Churchill magazine

Taking payment after you’ve sold your car

Updated on: 23 September 2020

The seller is handing the keys to the buyer.

So, you’ve found a buyer and agreed a price, now it’s time to complete the sale. Reduce the risk of dealing with time wasters or worse, being the victim of theft or fraud, by following these simple steps…

  1. Take a deposit from the buyer once the price has been agreed and make it clear that this is non-refundable. That way, if the buyer pulls out of the sale you won’t be out of pocket when you need to advertise the car again.

  2. Only hand over the keys to the car once you have received the asking price in full. That means waiting until the cheque or banker’s draft has cleared if the buyer is paying that way.

  3. Make two copies of a sales agreement that both you and the buyer should sign and date.

    The sales agreement should include all of the following:

    • The name and address details for both you and the buyer.
    • The car details including the make, model, registration number, VIN, year of registration and mileage.
    • Sale details including the agreed sale price, deposit paid, sale date and confirmation that the car is ‘sold as seen’.

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