Boat Sale, Transaction!

[Alistairr]

Whats the best way to do the transaction for the boat?
Should any of the viewer that see the boat on Saturday wish to buy it, whats the best and safest way for me to handle the transaction?
Should i just accept a normal cheque from a british bank and allow 5days for it too clear? What about cash? Don't think i'd want to receive cash with all the forgery money going around.
When it does actually sell, Whats the best way to do the deal?

Cheers

Alistair.

 

[tico]

suggest cash or checque for deposit, then direct bank transfer for the balance (CHAPS?)

thats the way that I bought and sold last one and it worked fine.
Can check with yr bank when the cash is cleared before you hand over the bill of sale/keys.

can supply a bill of sale if u want or theres one on the RYA site i believe.

best of luck

 

[Alistairr]

Great thanks, that was going to be my next question, where can i get a bill of sale?
I will look at the RYA website thanks.

Cheers

Al.

 

[Boardsnowboarder]

Any large cash transaction always insist the buyer goes to your bank with you to deposit the cash.

 

[landlockedpirate]

Yep this is the safest way but it doesnt stop you getting fakes.

I used to deposit large sums of cash for my last business. The cash was always counted on paying in then banded up with my name on it. I would regularly get a call a couple of days later telling me I had a couple of fakes in the bunch. /forums/images/graemlins/mad.gif

 

[AdeOlly]

The RYA also have a document called something along the lines of 'Agreement for sale of a used leisure boat' . This lays down a legal framework and timescale for the sale and protects both you and your buyer. I used it for the sale of my S24 and thought it was very good. I'll try and look out the link for you.

 

[ari]

[ QUOTE ]

Should i just accept a normal cheque from a british bank and allow 5days for it too clear?

[/ QUOTE ]

If you do take a cheque you need to give it a lot more than 5 days to clear (especially if a weekend is involved). Just because the money appears in your account (usually within a day or two) it doesn't mean the cheque is cleared.

I'm sure someone with more knowledge of banking practices (or even your own bank) will be able to advise, but I think you're looking at 10 working days minimum to be sure a cheque has cleared.

 

[Channel Ribs]

I would recommend a normal cheque for a deposit, as this establishes a paper trail and cuts out the worries that go with cash. Then I would insist on a banker's draft, then consult with your bank to set the handover date.

Cheers,
M

 

[ari]

Need to be careful with Bankers Drafts too. They're supposed to be "as cash" but if they're forged or stolen then the issuing bank will not honour them.

 

[[2068]]

>Should i just accept a normal cheque from a british bank and allow 5days for it too clear?
No. Not unless I had a letter from the bank confirming that the funds really really really had cleared.

>What about cash?
Most brokers won't accept lorryloads (e.g. > £10k) of cash cos of Money Laundering Regulations. And you probably shouldn't either. Not only the risk of forgery, but also the risk of getting tapped on the head and relieved of your funds. Or that scene in the film where the briefcase bursts open, and you're running around in the street chasing £20's

>BACS Transfer
Still takes a few days to process. Free.

>CHAPS Transfer
Instant transfer. It hits your account, quick call to your bank to check, and bingo. Costs about £25.

>Bankers Draft
These can be forged. Only okay if you are actually at the bank watching the draft get issued, and the bank cashier hands it DIRECTLY to you (to prevent a switch...). Also costs money (not sure how much. £13?)

dv.

 

[jfm]

Is it P1 registered?

 

[Micky]

I would take cash for mine, the more the better, always been my fav way of buying and selling.

But as someone else said, paying by cash is getting harder.
I tried to pay for my last boat with a fist full of real money and the Broker almost fell over and apologised for not having the facilities to handle cash. In the end i had to give him a cheque.

Walked into my bank with 35k cash, they took me into a special room and i had to explain where and how i got it. Then one-day i wanted 5k cash out for a car deal among friends, i almost had to beg for it.
Christ, it's my money, hand it over, but noway were they going to. A long story, but i got it in the end.

 

[Alistairr]

Thanks all for the replies.

My thought on accepting a personal cheque were only if its from a UK bank, and i would specially present it.
Bankers draft i was a bit concerned about regarding forgery's
Cash, yip agree i don't fancy carrying £20k-£30k around, and too high a risk of there being so forgery's in there.

Whatever i decide to accept(should the boat sell!!!) i will try and allow plenty of time for the money to clear before i handover the keys or papers for the boat.

Thanks all,

Al.

 

[Alistairr]

It is by the previous owners.
Why?

Al.

 

[totopalm]

Spot on Tico, Chaps is the best way. Also Bankers Draft
is fine, your bank will tell you if its Kosher, naturally Ali
don't part with boat till all is verified by your Bank
Wish you a successful sale Cheers Tony

 

[smee]

I would only accept bank transfer, and if its CHAPS it is same day, and cleared funds, but you still want to phone bank to be certain!

 

[Phoenix of Hamble]

Al,

here's URL's for contracts and bills of sale...

http://www.ybdsa.co.uk/public-download/SandP.pdf

http://www.mcga.gov.uk/c4mca/msf4705.pdf

When I sold mine last week, I happily accepted a cheque on the provisio that it cleared before collection.... the contract clearly states that ownership transfers upon clearance not receipt of payment.....