Urgent. Sales and purchase agreement

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russ

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Advice required urgently please?
I am in the process of selling my boat privately in which the purchaser has arranged his own SPA. I have amended a few points but I am still worried about the legal jargon it contains.
Is there way of getting it checked either online or forum based? I think he wants me to sign it tomorrow the day before the survey.
Also he wants to pay by bank draft. I have read this takes 4 days to clear and 6 days before you can draw on the money. So I would rather an online transfer but he says its too much money for that. I'm not too sure about that. Going suggest CHAPS payment.
 
russ said:
Advice required urgently please?
I am in the process of selling my boat privately in which the purchaser has arranged his own SPA. I have amended a few points but I am still worried about the legal jargon it contains.
Is there way of getting it checked either online or forum based? I think he wants me to sign it tomorrow the day before the survey.
Also he wants to pay by bank draft. I have read this takes 4 days to clear and 6 days before you can draw on the money. So I would rather an online transfer but he says its too much money for that. I'm not too sure about that. Going suggest CHAPS payment.
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How much money is involved?
 
petem said:
There are plenty of standard agreements out there. Why not suggest one of those is used?
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I already had purchased an online legal Bill of Sale but he wants an SPA. He may have copied from RYA form but there isn't any heading to say where its from and Im not an RYA paid up member so cant find out.
 
You can pay billions of pounds the same day...
I suspect he means the free faster payments system and the limit allowance varies from bank to bank.
CHAPS will be same day if the instruction is in good time and costs about 20 to 30 quid.
A bank draft can in theory be cancelled but as the draft is in the bank's own name they not surprisingly want some very very good reason not to honour the draft. If you are really paranoid of course the draft could be a brilliant forgery.
Plenty of safe ways to get paid...ask your own bank if you need peace of mind. Moving money is what they do!
 
jimmy_the_builder said:
How much money is involved?
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OP hasn't told us the sums involved, which makes it harder to say whether or not CHAPS is the correct answer. If it is less than £250k and subject to individual bank limits then FPS would be the way I would choose to pay and be paid for this sort of transaction. Last two vehicles that I bought privately, I sat down with seller, I made an online payment on my device, they checked their balances on their own device, a couple of minutes after making the payment the money was in the sellers account and everyone was happy.

CHAPS is slow, has a fee, and doesn't work at the weekends. Bankers draft does carry some fraud risk and I wouldn't accept it.
 
I had to transfer about £80k recently and found that I could not do it via Nationwide online bank transfer (ie fast payment). I can't remember the limit but I have a vague recollection it was as low as £20k.
I am not sure that helps, other than he could well be right that his bank will not let him do a bank transfer. In the end I used a cheque because it then became the recipients problem if the money went to the wrong account. That does not help you though......
 
Transfer is for just under £30k. I also have sold vehicles via online transaction but this purchaser says this too much for him to do so.
That aside, how can I decipher the document into normal layman terms and that wont tie into something I'm unaware of ?
 
I paid €110,000 for Seralia by bank transfer. £30k is well within limits.
He may be thinking of the faster payments service which is limited to £25k but CHAPS can certainly do it

Bank drafts are subject to massive fraud, and will show cleared but can be subject to recall up to 10 days from presentation
 
russ said:
I already had purchased an online legal Bill of Sale but he wants an SPA. He may have copied from RYA form but there isn't any heading to say where its from and Im not an RYA paid up member so cant find out.
Click to expand...

Obviously only right to be an RYA member to use their forms but you can Google "rya memorandum of agreement type:pdf" to see the RYA form.

I don't know why you paid for a Bill of Sale. The same link will give you the RYA Bill of Sale but most people prefer the MCA one (https://www.gov.uk/government/publications/bill-of-sale-msf-4705).

Pete
 
£50k is the limit for online banking with Lloyds (you can even send up to this amount on your phone).

What I would strongly advise is that when you have emailed your bank details to the buyer, speak to him to confirm the details (there have been cases where bank details have been intercepted and amended). Might be worth a test payment of £1 to check that everything is OK first (if he sends the money to the wrong account it will be a pain to recover it).
 
petem said:
What tweaks does he want to the MOA?
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One being the inclusion of the details the broker had online of my boat. There is no connection with the broker as its a private sale. Boat is no longer with them.
I don't want an invoice from them at a later date, not that they know him but just cautious.
 
Whitelighter said:
He may be thinking of the faster payments service which is limited to £25k
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Sorry to contradict WL but this is wrong. FPS is £250k limit, but a lower limit is imposed by most banks. For my Barclays account it is £50k and for my HSBC it is £100k, for example. Either way, now that the OP has told us that it is under £30k, it seems unlikely that the buyer couldn't use FPS and both parties would then be happy.
 
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