Buying a 2nd Hand Bike From Private Owner

[Cyanide14]

Hi everyone!

 

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?

 

Thanks!

[reize]

Yah, best to cover your backside with a written document at least. Keep SMS conversation as well.

 

Personally the best kind of protection is to pay the deposit via bank transfer, then print out the page. That way seller cannot siam when you say you have proof that you paid him, got bank record.

[mechwira]

having your agreement in black and white is always good, but you also have to understand that if he does run off with your money without completing the handover, even with that black and white your only recourse is to bring him to court. bringing that black and white to the police and expecting them to grab the bike and hand over to you won't happen because they will consider it a dispute and not a crime. thats because under LTA records ownership of the bike is still under the other fella. but if it does happen and you do bring him to court, the black and white will help a lot getting it settled in your favour.

 

the only safe way of handover is to proceed to LTA office together and handover full cash at the same time that the ownership is transferred. seller gets full cash with nothing to worry about, and buyer gets bike officially with ownership under buyer's name and no way can seller take the bike coz that would then be considered theft, which is indeed a crime. i understand you want to chope the bike with the downpayment, but there is no risk-free method other than on the spot pay and transfer.

[Julietkilolima]

quoted for the truth.

 

Yeah, no good to down pay first. Very troublesome if any **** happens. Just look for another bike after you sold the lay-up bike.

[limk0pi83]

just do in writing can already