private sale - payment?
hoping to take the plunge & buy my first car 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.
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.
but that might void the legally binding part.
Make sure you get given the V5 registration document, and read the V5 document carefully before you agree to the purchase.
i've seen it already. it's his details that are on it & i've done a hpi check. what details in specific were you thinking i should be careful of?
The usual way is to pay cash - actual sterling notes. Yo understand that in a transaction in which there is no trust, that is pretty much the only way.
The template you post, seems to be more for the seller than for the buyer. The important thing is to make sure that you have:
Both names in full.
The registration mark, make, model and colour of the car.
Make two copies so that you can have one each.
Buying a car is always a bit of a gamble but you seem to have done just about everything you can to reduce the risk. Remember that many thousands of cars are sold this way every year without significant problems. I myself have bought several with fewer checks than yours. Just accept that you are likely to have to spend some money on the car after you have driven it for a while - just cross your fingers that it isn't anything expensive
There is no need for the type of paperwork that the seller seems to want. All that is necessary is a receipt for the money you pay, and then only if you want one. i would be sceptical about buying from this particular seller as it seems to be worded as if the seller is a dealer and trying to get out of his warranty obligations. I would walk away from this sale.
ok what quotes are you referring to.
as the first one i pulled off a website (the aa) and the other 2 i wrote myself (i'm the buyer)
Bump bump bump - intending to buy the car this weekend so any last minute advice about payment etc would be much appreciated
As mentioned earlier, take cash with you, as that is the normal way to buy a car when you are buying from a private seller.