4 Key Tips for Staying Safe When Selling Your Plant Machinery

4 Key Tips For Staying Safe When Selling Your Plant Machinery

If you want to sell your plant machinery, you need to take precautions through the selling process. It's good practice to be wary of scams and traps, but it shouldn't put you off selling your plant machinery through a marketplace like Buy Machinery.

So how do you keep yourself and your business safe when you sell your plant machinery?

1. Make sure money is cleared

The first thing to think about is always to ensure that funds have properly cleared before you release the machinery. If you're being paid by bank transfer, ensure that the full agreed amount has been deposited into your account. Resist any suggestion of arranging delivery or allowing collection before the full funds have cleared - don't let anyone take what they haven't paid for.

2. A Retention of Title clause

If you are going to deliver machinery before payment has been cleared, be sure you get a Retention of Title clause added to your contract. A Retention of Title clause indicates the machinery remains titled to you until the buyer has paid, and that you have legal recourse to enter their premises and repossess the goods if payment is not made within the allotted time.

3. Ensure you provide accurate descriptions

One of the most common ways scam buyers attempt to cause problems is by highlighting problems that were not advertised. To combat this, you should get a thorough professional inspection of your machinery carried out and provide access to the resulting report. If there are any issues, highlight them clearly in your advert description. Also, you should keep a copy of your advert, either screen-shots or a printout, so there can be no debate about what you actually said when advertising the machine.

4. Get a contract written and signed

A sale contract can be invaluable in helping prevent issues further down the line. Give your buyer time to inspect the machinery and test it if required. Then make sure your contract stipulates that you have advertised the vehicle honestly to the best of your knowledge, that the buyer has inspected it, and that they are buying it as seen. Make sure it's signed and dated, and that you keep a copy of the signed contract for your own records. Also, provide the buyer with a sales receipt.

With these simple precautions, you should have no trouble staying safe when using a busy machinery market place like Buy Machinery to sell your plant machinery.