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NikitaUCLA

Accepting check but keep pink slip?

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NikitaUCLA

I'm selling my FZ07 to upgrade to a KTM 790 Duke. The guy wants to pay by check. I told him that it would be okay, but I would keep the pink slip until the check clears. Is this safe for both parties?

Any gotchas? 

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Grant31781
Posted (edited)

You may want to speak to your bank about it. I have heard of counterfeit checks being cleared then caught later leaving the seller on the hook.

Why cant he get a cashiers check? Even those can be fake.  You can call the issuing bank to verify the bank check is good.  

 


When you deposit a check, it takes time for the funds to clear, but even then, the check still can bounce. See how to protect yourself from scams.

 

Edited by Grant31781
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1tondriver

I personally would not take a personal check, but that’s me. Like @Grant31781 said, a cashiers check can be at least verified by issuing bank that funds are good. 

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mossrider

That's fine if you keep the bike and the 'pink slip'/title until the check clears. Otherwise if he takes the bike and the check doesn't clear you have to reposses the bike if it isn't totaled by then. 

In many states if you accept a personal check in remuneration for property and said property is taken into possession by the buyer, you've completd a sale and entered into an agreement and are now subject to civil not criminal guidelines , regardless of pink slip or hold title strings.

.02

 

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NikitaUCLA

Thanks! Cash it is......anything else is too risky.

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Glenn

I'm starting to use more e-transfers.  Don't know if the sender can reverse it mind you.  Check with the bank on that one.  Cash is good; as long as it's all real :). 

 

Enjoy the Duke.

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klx678

Have them buy a money order at the local post office.  That way if they screw anyone, it is the postal service and they will return the favor.  In the  mean time you have your money and on your way.    Any post office should be able to do the favor.  Heck, have them deduct the cost of the money order from the sales price if you wish.

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timjh

In AZ you have to get the title certificate notarized, so...."Let's go to the bank together and complete this - you can cash your check there."

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