Is a Purchase Agreement necessary when selling jewelry?

[eh613c]

Hello,

I'm selling my mother's ring and I have found a serious buyer locally. For those who have sold an item for more than $10K, do you provide a purchase agreement? The agreement identifies the buyer and seller, item being sold, price and date it is sold. Is it necessary?

 

[Gypsy]

Well. I'm a Contracts Manager and yes, if I were selling locally I would draft something in duplicate then have both parties sign.

But... I have a feeling I'm a bit more anal than the average person on this point.

I just think it's better to be protected.

 

[eh613c]

Well. I'm a Contracts Manager and yes, if I were selling locally I would draft something in duplicate then have both parties sign.

But... I have a feeling I'm a bit more anal than the average person on this point.

I just think it's better to be protected.

I feel the same way, I want to be protected. Do you think I need to add anything else in the agreement, other than the sale is final? We are having a third party verify the item prior to the transaction so I don't feel the need to have a return policy.

 

[JewelFreak]

I'd have the third party put the findings in writing, even if it's just a few sentences, & attach a copy to the purchase agreement. That way you have written confirmation that it was found acceptable. I'd do a purchase agreement, to answer your original question; as Gypsy says, it keeps you safer, especially when it's a fairly large amount of money.

--- Laurie

 

[smitcompton]

Hi,

I bought a fur coat locally. I asked the seller for a receipt because I was worried that if I didn't have anything in writing that someone might think it was stolen. The seller was very nice about it. She described the coat, signed her signature, and put what I paid.

Annette

 

[Gypsy]

I would just have it be a receipt.

I would probably take a picture of the item. Put the Jpeg in a word document and just say, for example: "Sold on 11/5/2013. One LADIES RING AS PICTURED. All sales final. Form of payment __________. Sold to: FIRST NAME LAST NAME. Sold by: FIRST NAME LAST NAME." then have signature blocks.

Something like that. I prefer images to detailed descriptions when I am the seller. When I am the buyer... not so much.

 

[MichelleCarmen]

Hello,

I'm selling my mother's ring and I have found a serious buyer locally. For those who have sold an item for more than $10K, do you provide a purchase agreement? The agreement identifies the buyer and seller, item being sold, price and date it is sold. Is it necessary?

I don't see any problem with having one. Years ago, I sold a jewelry item to a local woman and she asked for me to sign that I had just sold that item to her. I cannot recall the exact amount - either $250 or $275, so it wasn't a substantial amount, but she felt that it would make her feel more secure with the transaction, so I signed it. All worked out good.

 

[autumngems]

I think it would depend on price point.