I need some help. I have a person who is interested in buying one of my cars. The one issue is that they are heading out of town tonight. They would like to give me a deposit to hold the car for them as they will not have time to take care of some of the details prior to leaving. I would like to create contract that states the reason for this deposit is to hold the car for them for one week. I am a bit concerned because I know that I most likely will be able to find someone else to buy the car while they are gone and if I hold the car for them, I dont want them to flake. Are there any contracts or agreements out there that I can copy in order to create this contract?

 

Put something together that reflects the overall intent of an agreement... nothing fancy, just make sure it includes all necessary information such as: parties involved, timeline / dates of enforcability, terms for applying deposit to purchase, any notices for first-right-of-refusal, and consequences for not purchasing... get a witness, date and sign... most state courts do not to see 10 page contracts to properly enforce, just some basic language that covers the basis..

 

You don't have to take a deposit. Tell them no. You are looking to get rid of it ASAP, and if one week is too long for you, don't take a deposit.

You keep the money if you take the deposit, and the guy decides he doesn't want the car or otherwise "flakes.". A deposit is just money you forfeit if you don't come back to finish the deal. You get a deposit of a hundred dollars or more, he's coming back to finish the deal.

Just write the price he is paying for the car, the amount of deposit, and when the deal is to be completed, with words saying as much, on two pieces of paper. Make sure you clearly state the deposit is sacrificed if the buyer does not complete the deal by the established date. Each of you sign both, and each keeps a copy for reference. You could do it at a bank, and have it notarized if you are paranoid. The paper won't be nearly as effective in ensuring the deal is completed as the cash you have .