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Automobile Consignment Sale Agreement
AGREEMENT made on [Date] between [Name] of [Address], hereinafter referred to as Owner, and [Date] between [Name] of [Address], hereinafter referred to as Consignor, do hereby agree:
Owner consigns to Consignor the following described vehicle:
Year of Manufacture:
VEHICLE IDENTIFICATION NUMBER:
The title to the same shall remain at all times until a bona-fide sale in the owner of the consigned goods. Owner may recall and take possession of the consigned property at any time.
At all times Consignor has goods owned by Owner in its possession, Consignor shall, and at its expense, maintain multi peril inventory insurance in an amount equal to the value of the goods with Owner named as a loss payee on a long form loss payable clause. Should Consignor fail to maintain such coverage, Owner may obtain the same, and Consignor shall upon presentation of an invoice therefor, pay for the same on sight. The minimum sales price for the vehicle shall be [$------] From the net sales price, Consignment merchant shall be allowed a flat fee of [$------].
The proceeds of the sale of the goods of owner shall be deposited in a special escrow account and shall not be commingled with the funds of Consignor, or the funds of others. The funds received shall be deemed to be trust funds and shall be deemed to be held in trust and for the sole benefit of Owner. Consignor is authorized, provided that all accountings are timely filed and all sales proceeds have been deposited to withdraw its commission from the account. However, should any instruments accepted by Consignor not be honored, Consignor shall remain liable to repay the same.
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
[Name of Notary Public]
My commission expires: [date]