on template recepts seem to be the same:
"The undersigned purchaser acknowledges receipt of the above vehicle in exchange for the cash sum of £.......... being the price agreed by the purchaser with the vendor for the above named vehicle, receipt of which the vendor hereby acknowledges. It is understood the vehicle is sold as seen, tried and approved by the purchaser without any representations, warranties or conditions express or implied whatsoever."
is this worded in a legally binding way?
i dont fully understand the wording in it the "undersigned purchaser part"
i would have typed something more like this myself:
I [Seller] acknowledge this receipt of sale for the above named vehicle which I have sold on the basis of no false representations or misleading information. I confirm I have receieved the payment of agreed value stated above.
Signature:
Date:
I [buyer] acknowledge this receipt of sale for the above named vehicle which I have bought under the conditions the information listed above is correct & that no false representations have been made. I confirm I have paid the agreed value stated above.
Signature:
Date:
but that might void the legally binding part.
Advice/comments appreciated.
First of all payment. what is the "best" method to pay? as in the safest?
I am hoping to pay via bank so money from my account into the sellers but i want it to go through as a payment not just a gift or whatever. if that makes sense. Kinda in a way so if something does go wrong i could have at least some sort of comeback (although i realise in a private sale when things go wrong come back options are few and far between).
Also with transferring a payment from my account to the sellers obviously there is the time factor. He is gonna want the money in his account before parts with the car but i'll want the car at the same time the money goes in and i'm aware payment can sometimes take a few days to go through. Any way round this?
On a side note i will be preparing a recepit for the sale. i've noticed the declaration part on template recepts seem to be the same:
"The undersigned purchaser acknowledges receipt of the above vehicle in exchange for the cash sum of £.......... being the price agreed by the purchaser with the vendor for the above named vehicle, receipt of which the vendor hereby acknowledges. It is understood the vehicle is sold as seen, tried and approved by the purchaser without any representations, warranties or conditions express or implied whatsoever."
is this worded in a legally binding way?
i dont fully understand the wording in it the "undersigned purchaser part"
i would have typed something more like this myself:
I [Seller] acknowledge this receipt of sale for the above named vehicle which I have sold on the basis of no false representations or misleading information. I confirm I have receieved the payment of agreed value stated above.
Signature:
Date:
I [buyer] acknowledge this receipt of sale for the above named vehicle which I have bought under the conditions the information listed above is correct & that no false representations have been made. I confirm I have paid the agreed value stated above.
Signature:
Date:
but that might void the legally binding part.
Advice/comments appreciated.
