Leaving deposits, timescales

[Eddie Hitler]

I have someone who wants to buy an instrument off me, no issues but he will not have the money for another 2 weeks. Understandably I have asked if he leaves a deposit I'll take the advert down.

What's the best thing to do regarding this. Should I write a small receipt saying something along the lines "If it's not collected in soso weeks you will lose the deposit"? I don't want it to turn into 2 months, etc. I want a backup to tell him to do one if he comes round after the agreement ends.

[cimbian]

You should make sure that you have something in writing to state that it is a non-refundable deposit and forfeited after a certain date.
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22PlusY
Current: Moto Guzzi 1100 Breva. Previous: Honda XL650V TransAlp
Bearded, Balding, Born again Buddhist Biker

[charlie74]

leaving a deposit mean that he is entering into a contract to buy, its up to you to define the terms of that contract.

i would recommend that you do have something written down, and along the lines of

names, dates, deposit paid, amount owing, expected collection date, and give him another 14 days after that as a good will gesture,

and note that any and all deposits paid are non refundable after the 14 days and the item will go back on sale

make 2 copies and countersign both and have him do the same


sounds harsh but business and friendships shouldnt mix, its can be messy, this way everyone knows whats expected of them

[Eddie Hitler]

Cheers felt like a stupid thing to ask, but wanted to be sure.

[james1988]

Post the contract to yourself as well. Leave the envelope sealed too. That way, you have a back up if it all goes breasts skywards.

James

[Rogerborg]

Alternatively, take the full amount from the first person who puts it in your hand, whether it's him or anyone else, now, or in two weeks.
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Biking is 1/20th as dangerous as horse riding.
GONE: HN125-8, LF-250B, GPz 305, GPZ 500S, Burgman 400 // RIDING: F650GS (800 twin), Royal Enfield Bullet Electra 500 AVL, Ninja 250R because racebike

[iooi]

Point them at a payday loan co
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Just because my bike was A DIVVY, does not mean i am......