Correct way to sell your trailer (mainly the money)

[Trainman]

Just wondering what are the correct way to transfer the money when purchasing a high dollar item like a trailer, or a automobile, etc. I know for myself I have always wanted cash, but at the cost of things today. I doubt if your going to get someone to showup with $40-$50-$60,000 plus dollars in cash, not too smart of a thing to do. I've heard to correct way is to have the money transferred to your bank and when the transaction clears ( X # of days ) then you release the said vehicle to the buyer. I guess if they have to holdup in a motel for a couple of days then that's what they have to do. Now I can see there are other variations of ways to do this, but what is the correct way to do this transfer of ownership that protects both the buyer and the seller. Does the buyer have any recourse cancelling the transaction after the money clears and they have taken possession of said item. Do you need to make sure they have insurance on the trailer, or I would think that's not for the seller to worry about. What do you say on this, thanks, trainman

[rideandfly]

When we purchased Ollie, our bank wired the money from my account to the seller's bank account. It's a secure way to send money and for the seller to receive payment, too. If someone does not like the idea of giving their bank account to a buyer, you can also set up a one time use Bank account, too.

[topgun2]

I've always insisted on a "bank to bank wire transfer of funds".  These wire transfers can be and should be completed on the same day.  I meet with the buyer at my bank and ask the tellers to confirm that the funds are in my account.  We then have the North Carolina title transfer completed and notarized by a notary at the bank.  I also always give the buyer a bill of sale.

A "bank check" may also be used but the seller should always ask the tellers to confirm that the funds are indeed available and secured at the bank that issued the check prior to signing the title.

Bill

[Steph and Dud B]

When we sold our fifth wheel we discussed this with the buyers. They paid a deposit with a personal check and we waited until that cleared before the next step. In the meantime, I checked them out online to verify what I could with public records: their names, address, employers, etc. Once their deposit cleared we agreed on the balance via cashier's check. There were 2 complications. One, they needed a title and bill of sale to take to their (other state) DMV to register the trailer so they could tow it from our property. Two, they were concerned about their risks if we took the check and didn't give them the title while we waited for the check to clear (what if we took their cash and refused to give them the trailer). The compromise (which I understand isn't perfect): they gave us the cashier's check and we gave them the title and a bill of sale. But... the trailer remained locked on our property with a Fort Knox hitch lock for the next week while we went to the bank and cleared their check and they went to their DMV. They returned the next week with a plate and registration and we had the money in the bank before they drove off with the trailer. We figured as long as we had possession ("9/10 of the law"), any disputes could be worked out legally if there was a problem.

[Rivernerd]

1 hour ago, topgun2 said:

A "bank check" may also be used but the seller should always ask the tellers to confirm that the funds are indeed available and secured at the bank that issued the check prior to signing the title.

 

I have seen forged bank checks.  If I were the seller, I would not accept a cashier's check in exchange for my trailer.  I would insist on wired funds.  And, I would release the trailer to the buyer only after receiving confirmation from my bank that the wired funds were actually in my account.  I would determine the amount of the wire transfer fees in advance, then add those fees to the agreed sale price.

[topgun2]

25 minutes ago, Rivernerd said:

I have seen forged bank checks.

Which is one of the reasons that you "settle" the entire transaction at your bank and have them verify that "bank check" prior to signing the title.  However, the wire transfer is still the fastest, simplest and easiest way for settlement.

Bill

[Trainman]

20 hours ago, topgun2 said:

Which is one of the reasons that you "settle" the entire transaction at your bank and have them verify that "bank check" prior to signing the title.  However, the wire transfer is still the fastest, simplest and easiest way for settlement.

Bill

I agree with your way, I will pass it on to those wanting to know, thanks, trainman