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2.6
2.6
Handling Contracts
Handling Contracts
Keep your notes describing your vehicle and you're asking price accessible. This is handy if you are not available and someone else answers your phone or responds to your email. Remember to stress the positive points of your vehicle and tell potential buyers about any recent repairs and maintenance that have recently been completed.
If a prospective buyer asks why you are selling your vehicle, and you plan on buying another, tell them. Your current vehicle has been great, but you just want a change and something newer.
Negotiation
Negotiation
You've taken an interested buyer for a test drive and he/she makes an offer on your vehicle, but not at the price you had in mind. Now negotiating a sale price isn't that tough.
You just need to know a couple of things:
First, if the offer is pretty close to what you want and doesn't exceed the haggling room you built into your price, suggest you split the difference. If the buyer is way off base, pull out some ads for similar vehicles at higher prices and mention, in a polite manner, that your price is reasonable and that you want $X (your chosen amount) for your vehicle. Also mention that you don't want to waste their time.
At this point you know whether the buyer is interested or not. If his/her counter-offer is acceptable, agree to it and write out an offer to purchase. Often a minimum deposit of $500.00 is required to hold the vehicle. Do not release your vehicle until you have received full payment.
Conditional Offers
Conditional Offers
It's not uncommon to hear, "I am interested, but...."
It's not uncommon to hear, "I am interested, but...."
Buyers are making a big purchse, so they too want to protect themselves from making an expensive mistake. To ensure they are not making a mistake, an offer made be made subject to condition, such as a mechanical inspection. Remember to put a time limit on conditional offers (i.e. offer is pending a mechanical inspection which must be completed by 2pm on Nov. 26th. or the offer is pending financing which must be in place by 2pm on Nov. 26th or the offer is null and void). If you give them too long to satisfy the conditions, they can slack off and you cannot sell the vehicle to someone else. If the offer is not conditional (it is a done deal--you are waiting to be paid in full), still make sure you put a time limit on when payment must be received. If the person gives you payment in full, ensure that you fill out a "Bill of Sale." It is no longer an offer, but a final sale. You get the money and they get the vehicle.
If a conditional offer was placed (i.e. pending inspection) and they are not satisfied, you must return the deposit, if applicable. You have essentially wasted your time with this person. This is why you must not give them too much time to fulfill their condition of sale. If you gave them 2 weeks to complete the inspection, this would be 2 weeks that you could not sell the vehicle to someone else. If they don't buy the vehicle after the 2 weeks, then you have wasted your time and potentially many buyers. Make sure to only give a reasonable time limit for conditions (perhaps a few days). A mechanical inspection condition may be common on older vehicles as most insurance companies require a mechanical inspection on vehicles 12 years or older before they will insure them. You may wish to have a mechanical inspection completed before hand so your time is not wasted. If the potential buyer obtained a mechanical inspection but did not buy the vehicle, ask them for a copy of the report so you don't have to go through the same ordeal with the next potential buyer. If they want the vehicle mechanically inspected, you take to the mechanic--do not allow them to go alone.
The Bill of Sale
The Bill of Sale
Always have a Bill of Sale on hand when you advertise your vehicle. Be sure to completely fill out the form. If you want to sell the car and do not want to be held liable for it down the road, consider these terms: no guarantee written or implied. Make sure your bill of sale is witnessed as well. Do not release your vehicle until you get payment in full.
The Bill of Sale must be completed to transfer ownership; a Standard Bill of Sale can be obtained from the Government of Alberta website, or you may obtain one from a local Registries office.
Saying Goodbye
Saying Goodbye
On the day you transfer ownership, do not sign it and give it to the buyer! Make sure:
On the day you transfer ownership, do not sign it and give it to the buyer! Make sure:
- You go to the License Registries together with the buyer to see that it is officially transferred into the buyer's name.
- You remove your license plates.
- The buyer has his/her own license plates to put on the vehicle.
- Notify your insurance company of the transfer of ownership.
- You have removed all your personal belongings from the vehicle: i.e. garage door openers, parking tags, and repair bills that have credit card information on them.
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