Jplanes

Hey Guys, got a question. I have someone that is wanting to put half down on the boat I am selling for me to hold until they can see the boat in person and make final decision on buy. How do I handle the deposit? I have never sold anything with a deposit being held first. They will probably want something in writing on return of money if they decide to back out on sale and just wondered if anyone else has dealt with this before?
Thanks!
Jake

goebel1

iTrader: (2)

Do it on a credit card thru their banks. If it goes wrong you can dispute it with the credit card company.

c_deezy

iTrader: (1)

Just open a new savings account in your name, not linked to any of your other accounts, put the money in there and don't touch it. Easy.

Although if they are asking you to hold it I would negotiate a non-refundable portion of the deposit, so if they do back out and want their money back it wasn't a complete waste of time.

Jplanes

I guess after reading this again I wasn't specific enough. Money order, cashiers check for security and guaranty of money. deezy, he is putting up money as a portion in the event he backs out for holding it. Thanks for the input!