Legal Question in Consumer Law in California
I'm looking into buying a classic car from several states away (I am in California, the car is in North Dakota). I'm unable to pick the car up in person. The seller prefers a wire transfer or cashier's check and won't release the car until all funds are in his account. Once he has the funds, he says he'll overnight the title to me and the car can be picked up for shipment. I believe the seller is who he says he is and I've had the car inspected, so I know that it exists. How can I legally protect myself should the seller not release the car for shipment after he's received my payment? Perhaps a bill-of-sale that legally transfers ownership to myself as soon as funds are transferred?
1 Answer from Attorneys
The first thing to do is have a contract for the transaction that lays out exactly what you and the seller agree each will do and when they will do it, signed, preferably notarized, by both of you. If you want to be really safe, I recommend you use an escrow. Escrows are usually, but not only, for real estate.
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