What is the name of your state (only U.S. law)? North Carolina.
I've agreed verbally to purchase a motorcycle; I've met the seller, verified the vehicle, and test driven the bike. The reason they are selling is because they are wanting a different type of motorcycle.
From what the seller tells me, the bike was paid off about a week ago and they are waiting for the title. I get an email this morning asking if I'm still interested...just checking because they have had several people inquire about the bike.
I respond I am still interested and ask if they have received the title yet. They go on to say..."If I did a bill of sale and sold it for $300 less and showed you proof that it is mine registered to me and not stolen, would you buy it before the title arrived? I am a person of my word and would not s*** anyone. Then I could mail you the title or meet you with it when it arrives? I've found a street and trail that I really want to buy this weekend and I'm afraid it will slip away if I don't commit to give them cash for it."
I assume I will get the bike as collateral. My question is, is there a safe way of making this transaction without a title. I would verify paperwork, bank statement that the check was cashed by the borrower, check the VIN, notarize the bill of sale... but I'm pretty sure with that documentation they could still file the motorcycle as stolen or something?
I don't need the 300 dollars, and I won't be heartbroken if they find someone else to make this transaction, but I am inquiring if this is possible. Thanks.
I've agreed verbally to purchase a motorcycle; I've met the seller, verified the vehicle, and test driven the bike. The reason they are selling is because they are wanting a different type of motorcycle.
From what the seller tells me, the bike was paid off about a week ago and they are waiting for the title. I get an email this morning asking if I'm still interested...just checking because they have had several people inquire about the bike.
I respond I am still interested and ask if they have received the title yet. They go on to say..."If I did a bill of sale and sold it for $300 less and showed you proof that it is mine registered to me and not stolen, would you buy it before the title arrived? I am a person of my word and would not s*** anyone. Then I could mail you the title or meet you with it when it arrives? I've found a street and trail that I really want to buy this weekend and I'm afraid it will slip away if I don't commit to give them cash for it."
I assume I will get the bike as collateral. My question is, is there a safe way of making this transaction without a title. I would verify paperwork, bank statement that the check was cashed by the borrower, check the VIN, notarize the bill of sale... but I'm pretty sure with that documentation they could still file the motorcycle as stolen or something?
I don't need the 300 dollars, and I won't be heartbroken if they find someone else to make this transaction, but I am inquiring if this is possible. Thanks.
