Private vehicle sale question

[SurferSVT]

At the beginning of May, I put my Lightning up for sale. I had a guy come look at it who was very excited and told me he wanted the truck. He gave me $1,000 to hold the truck and said it would take him 2 weeks to get the money. I gave him a receipt for the $1,000 so he knew I wasn't going to run off with his money. That was close to 4 weeks ago and I've had other offers on the truck.

I really need to sell it this week and I've got a guy with cash in hand. If I sell it and give the guy back his deposit money, is there any legal action I have to worry about him taking since I didn't hold the truck for him?


Thanks.

 

[jimljr145]

Have you tried to contact this person? Did your receipt set down a time frame? If you let him know he has one week left or else the truck will be sold to someone who has the money, I don't think there is a case. Well, not from a criminal standpoint anyway. As far as the deposit, that should have been negotiated in the beginning, but if you return it, I don't see how you would be in the wrong. I am in Law Enforcement, and this would be a civil matter only, so maybe there is someone here that has been caught up in this before, or even an attorney familiar with civil laws? Unfortunately, we live in NJ the "Sue Me" state, so good luck with this one... Sorry I can't be much help.

 

[RDJ]

From a strictly personal perspective .. if you have a guy with cash in hand and the first guy has not shown up in 4 weeks .. you are under no obligation to hold the truck any longer. Sell the truck to the guy with the cash and send the other guy his money back and call it a day

 

[tunedin302]

Blacktalon - I am an attorney in PA and NJ. Essentially, you have done what is called an "option contract" whereby the guy who gave you deposit money had two weeks to perform (purchase the vehicle). Since he did not perform during that time then you have no obligation to him. Furthermore, the money put down for the option is usually forfeited if the person fails to perform during the option period. In other words, the $1000 was the cost to hold it for 2 weeks and turn away other buyers. If this was not in writing then it is likely not worth pursuing. Lastly, most states have what is called the statute of frauds where any sale of a good over $500 is required to be in writing.

In summary: it seems you have no obligation to him, refund him the $1000 or other sum that you can justify and sell to another able and willing buyer.

 

[SurferSVT]

Thanks to everyone who responded.