Selling items privately - The process?

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?


Posts: 718

Date Joined: 19/06/14

Bank cheque

Tue, 2021-02-16 18:43

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......:) 

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 I've just had them do the

Tue, 2021-02-16 18:49

 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. 

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sea-kem's picture

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Date Joined: 30/11/09

 I sold  mine recentley and 

Tue, 2021-02-16 19:23

 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. 

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Date Joined: 06/12/16

Go to bank together

Tue, 2021-02-16 19:36

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's picture

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Date Joined: 21/04/08

Transfer

Tue, 2021-02-16 19:55

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's picture

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Date Joined: 18/01/12

 I sold mine privately

Tue, 2021-02-16 21:27

 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.

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Darren253's picture

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Date Joined: 23/07/16

Thanks for the input

Tue, 2021-02-16 22:10

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's picture

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Date Joined: 25/11/13

Everyones different

Wed, 2021-02-17 11:05

 ... 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's picture

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Bank cheques as said can be

Wed, 2021-02-17 12:56

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.....

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Date Joined: 27/12/06

Bank transfer

Wed, 2021-02-17 18:29

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's picture

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Date Joined: 18/01/12

.

Wed, 2021-02-17 19:41

 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!

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 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.

 

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Date Joined: 27/12/06

gov radar

Thu, 2021-02-18 07:56

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

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 Cash is king IMO 

Wed, 2021-02-17 19:10

 Cash is king IMO 

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Date Joined: 07/08/13

bank transfer

Thu, 2021-02-18 09:37

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!

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If the deal goes pear shaped

Mon, 2021-02-22 06:28

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's picture

Posts: 13039

Date Joined: 30/11/09

 Due dilligence to get some

Mon, 2021-02-22 08:34

 Due dilligence to get some positive ID and an address of the buyer. In other words make sure you know where the punter lives.

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Give me

Mon, 2021-02-22 10:20

 

Give me the money and I will give you the keys, simple really

 

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 What about gold bars worth

Tue, 2021-02-23 23:15

 What about gold bars worth double the price