Difficult seller or buyer

[PDean]

After a long time looking for my 1st Porsche I get notified of a 997 coming up for a quick sale through the P car community. Was going to be traded, but owner put it out there for a private sale.  Get a better price. Fair enough. Previous mechanical knowledge of car by someone respected saying a solid car. To and and a price agreed upon. I go to inspect and see cosmetically it needs bit of a tidy up. Nothing too major really. Advised by seller all clear title. A deal is made and  On leaving site the disgruntled ex wife bails me up, asks for sale figure and that car is half hers! A messy divorce battle still playing out. Do a check on vehicle status. Red flagged financial interest in car. Talk to seller said I wasn't comfortable with situation, vehicle encumbered. Told he would sort it out, I asked about a refund of deposit and it wasn't a problem if not sorted out. Seller demanding payment, deal has to be done today. He needs cheque before 4pm. By lunchtime, no answers only promises. I then advised I'd like to walk away from deal. Even if encumberment sorted out, I'm concerned the car could still be under dispute due to divorce. I was advised no deposit back and when he was getting balance. I told seller forget about it for today, I need evidence. I even asked for a letter from ex's divorce lawyer which he said he could get for my comfort. At this point, bank cleared car, nothing from divorce lawyer. Seller demanding balance tomorrow morning. 

My concern is if bank clearance now sorted but divorce not, could a tow truck come to my house later on to repo car and I lose everything as part of division of assets?

Hence the rush🤔

Is it wrong for me ask for deposit back considering the circumstances?

Seller advises me now bank sorted by end of today he has now kept up his end of the deal, so it should go ahead, has to be tomorrow morning apparently. 

I still have no assurance from divorce lawyer or ex.

This is all leaving a bitter taste in my mouth. 

Thoughts folks

Cheers

 

 

[firstone]

Walk. He hasn't kept his end until you have a letter. See ya Mack

[Dreamr]

I've bought 4 cars sight unseen and haven't even come close to having so much drama ...

Keep life simple ... Keep looking.

[itsujack]

Walk away.

In my experience all deposits are fully refundable if upon inspection the vehicle is not as described by the seller which appears to be the case here (title discrepancies etc).

[PDean]

To justify all the bullshit within myself I feel like going all Seinfeld ie "Even Stevens" 

If I get equivalent value of deposit off a future purchase all will be right with the world again

2 minutes ago, itsujack said:

Walk away.

In my experience all deposits are fully refundable if upon inspection the vehicle is not as described by the seller which appears to be the case here (title discrepancies etc).

Title cleared with bank at 11th hour, but divorce crap makes it messy. I'm not a lawyers arse hole,but that car would be on an asset list while division of assets not completed or agreed upon.

[firstone]

If their assets are finalized he would have paperwork. He should, he'd have paid enough for them.

If he can't show you that. He's pulling your leg mate. You dont owe him anything. If he does buy it.

[PDean]

Is this what happens when you mess with the big end of town? It's a big deal to a hard working fluro shirted worker who saved his arse off for years.

 

If he can't wait a couple of days, this shit's starting to stink.

He just has to have his new car NOW

[smit2100]

29 minutes ago, itsujack said:

Walk away.

In my experience all deposits are fully refundable if upon inspection the vehicle is not as described by the seller which appears to be the case here (title discrepancies etc).

How does that work with a private sale in this case. No consolation for the OP, but  I brought my last three cars sight unseen but TRY to protect the deposit by my offer in writing being  subject to a fully refundable deposit at the buyers (my) discretion should I elect not to go through with the  purchase after a ppi is done.( can hide behind the ppi even if its pristine and change my mind or come across something like this).   In relation to the divorce,  as long as it is cleared financially  doesnt the husband have to declare the sale of  the asset to the pool ( probably already declared the car )  that gets put in the pot that is up for grabs. And then the lawyers have a pissing match if the wifey thinks he gave it away in terms of what it was sold for????.

[wilson59]

I think if the bank has cleared it and you have paid for it in full should not be an issue . I can’t see anyone trying to recover a sold car for a divorce settlement they will just argue amongst each other about the money paid . 

 

[PDean]

Seller apparently had a higher offer than mine, but buyer needed finance. Went with me at a lower price to do a quick sale as I didn't require finance.

If I want to back out, I don't think it's too unreasonable for me to get deposit back and he contacts other buyer at there offer.

What, he can't wait a freak'n week for other buyer to finance so he can pick up his new car. Hence the smell.

[Dreamr]

29 minutes ago, PDean said:

What, he can't wait a freak'n week for other buyer to finance so he can pick up his new car. Hence the smell.

Didn't he tell you? ... plane leaves in the morning ... 

[Troubleshooter]

Need to know a few things - How much deposit paid? What do you have in writing re deposit and terms of sale? Who actually owns the car ie name it was purchased in? Who's name was the car finance in, his, hers or a company etc?

[Harold996tt]

Is the car in the name of the seller only? If so my understanding is that he has every right to sell it. If the car was purchased during the marriage then it is considered marital property.

As such the wife will be entitled to a percentage of the sale proceeds of the car but not the physical car per se. She will not be able to go after the car if he doesn't have the money anymore at the time of the settlement but will need to find a way to cough up her share of the value of the sale... And thst does not equate to getting the car back off you.

But if the car was purchased before marriage then it is not marital property and she would have no rights even to the proceeds. Either way you should be in the clear as long as the value of the car is arms length.

The only other thing to consider is the standard financial interest in the car of course. 

[PDean]

5 minutes ago, Harold996tt said:

Is the car in the name of the seller only? If so my understanding is that he has every right to sell it. If the car was purchased during the marriage then it is considered marital property. As such the wife will be entitled to a percentage of the sale proceeds of the car but not the physical car per se. She will not be able to go after the car if he doesn't have the money anymore at the time of the settlement but will need to find a way to cough up her share of the value of the sale... And thst does not equate to getting the car back off you. But if the car was purchased before marriage then it is not marital property and she would have no rights even to the proceeds. Either way you should be in the clear as long as the value of the car is arms length.

In Oz family law is doesn't matter if only in the husbands name or if bought before or after marriage. If they have been together for long enough, raised a family and business, it's all up for grabs by the wife. As the wife is considered main carer she would be entitled to a minimum 55% of all assets including his super etc.

What your talking about is more relevant to Thai family law

[Harold996tt]

3 minutes ago, PDean said:

In Oz family law is doesn't matter if only in the husbands name or if bought before or after marriage. If they have been together for long enough, raised a family and business, it's all up for grabs by the wife. As the wife is considered main carer she would be entitled to a minimum 55% of all assets including his super etc.

What your talking about is more relevant to Thai family law

Ah OK. This was what I had rembered chatting to a mate some years ago but not sure what law he was referring to at the time. 

[PDean]

I've had a house under my own name while in a defacto relationship, when she started going nuts about money and threatened to go me for the house I went to a solicitor. I asked solicitor if I could transfer ownership to my mother to protect my asset and was told court had the power to overturn the whole lot due date/timeframe of events. Can still be had for 55%

[Harold996tt]

1 minute ago, PDean said:

I've had a house under my own name while in a defacto relationship, when she started going nuts about money and threatened to go me for the house I went to a solicitor. I asked solicitor if I could transfer ownership to my mother to protect my asset and was told court had the power to overturn the whole lot due date/timeframe of events. Can still be had for 55%

Yes heard about the defacto relationship issue where there is claw back as well on assets transferred out within a "reasonable" time. Hope it worked out OK for you in the end. 

[PDean]

No money, no honey. 

I walk from deal, seller can't buy next car which leaves his 911 up for grabs by his ex.

4 minutes ago, Harold996tt said:

Yes heard about the defacto relationship issue where there is claw back as well on assets transferred out within a "reasonable" time. Hope it worked out OK for you in the end. 

Yep, worked out in the end. Paid out her blackmail request which was a lot cheaper in the end. But still had to look over shoulder for 2yrs before in the clear.

Eg: If I'm worth 500k at seperation 55%. If I do good and come into some money and before 2yrs is up I'm worth 800k. Ex can take 55% of 800k! 

 

[LeeM]

Sounds fishy to an uneducated idiot like me. Me old mum used to say 'If in doubt, don't!'

I'd walk mate

[Coastr]

If it were me and I still wanted the car I’d buy based on whether the bank loan was cleared.  

Not a lawyer but there should be no possibility of legal comeback by the wife if he sold it ‘cheaper’.  She would have to use that to get more of the resulting cash in my understanding.  It’s certainly not the first car to be sold in a divorce situation.  Only theft cases are murky over whether you could lose the car, and it’s not theft.

just remember lads, the first 50% of what you make is taken by the government, and then 50% of what is left over belongs to the mrs.  Enjoy your 25%

 

[PDean]

Thanks gents. I feel like I'm being backed up into a corner to have to buy it, when not all obligations met by seller. Ie solicitor letter.

Not the preferred buying experience.

Now I'm just pissed off and feel like walkn.

Maybe I should contact the ex and tell her to take half the deposit off the bloke😂.

 

[WOKA]

Sticky situation..

Walk, and buy a 996. 

But the bastard lied to you regarding the clear title, that in itself is a red flag.  This guy has no morals.

[Tips]

Like most on here I’m on the go with your gut. Get proof  if insurance and Rego is in his name only. If car is not encumbered and car is in his name to dispose of, make a call on your terms. From my experience the divorce is seperate to financial settlement. Its about financial assets and values not the material item. If he sells it for less than she thinks it’s worth she just takes more cash from somewhere else, as long as you both agree. It’s a problem if they have agreed actual items and values in a document and she is taking the car as a 100% asset so he gets cash off set, then it could be a problem for him.   

 The challenge with divorce is where are they up to in the process. If it’s the car you want at the price that’s good for you I think the clearance from her solicitor is a good idea and just provides you with comfort. 

[JLD]

8 minutes ago, Tips said:

Like most on here I’m on the go with your gut. Get proof  if insurance and Rego is in his name only. If car is not encumbered and car is in his name to dispose of, make a call on your terms. From my experience the divorce is seperate to financial settlement. Its about financial assets and values not the material item. If he sells it for less than she thinks it’s worth she just takes more cash from somewhere else, as long as you both agree. It’s a problem if they have agreed actual items and values in a document and she is taking the car as a 100% asset so he gets cash off set, then it could be a problem for him.   

 The challenge with divorce is where are they up to in the process. If it’s the car you want at the price that’s good for you I think the clearance from her solicitor is a good idea and just provides you with comfort. 

Maybe find out who his and her solicitors are and ask them both to drop you a quick email stating you can purchase the car unencumbered. If this is not possible I would walk

[ANF]

An agreed value (or otherwise?!) obtained is all that matters (for the 911) in the property settlement scenario, it has (or should have) nought to do with the actual item. If one party decides to sell the item for less than what this value is, it would then be taken out of remaining assets, not the sold item.

If it is a legal sale, a property settlement cannot take the car/ item after the fact.

As is stated a property settlement and divorce are 2 separate things.

Unfortunately too many of us on here are familiar with this sort of thing...… 🙄