Before you go through any appraising, you may need to review the condition report of any instrument you own.
A condition report is a letter from the seller or importer to the buyer which includes:
the amount, type, date and condition of any damage to the instrument
any other information the seller thinks is relevant
What can you do if I’m being sold items?
If you think the item(s) you are being sold contains a valuable property, you should be in the clear. You should have proof (for example, the receipt, invoice or confirmation) that the item(s) in question really are valuable. If you are not sure of the condition or date of a piece of property your buying, then you should report the transaction to your local buying authority or to your civil law and property lawyers.
However, if the property is not something you intend to sell then you should be aware of its value and try to get a quote for it. Also ensure that your property is still suitable for its intended use, and has not become a liability.
If the buyer is going to resell the item(s), then they will have to do due diligence. These activities will mean conducting an appraisal to evaluate the item’s condition and date of purchase.
Do I need a solicitor?
If you purchase something from someone else then you should obtain advice from a solicitor to help you decide whether your right to sell is still valid.
If you are selling a piece of property and the buyer is not a solicitor, you could face prosecution if the property is found to be unmeritorious or not fit for purpose. A court will decide what this means for your rights and obligations regarding your property.
However, you could seek further legal representation before the court to help your negotiating position.
This article is reproduced from our partner website The Lawyer.
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