Buy or Sell in Haste, Repent at Leisure

20 traps to avoid before you part with your hard-earned money or your collector car

by John Draneas

In the spirit of the 20th anniversary of SCM, “Legal Files” has compiled a list of the top 20 traps that sellers and buyers of collector cars can fall into. I’ll split the list in half, with ten each for sellers and buyers.

The Sellers’ Top 10

When you’re the seller, your two primary legal concerns are to get all your money and to not to get sued later. Most of the Sellers’ Top 10 fits into one of those categories. Here they are, in reverse order:

10. Watch what your broker says Your broker is acting as your agent when talking to buyers about your car. As such, you can be legally liable to the buyer if your broker makes inaccurate statements about the car. Make sure you give your broker complete and accurate information, and make it clear that he is not authorized to say more. That way, the broker will be liable to you for any...