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Thread: Legal Ownership

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    Legal Ownership

    I bought a product from a private person , We agreed on I pay 75% upfront , when I receive the product and everything is working I will pay the rest .
    Last night I made the final EFT payment (fully paid now), we use different banks so money will probably only show in his account Tuesday. I have send the confirmation detail with the reverence numbers
    no were in our discussion we made a deal for I must make a instant payment.

    No he wants to cancel the deal because he wanted his money instant.

    Am I the legal owner of the product even tho the money is not yet in his account ?

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    Do you have anything in writing, text messages, whatsapp?

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    yes I do , whatsapp and voice recordings , nowhere we agreed on instant payment , so just in general , when do I become the legal owner once money is payed or only when money reflects in his account ?

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    Not straight forward as no formal contract is in place - normally in contrats they state when ownership passes which is typically on full payment and payment methods.

    However in this case I feel you have proved full payment by providing proof of payment and the other individual should give you the benefit of the doubt till the next 2 working days for the payment to effect.

    Just my take on it...

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    When did you receive the product?
    What period is required or allowed for to test the product to ensure it is working?

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    I had it about 4 days we did not discuss any period , then I made the final payment last Friday , so money will be in his account tonight at 12 .
    People I have asked all agree with AmithS I am the legal owner, transaction was completed when I made the final payment , it does not matter if the money is hang up in the banking system , I provided the EFT reference nr via sms from bank

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    I was going to say "possession is 9/10th's of the law" anyway

    Just wanted to clear up the gap between receipt and payment to see if it was "reasonable" first.

    The other thought that occurred to me is the CPA deals with buyers having second thoughts; it doesn't deal with seller's remorse at all.
    Mind you, it was never geared to deal with private sales anyway.

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    thank you , yes I think the seller had second thoughts , but that is not my problem , he can buy it back at my price :-)

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    Let us know the final outcome...

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