Posted by Paul (in NY) on Tuesday, November 21, 2006 at 11:26AM :
In Reply to: sold truck posted by 55dodge230 on Tuesday, November 21, 2006 at 9:59AM :
You may end up needing a lawyer to get his resolved. You need to be sure whatever you do is legal and done right, or you could end up with a problem and be sued. Personally, I would not run with any advice, unless given by a Lawyer or your State DMV, on paper and signed. If the buyer does not surface, you have a problem.
I have always had a business policy; You pay for it, paper work is completed and you move it, all at the same time, no storage whatsoever. No paper work prior to Payment and Moving it off my property. This way there are no problems as you are still full owner, nothing has been transfered to the buyer. If the item is not payed for/moved in the time agreed, the deal is null and I am free to resell or do what ever I please.
When you agree to store an item for a person, you accept responsibility for its safety. You must act reasonably and prudent in your protection of the item. Failure to do so, and if damage results, you could be liable. And if you accept a payment for storage, you may become a storage business in the eyes of your insurance company. This could be a serious problem if a building was destroyed with the item inside. Coverage may be denied since they consider you a business. Now you may have spent the funds received from the sale of the item, yet those funds have to be returned to the buyer.
This is not a legal opinion nor did I stay at Holiday Inn Express last night, but it just makes good sense. I have never had a problem, nor will I have a problem, dealing this way.
Paul