Legal Question in Administrative Law in New York

Private Sale of a Car

I�m not certain this falls under legal matters but I thought I would inquire. We have a buyer who has already given a deposit. We don�t know how to exchange the car for the remaining balance payment. As the seller, we would like to receive a check, ensure that it clears, and then deliver the car. We protect ourselves from delivering a car to someone who has no intention to pay. The buyer has similar concerns. He is fearful that we would cash the check and not deliver the car. The buyer suggests transferring title, delivering the car and accepting payment all at the same time. He suggested giving us a cashier�s check. We�re not comfortable with this exchange. What is the best and EASIEST method that will protect us the seller and give the buyer comfort that he will get the car? Any advice? Thanks!


Asked on 7/07/03, 3:29 pm

2 Answers from Attorneys
Andrew Nitzberg Andrew Nitzberg & Associates

Re: Private Sale of a Car

This is an easy one. Your bank can help you. You need an 'escrow account' (not complicated-just open a joint account with the buyer requiring 2 signatures for withdrawals) or do the exchange at a bank or at the local police station. Any third party trusted by both sides to help you make the exchange. Keep it simple. You are welcome to a consultation at no charge at my offices at 42 west 44th st., NY,NY. Please call for an appointment first. (646) 591-5786

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Answered on 7/08/03, 5:57 pm
Arnold Nager Arnold H. Nager, Esquire

Re: Private Sale of a Car

Cash or certified check at time of transfer of car.

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Answered on 7/07/03, 3:41 pm


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