Jump to content
  • When you click on links to various merchants on this site and make a purchase, this can result in this site earning a commission. Affiliate programs and affiliations include, but are not limited to, the eBay Partner Network.

US out of state purchase\refundable deposit advice? Escrow?


BarrettN

Recommended Posts

Well,I realize now I should have asked some of these questions a couple of days ago before I looked at a 02 while traveling out of state - and verbally agreed to buy it. The owner is selling the car along with some parts as a package deal, 3 additional engines and some other parts - seats, etc. The car represents the major part of the value, but engine and other the parts do have some value. The seller needs to get a duplicate title from the state where he used to live as he can't find the title (he's moved twice and had help packing).

 

I agreed to send a refundable deposit while we work out all the details (my brother and I are probably going to rent a box truck and haul everything back ourselves).

 

I trust the guy, and don't have any misgivings, but I'd hate to have the deal fall apart for some reason, and even more, if that happened, have trouble getting my deposit back. Any advice on how to handle this from those out there with more experience with this than me? I don't want to insult the guy with a lot of legalese if possible, but I don't know how to do that and protect myself. I don't know enough how escrow services work to know if that would be appropriate, how expensive they are, or if they'd even do it for the money involved. The dollar amounts I'm talking about while probably not huge to some other people, are big enough for me that I'd rather not end up holding the short end of the stick.

 

Thanks for your help

 

Barrett

Koboldtopf - '67 1600-2

Einhorn - '74 tii

Link to comment
Share on other sites

An auto escrow service is a good idea. The service fees may be minimal and would be piece of mind. Now a few questions, was this a spur of the moment sale or something the seller had posted for a while? Reason I ask is because most of the time when a selling is planning to sell off property, they usually have the pink in hand ready to go. Of course paperwork gets lost as years pass but then again most are prepared. Hopefully it works out for ya and you post your treasure with us. Good luck. 

Link to comment
Share on other sites

You should be able to set up an escrow account with your bank.  In the days (years!) before Pay Pal, zelle etc this was a common way to do this kind of a cash transaction, whether for a car or real property.  The bank holds the buyer's money and the seller's ownership documents, so that when the deal is consumated, the seller gets the buyer's money and the buyer gets the seller's proof of ownership. 

 

Talk to your bank's trust department; they should be able to tell you how they can set it up.  If your bank can't, ask the seller to check with his/her bank.

 

mike

'69 Nevada sunroof-Wolfgang-bought new
'73 Sahara sunroof-Ludwig-since '78
'91 Brillantrot 318is sunroof-Georg Friederich 
Fiat Topolini (Benito & Luigi), Renault 4CVs (Anatole, Lucky Pierre, Brigette) & Kermit, the Bugeye Sprite

Link to comment
Share on other sites

1 hour ago, Jae said:

An auto escrow service is a good idea. The service fees may be minimal and would be piece of mind. Now a few questions, was this a spur of the moment sale or something the seller had posted for a while? Reason I ask is because most of the time when a selling is planning to sell off property, they usually have the pink in hand ready to go. Of course paperwork gets lost as years pass but then again most are prepared. Hopefully it works out for ya and you post your treasure with us. Good luck. 

This was very much me essentially knocking on his door asking him if he'd be interested in selling, so the fact he wasn't ready with title in hand isn't a red flag to me. 

Koboldtopf - '67 1600-2

Einhorn - '74 tii

Link to comment
Share on other sites

36 minutes ago, BarrettN said:

so the fact he wasn't ready with title in hand isn't a red flag to me. 

Hope you are right, good luck.

Obtaining a duplicate out of state title could take months. As far as escrow goes, without a title the seller has no proof of ownership to put up. Patience is called for.

Sorry, gloomy Gus here but not without reason.

Edited by tech71

76 2002 Survivor

71 2002 Franzi

85 318i  Doris

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • BMW Neue Klasse - a birth of a Sports Sedan

    BMW Neue Klasse - a birth of a Sports Sedan

    Unveiling of the Neue Klasse Unveiled in 1961, BMW 1500 sedan was a revolutionary concept at the outset of the '60s. No tail fins or chrome fountains. Instead, what you got was understated and elegant, in a modern sense, exciting to drive as nearly any sports car, and yet still comfortable for four.   The elegant little sedan was an instant sensation. In the 1500, BMW not only found the long-term solution to its dire business straits but, more importantly, created an entirely new
    History of the BMW 2002 and the 02 Series

    History of the BMW 2002 and the 02 Series

    In 1966, BMW was practically unknown in the US unless you were a touring motorcycle enthusiast or had seen an Isetta given away on a quiz show.  BMW’s sales in the US that year were just 1253 cars.  Then BMW 1600-2 came to America’s shores, tripling US sales to 4564 the following year, boosted by favorable articles in the Buff Books. Car and Driver called it “the best $2500 sedan anywhere.”  Road & Track’s road test was equally enthusiastic.  Then, BMW took a cue from American manufacturers,
    The BMW 2002 Production Run

    The BMW 2002 Production Run

    BMW 02 series are like the original Volkswagen Beetles in one way (besides both being German classic cars)—throughout their long production, they all essentially look alike—at least to the uninitiated:  small, boxy, rear-wheel drive, two-door sedan.  Aficionados know better.   Not only were there three other body styles—none, unfortunately, exported to the US—but there were some significant visual and mechanical changes over their eleven-year production run.   I’ve extracted t
  • Upcoming Events

  • Supporting Vendors

×
×
  • Create New...