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Posted by nailscbl 3 years ago In:

nailscbl
nailscbl Asked:

Purchasing a large ticket item safely

I am looking to buy a Haynes Flute for $4500.00 being advertised in Texas on Used.Flutes.com and I live in New Hampshire and I am afraid to send a cashier's check and then not get the product and I want to make it safe for them too.  What would be the best way to do this for both parties involved?

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Answers

Rob
Rob Answered:

Use a simple escrow arrangment where it is agreed that your money will be held in the escrow acct of a lawyer in his state with a letter of understanding (escrow letter) saying it is agreed that upon receipt of the flute represented, you agree to confirm you got it and then the lawyer can write the check to the seller.  They can send it in a manner that can track its delivery to you to know when you get it.  The safety of using a lawyer is they are regulated by the state bar associations and the abuse of any money they were to hold in escrow is one of the fastest ways they can get disbarred ... they won't risk that over 4,500.

BE SURE you address who will bear risk of loss (ie damage/lost) and best it be insured for 4,500 and address who will pay or how to split the ins and shipping costs.

An attorney if he knows one/has one should do this for 100 or 200 (for having to get money, deposit the money, get confirmation to disburse it, write check, send/deliver check and the atty will also have to look over the Escrow Letter to be sure it has CLEAR DIRECTIONS to him as to what he is to do if any dispute arises.

Good luck

rob

ROBonYEDDA@YAHOOl.com Wisdom comes from Study, Travel & Life experiences! MY YEDDA CONCEPT IS: Good questions deserve good answers; Poor ones deserve a quick/poor answer. Dumb or silly, deserves same ... and the occasional but inevitable Idiots are best just ignored.
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