we are selling a commercial truck-can you give some advice?

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Sunshine

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a person wants to buy our truck, but he wants to put half down, us hold the truck for a week and then he will come back with the rest. Is there anything I should put in writing to protect us from him coming back and trying to get the vehicle for less. what are our rights? what would you do?
 
Write out a receipt showing:
the total selling price,
the "down payment" that he is giving you first,
the amount due for payoff after his down payment,
a due date for the total payoff,
a deadline that breaks the deal if he doesn't pay the rest on time,
a statement saying that he does NOT get the down payment
back if he misses the deadline,
Get ALL sellers and ALL buyers to sign it WITH one or two
neutral witnesses.

Depending on what State you are in, you may be required to do all of this in front of a Notary Public and have the Notary stamp and sign the agreement.

If you can't do all of this to hold up in court, then you should only accept a full payment at once. Otherwise, you will regret it!
 
well you should be lucky he'll give 1/2 down and let you keep the truck for a week before he can give you the rest, he's doing that basically so you don't sell it to anyone else, but just in case yes you should get it in writing, just say "I____________ (buyer )agree to give $______ down, let the owner (seller) keep truck for 1 week until I _______________ (buyer) can give them the rest of the money needed to finish paying for the truck.", also get you both to sign and date it
 
well you should be lucky he'll give 1/2 down and let you keep the truck for a week before he can give you the rest, he's doing that basically so you don't sell it to anyone else, but just in case yes you should get it in writing, just say "I____________ (buyer )agree to give $______ down, let the owner (seller) keep truck for 1 week until I _______________ (buyer) can give them the rest of the money needed to finish paying for the truck.", also get you both to sign and date it
 
The DVM has a form you and the buyer fill out that allows you to keep the title until the truck is paid for. The buyer pays taxes and insurance. You can legally repossess the truck if it not paid for in a timely manor.
 
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