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TexLaw
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Experience:  Lead trial/International commercial attorney licensed 11 yrs
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I am looking to pre-sell classic cars as I find them listed.

Resolved Question:

I am looking to pre-sell classic cars as I find them listed. I would like to do this with full cooperation of the vehicle owner. I have been researching agreements like Option to Buy, Offer to Purchase, and regular bills of sale that will allow me to enter into an agreement with the owner in a separate geographic location, is there a way to do this that will hold water? That is to list the vehicle prior to actually completing the transaction with the owner, it would help potential buyers feel more comfortable and help me guarantee delivery.
Submitted: 1 year ago.
Category: Legal
Expert:  TexLaw replied 1 year ago.
Hi,

Thank you for your question.

If I understand you correctly, you are looking at entering into a transaction to sell a vehicle prior to you actually acquiring the vehicle.

When you say you want to do this with the full cooperation of the vehicle owner, what do you mean? Are you saying that you believe that the vehicle owner will already agree with you on the sales price?

What is the guarantee that you can get the vehicle from the seller?

What do you envision the consequence of being unable to acquire the vehicle (i.e., what do you think the buyer expects from you if you cannot produce the promised car)?

Customer: replied 1 year ago.

I am going to offer the vehicle seller the price we agree at, list the vehicle and sell it for a larger amount but want to guarantee the buyer I can deliver the vehicle. I would guess that if I cannot acquire the car and the buyer doesn't suffer a loss there wouldn't be a consequence per say. What's your opinion about not having any contract except for the ill of sale between myself and the buyer as I sell to them.


 


 

Expert:  TexLaw replied 1 year ago.
I think that having a simple bill of sale is setting yourself up for a charge of fraud or negligent misrepresentation. If you don't have the vehicle title, you cannot guarantee the buyer that you can deliver the vehicle.

There's a way to do it though. But before we get to that, I have one more question.

Do you intend on acquiring the title from the seller in your own name and then signing it over to the buyer? Or are you simply acting as a middle man and arranging the sale?
Customer: replied 1 year ago.

I am planning to receive the title and then sign it over to the buyer


 

Expert:  TexLaw replied 1 year ago.
OK. The issue is that you won't be able to guarantee the sale, and you will need to disclose the fact that you do not yet have the title.

You need to have a bill of sale with a "condition precedent" stating something like:

"This is a pre-sale contract. Seller is in the process of acquiring title to the vehicle which subject to this contract. This bill of sale is contingent on the acquisition of the title to the vehicle by seller. Seller has _____ days to acquire the title from the date of execution of this agreement. If seller is unable to acquire the title to said vehicle by the expiration of this deadline, this contract shall cancel and seller shall immediately return all funds to buyer."
TexLaw, Attorney
Category: Legal
Satisfied Customers: 4213
Experience: Lead trial/International commercial attorney licensed 11 yrs
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