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Selling a machine gun..

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Selling my first machine gun.....  Gun is on a Form 4 on my NFA Trust...   Is 50% up front and 50% at time that paperwork comes in a good deal??  What if buyer tries to back out on deal or if NFA doesn't approve paperwork??  Does buyer get his 50% that he already paid back??  What steps do I take to protect myself in a transaction...  

Thanks for any help..   

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Selling my first machine gun.....  Gun is on a Form 4 on my NFA Trust...   Is 50% up front and 50% at time that paperwork comes in a good deal??  YES. What if buyer tries to back out on deal or if NFA doesn't approve paperwork?? BACK OUT 10% CHARGE.  Does buyer get his 50% that he already paid back?? NO, 40% & YOU 10% CHARGE FOR HIM BACKING OUT.  What steps do I take to protect myself in a transaction YOU MAINTAIN COMPLETE WEAPON DURING NFA TRANSACTION.

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Honestly, I don't know if I would do a 50/50 deal. Ever.

Sure, it's a great deal for the buyer, but what happens when the purchaser gets cold feet and wants his money back? It would be a major pain in the ass for the seller.

If you should do a 50/50 deal, a contract with specific terms would be a good idea. 

Just my opinion.

-KristopherH

 

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I have bought several from private seller 50/50 or 70/30. I like as a buyer holding some money back that I pay before guns is release after paperwork clears. Gives buyer a reason to ensure paperwork is completed promptly.

I would be fine as a buyer doing 90/10.  But you may get more buyers doing partial payment . It’s always nice to float a mg purchase over a few months.

But definitely write up a bill of sale with payment terms and break fee and both parties sign.

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I have sold one gun on a 50/50 deal.  I had it in writing that the 50% down payment was non-refundable, regardless of circumstances.  Also that payment in full was due within 20 days of receiving an approved Form4.  After 20 days, the transfer would be cancelled and I could sell or keep the gun and any money already paid.  There were no problems.

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