Ask the seller for the serial number of the equipment before you make a purchase. Check if the serial number matches a record with the manufacturer to ensure authenticity. You should also check the Stolen Register database to see if the item has been reported stolen. Don't forget to include the serial number on the equipment bill of sale.
Following the verification that the equipment is authentic, you need to verify that the seller is the original owner. A receipt or bill of sale can be requested for confirmation. Obtain the financing documents as well if the equipment was financed. Ensure the equipment has been paid in full.
Ensure the equipment is in working order after the authenticity check. A professional inspection is also recommended if the equipment is expensive and contains complex machinery. Inspections can be costly, however, knowing that the equipment is damaged or in poor condition will allow you to negotiate a lower purchase price.
When it comes to paying an authorized seller or reseller of equipment, there is little to worry about. In order to reduce the likelihood of being scammed, consider only accepting cash as the payment method of choice when buying on popular marketplaces such as Craigslist or Facebook. At closing, bring both the seller's and buyer's copies of the completed bill of sale.
Check that the following information is included in the bill of sale before signing:
Make
The model
Year of manufacture
Serial Number
Name and address of Buyer and Seller
The purchase price ($)
Transfer date
1 – The Parties
Name the buyer
Seller's name
Price agreed upon
2: Descriptive information
Enter a brief description of the tool(s) or heavy machinery
manufacturer
Model
Year
Serial Number
Odometer readings for heavy equipment (if any)
A sellers acknowledgment of the buyer's transfer of funds and the change of ownership (taking possession) with its date in dd/mm/yyyy format
3 – Signatures
Signature of the buyer
Signature date
Name Printed
Signature of seller
Signature Date
Printed Name of Seller
Signatures of Witnesses
Date of Signature of each Witness
Names of Witnesses