dealing with an out of the country buyer?? $$ transfer question.

[SatisTraction]

Some of you may remember from my last post about me having a Canadian buyer for my car. Well it looks like we have reached a deal and he is buying a plane ticket to come see the car.

I have never dealt with anything like this. He wants to use a lawyer for the transaction and is fine with using my lawyer. I assume he wants to set up some sort of escrow account. His goal is to have it so he can get the title to the car while he is here to inspect the car. My goal is to not get ripped :)

He is a banker so he knows more about this then I do. Is there anything I should be aware of? I will be speaking with my lawyer tomorrow.

Chris

[Ron.in.SoCal]

Use your lawyer your escrow company (very important!), and your banker and it should be fine. Cashiers checks can be fake, so a wire from a replutable bank, verifed by your banker is the way to go.

[vintageracer]

Just remember that International wire transfers (Canada) take a lot longer than a wire transfer within the US due to cross border transfer of money. A wire transfer within the US takes a couple of hours to complete. It could be up to several days to complete an International wire transfer. Check with your lawyer/bank.

With an escrow account through your lawyer for this transaction you should be able to have the money transfered into escrow BEFORE the buyer arrives to inspect and take posession of the car. This avoids the "I am not letting you have the car until the money arrives" issue. This protects the buyer and you the seller.

Other than that have at it!!!

[Mkelcy]

Just remember that International wire transfers (Canada) take a lot longer than a wire transfer within the US due to cross border transfer of money. A wire transfer within the US takes a couple of hours to complete. It could be up to several days to complete an International wire transfer. Check with your lawyer/bank.

With an escrow account through your lawyer for this transaction you should be able to have the money transfered into escrow BEFORE the buyer arrives to inspect and take posession of the car. This avoids the "I am not letting you have the car until the money arrives" issue. This protects the buyer and you the seller.

Other than that have at it!!!

Perfect advice, and the only way I'd do it, if the alternative is several days for a wire.

[SatisTraction]

look like this is geting closer to being a done deal. Thanks for the advice :)

[DynoDon]

if he is coming in person, tell him to bring CASH or a cashier's check that you can both go to the bank and cash at that time. If he is truly a banker he won't have any problem handling that.
You then hand over the signed title and a notarized agreement to handle the shipping in whatever manner you both agree on.
This is the only way i would do this.

I just sold my 1947 Ford COE ramp truck to a guy from Sweden. He came with a Bank of America cashier's check, we took it to the bank to verify and deposit (I bank at BofA) and I handed him the pink

[fordsbyjay]

if he is coming in person, tell him to bring CASH or a cashier's check that you can both go to the bank and cash at that time. If he is truly a banker he won't have any problem handling that.
You then hand over the signed title and a notarized agreement to handle the shipping in whatever manner you both agree on.
This is the only way i would do this.



That is what I was going to say. Believe it or not they have US currency in those Canadian banks. Tell him to bring cold hard cash and he can have the title on the spot.

[vintageracer]

Traveling internationally and crossing an international border with $10K or more in US cash presents a BIG problem with lot's of paperwork if you follow the law.

Don't declare the cash, get caught and it's 3 hot's and a cot plus lose your cash!

I'll do the escrow account or wire transfer everytime for an international buyer/transaction rather than worry about that hassle. Try coming to the US from Canada with a one way airfare ticket with little/no luggage and a pocket full of cash for a car you intend to purchase in the US and drive back to Canada. You probably will not even make it out of Canada before you get busted!

[ProjectSideOiler]

Some of you may remember from my last post about me having a Canadian buyer for my car. Well it looks like we have reached a deal and he is buying a plane ticket to come see the car.

I have never dealt with anything like this. He wants to use a lawyer for the transaction and is fine with using my lawyer. I assume he wants to set up some sort of escrow account. His goal is to have it so he can get the title to the car while he is here to inspect the car. My goal is to not get ripped :)

He is a banker so he knows more about this then I do. Is there anything I should be aware of? I will be speaking with my lawyer tomorrow.

Chris


I would NOT take a cashiers check and let him have the car. They can be cancelled or no good and you will not find out until weeks later.

Cash or Money Wire only and make sure everything is cleared before you let the car or title leave your hands. He is being very paranoid so you yourself need to be very cautious. Seeing as tho he is being so paranoid have him pay for attorney fees. When he does show up do not take a penny less than what was agreed upon.

Remember CASH or Wire Transfer only. I would not consider a cashiers check with this deal. He obvious does not trust you so why should you trust him?

Do you know for sure he is actually from Canada? These are the kind of deals that can go south in a big hurry. You should know him better than any of us right now with the contact you have had. If things about it make you question or worry be extra cautious.

[SatisTraction]

well he set it up with my lawyers escrow account. He has wired the $$$. He is having my lawyer do a title search. He has bought his plane ticket and hotel reservation.

I feel better about the deal then i did before.

he paid all that and an inspection service to inspect the car. He has put some $$$ and time into the deal just to get to this point. I do think he is a honest but cautious buyer. I know I would be.

[ProjectSideOiler]

well he set it up with my lawyers escrow account. He has wired the $$$. He is having my lawyer do a title search. He has bought his plane ticket and hotel reservation.

I feel better about the deal then i did before.

he paid all that and an inspection service to inspect the car. He has put some $$$ and time into the deal just to get to this point. I do think he is a honest but cautious buyer. I know I would be.

Congrats on selling the car! If he wired the money its a done deal and only you can reverse it. In today's world you cannot blame him for being cautious. Even after doing this for 35+yrs its easy to get burned as soon as too much trust is out there as I recently did.

[paul67]

Fancy not giving him a bed for the night lol

[SatisTraction]

Congrats on selling the car! .

well we have not shook hands yet so the deal isnt done. Monday is the transaction day.

I do have a feeling that there will be a bad ass camaro running around Canada in a few weeks. I figure i will do a 6000 rpm shift into 4th. Pinning him into the back of the seat and some tire spin. It makes me smile every time i do it :)

I car inspector said it needed new tires in his report :)

[SatisTraction]

Fancy not giving him a bed for the night lol

You know i did not even think about it. However with a wife and two little girls i am not big on any stranger staying at my house.

[Kenova]

You know i did not even think about it. However with a wife and two little girls i am not big on any stranger staying at my house.
That is certainly understandable. At the same time, if I were the buyer, I don't think I'd be all that comfortable staying in a stranger's home. But maybe that's just me.

Ken