Buying a motorbike with PPSR SecurityInterest
A bloke in marketplace is selling a motorbike.
He is 5 hours drive away. Sounds like a decent bloke, did a video walk through, everything checks out, price is decent.
One day before the visit, I do a PPSR check and I see there is a Security Interest from a bank. Looks to be a 5 year loan with more than 4 years remaining. He did not disclose that before.
Bloke is like don't worry, he will sign over the rego paper, and he will sort out with the bank later.
I ask him if he can sort out with the bank now, and have the Security cleared. After few back and forth, with him trying to get it cleared with the bank, but apparently slow movement from bank due to it being a small regional bank, sounds like he is frustrated with me because I am being a bit anal about having it cleared before I hand over the cash.
Surely I am not the crazy one?? How have you done such purchases before? What has been your frustrations free life hack that has worked for both parties?
Would love to hear some stories.
Edit : New update : Guy now says he will clear it with the bank. Still insists for me to come now that he has signed some paperwork. I've told him I will come as soon as he shows me some paperwork from bank saying it is all clear, or when PPSR is clear. Feels he is clearly frustrated. It is a 2700 savings on a 11000 bike, so I think it is significant savings. Feels like a younger guy who doesn't understand the PPSR process(sent me some redacted screenshots of his communication with his bank/lender).
And thank you all for your comments, really appreciated 🙏
Final update : Guy cleared PPSR. Went and picked up the bike. Bike is in mint condition.