I am planning to buy a Class 2 2nd hand bike from an ang moh here.
I plan to pay full cash, but i intend to sell off my lay-up bike first, which i am not sure how long would it take.
I intend to pay an initial cash down-payment to reserve the bike for me and pay off the balance when i managed to sell off my lay-up bike.
Question is, when i pay a down-payment first, do i need to write out some off of deed or receipt between me and the seller to state that i have already paid for the down-payment and state the amount of the balance? Need some sort of protection for myself?