Benefits of Using an Attorney as an Escrow Agent to Protect Yourself in a Collector Car Sale or Transaction
Benefits of using an attorney as an escrow agent to protect yourself in a collector car transaction
By: Bryan W. Shook, Esquire
Email: bshook@shooklegal.com
Using an attorney to act as an escrow agent is one of the most effective ways to safeguard yourself from the pitfalls of buying vehicles sight unseen from far away locations. In a perfect world collector car transactions would all be “above board” and transparent however as we all know this, unfortunately is not always the case. That screaming deal on eBay or Craigslist may be a great deal, but it may also be the biggest mistake you make this year. There are many hazards upon which a prospective buyer may happen, although most happen with the consummation of the sale, especially if the vehicle is not viewed, in person, by the buyer.
How can using an attorney as an escrow agent help protect you in a collector car transaction?
An attorney as an escrow agent has more inherent safeties as opposed to using a broker. Attorneys are regulated by their state’s bar association or their state’s supreme court. Brokers are usually not regulated at all and only subject to their state’s vehicle board, if regulated at all. Money placed into an attorney’s escrow account is subject to strict accounting oversight and may only be paid out with the client’s consent and agreement.
As an attorney familiar with the nuances and pitfalls of collector car transactions I can offer many safeguarding services, professionally, discreetly and unobtrusively to preserve the transaction and yet protect you the client throughout the sale.
I offer the following services:
- Pre-Purchase Inspection Review
- In-person auction assistance to both bidders and sellers
- Escrow Agent
- Sales Contract Drafting/Review
- Private Treaty Sales (start to finish)
- Independent evaluation of title documents prior to consummation of sale
- Vehicle research, including verification of provenance and pedigree
- Forensic investigatory services (number & stamp investigation, make and model investigation, production anomalies, etc.)
- Powers of Attorney
- Import/Export
- Competing Claims of Ownership
- Title Defense
- Help safeguard against misrepresentations and fraud
By utilizing my services, you are not only protecting yourself in the transaction, but you are also making a further investment in the value of your purchase.
Bid with knowledge. Buy with confidence.
Attorney Bryan W. Shook is not only a devoted automotive enthusiast, but is also an experience litigator who devotes a large portion of his law practice to helping other collectors and hobbyists understand today’s market and protect their automotive investments. Attorney Bryan W. Shook is a seasoned automotive collector and restorer and as such brings real world experience and firsthand knowledge to the table for his clients throughout the world. Although Bryan Shook is headquartered in central Pennsylvania (close proximity to Carlisle and Hershey), Attorney Bryan Shook is available anywhere for consultation, advice, and information, most times, on as short as a day’s notice. If you’d like more information about this topic or would like to speak with Attorney Bryan W. Shook please email him at BShook@shooklegal.com or by phone at 717-884-9010 More information can be found at Http://www.vintagecarlaw.com.
