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Posted by Chriscase on Thursday, August 20, 2009 at 09:49:45 :
In Reply to: I've been "Willy-N'd" posted by Arthur P. Bloom on Tuesday, August 18, 2009 at 23:27:28 :
Deposits are only binding on the seller. Payments are binding on both parties. Accepting a token deposit means you can't do nuthin with the truck, but the buyer can back out at any time.
Having a sales contract that mentions storage fees is probably a good thing too.
And include something like "truck to remain seller's property until paid in full and taken into buyer's posession".
And "In case buyer defaults, the buyer will be responsible for liquidated damages." (Liquidated Damages is the cost of re-selling, including in the mean time the exorbitant storage fees mentioned above)