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[VIC] About to buy first bike, question regarding deposit.

Discussion in 'Politics, Laws, Government & Insurance' started by TGM, Sep 1, 2009.

  1. G'day

    I'm about to buy my first bike, and I want to put a deposit on it tomorrow, after which the seller will get the roadworthy and I'll pay the full amount and take delivery. I've checked with insurance, inspected it, and done a vicroads check so all that is clear.

    My only question is about the deposit. The seller is asking for 10% after which he'll get the roadworthy and I'll take delivery. The guy seems pretty trustworthy, but still I'd like to cover my own arse. I checked the stickies but nothing is mentioned specifically about deposits.

    How do I make sure that he won't just take the cash and run? Can I put in the contract something along the lines of "buying the bike for the value of $xxxx of which $xxx has already been paid" and get the seller and witness to sign? I'm unsure, as you normally sign the contract when you've paid the bike off in full.

  2. The best way to go about it is to do as you said.
    Write up an invoice or contract signed by both buyer and seller stating the amount paid, amount owing, the vehicle details and any conditions of the sale - ie seller to get RWC.
    Thats how I've always gone about it in the past and as long as you hold onto a copy of this you shouldn't be in any trouble as it is a legally enforceable contract.
  3. Also don't leave any ambiguity in the wording of the said contract.
    Be specific, include as much factual stuff as you can.
  4. Thanks guys, should all be good.

    Can't wait to get the bike and start riding!
  5. I also like to include VIN numbers and engine numbers in the deposit and final receipts.
  6. ^ Yeah there's a good template in the stickies, I reckon all that should be included as well.
  7. ^^^^ and - Make sure you see the owners drivers licence, and that he has written DL number and the same address on the receipt as on the DL on the receipt... (don't just trust him to fill in his details on the receipt, check it yourself)... and that it all matches the rego papers....

    A DL is about the only thing that the police can use to track a person if you file a formal complaint...

    Unless all the dealings have been conducted in the Maccas Carpark, you should be pretty safe...

  8. 10% is a hefty deposit. I pulled the trigger on a $10K bike the other night and gave the guy $100.

    But if you must give 10%, I'd do as suggested above and ensure:
    1. everything is clearly documented and signed (a witness is not really necessary but if you can get it why not, and if they are a JP or a solicitor even better);
    2. satisfy yourself as to his identity. I'd ask for even more than a driver license with a 10% deposit. Ask for credit cards, a gas or electricity bill or a rates account etc and take copies of the lot. Blown up clear copies of the license and a passport too (with the pictures on them).

    If he bolts with your money, you want to be able to give the cops a fair bit to work with so they can find him.