Re: How to check out a Seller?

Posted by Tracy, Marion, TX on March 29, 2004 at 15:44:36 from (63.160.3.152):

In Reply to: How to check out a Seller? posted by Dick Underwood on March 28, 2004 at 21:39:09:

Mr. Underwood...There isn't substitute for demo'ing a piece of equipment yourself, but there are instances when a buyer can't demo a piece of equipment. Hence, if you decide to buy a piece of equipment w/o demo'ing it, there are methods to protect yourself. You can contact a banking institution or law firm, and ask them if they offer a "fudiciary account" service. Basically, the banking institution or law firm will hold the funds in escrow until both parties agree the contract has been fulfilled. The seller sells a red tractor, and the buyer gets a red tractor. Then, the funds are released based on specific guidelines in the contract. Key Points: (1) You can't withdraw the funds from the account once you deposit the funds. (2) Specific guides should be incorporated into the contract to release the funds upon arrival of the equipment, guidelines if a party member backs out of the deal, and set guidelines in the event of a dispute (3) Some banking institutions and law firms will charge a fee for the service. Granted this process has some paperwork involved, but it's designed to protect the buyer and seller by getting a 3rd non-related party involved. Once you have a template contract created, you can use it for other equipment purchases, and avoid transferring funds through PayPal, risky wire transfers to the seller, or other methods. NOTE: I am not a laywer nor act as a lawyer, but I learned of the method from a buyer who wanted to buy a piece of equipment from me, the seller.

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