So I took a $500 deposit and in exchange provided a bill of sale for my 1973 but never put an expiration date on it or a "must complete date" on it. So now I fear that I am bound to the sale, but have to keep this car tucked away in my garage for an indefinite period of time.
I have tried to search for references that would state when I no longer need to honor the Bill of Sale, but there's not much out there.
The verbal agreement to sell (and a voided ebay auction because I am selling for less than the ebay ending price to the high bidder) took place around May 21, 2013. We executed and both signed (but did not notarize) the bill of sale on May 24, 2013 when I accepted the $500 deposit and wrote "$500 deposit received". So I believe I am bound to this agreement, but have to wonder if I put myself in a Pickle. I could put the car on the street and figure "it's his problem", but that's really just a game of chicken because I could end up stuck with the car in the end after all. I assume the best thing to do would be to send a certified check with a letter stating that the Bill of Sale if void.
I don't plan on doing any of that (especially because I just now received contact from the buyer while typing), but this is a lesson in selling used cars. I think every reference out there says to put all the required contact info and information about the car on the bill of sale but never says anything about putting an expiration on it, or what to do in the event of:
1) the buyer not completing the transaction
2) the car becoming not available in its current condition for whatever reason (theft, damage, or seller deciding to back out for some reason).
Hopefully I am writing this just to share a learning experience to the group.
However, it would be interesting to hear if there is any defacto expiration date on an agreement to sell. (I've also been holding a set of wheels for another forum member with a $200 deposit for almost 6 months now and have not received any response in my messages this week.). So it would be interesting to hear if there is a defacto "if not completed within X days, sale is void, and deposit is/must be ____" terminology.
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