Trainman Posted June 29, 2022 Share Posted June 29, 2022 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 1 2019 RAM 1500, 5.7 Hemi, 4X4, Crew Cab, 5'7" bed, Towing Package, 3.92 Gears. Link to comment Share on other sites More sharing options...
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