EDF Posted March 8, 2020 Report Share Posted March 8, 2020 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.. Quote Link to comment Share on other sites More sharing options...
Rodney's Distributors Posted March 9, 2020 Report Share Posted March 9, 2020 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. Quote Link to comment Share on other sites More sharing options...
MontanaRenegade86 Posted March 9, 2020 Report Share Posted March 9, 2020 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 Quote Link to comment Share on other sites More sharing options...
Benaj85 Posted March 12, 2020 Report Share Posted March 12, 2020 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. Quote Link to comment Share on other sites More sharing options...
1gewehr Posted March 21, 2020 Report Share Posted March 21, 2020 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. Quote Link to comment Share on other sites More sharing options...
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