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Posted: 9/2/2010 6:38:42 AM EDT
Okay, i have a chance to purchase a registered Thompson. The gun is on a form 4 in state.

The owner died two years ago, and the hier, his son, has not form 5 the weapon.

He has a copy of the will, and wants top sell the Thompson.

Is there time limit to form 5 it?

Can it be transferred via form 4 without a form 5?

How do you guys trust the private party seller to deliver the weapon?

Upon deposit, i get the lower, and the seller keeps thge registerred upper?

I was thinking 50% down and the rest on delivery of my form 4.

Rich
Link Posted: 9/2/2010 6:54:46 AM EDT
Originally Posted By richierich69:
Okay, i have a chance to purchase a registered Thompson. The gun is on a form 4 in state.

The owner died two years ago, and the hier, his son, has not form 5 the weapon.

He has a copy of the will, and wants top sell the Thompson.

Is the son the executor of the estate?

Is there time limit to form 5 it?

It's supposed to be done before the estate is closed.

Can it be transferred via form 4 without a form 5?

It can transfer from the estate to an heir tax-free on a Form 5, or sold out of the estate to a non-heir on a Form 4.

How do you guys trust the private party seller to deliver the weapon?

Upon deposit, i get the lower, and the seller keeps thge registerred upper?

I was thinking 50% down and the rest on delivery of my form 4.

Rich

These types of details are usually specified in a sales contract.
Link Posted: 9/2/2010 7:07:31 AM EDT
Bubbles pretty much covered it all. It'll go on a F4 to you. The tax free form 5 is to a heir named in the will or estate. You are not. If you are worried about them flaking on you once you give them the money, then I would walk away from the deal now. There isn't much you can do about that. Sure, half now, half on the F4 approval is pretty normal for people to do, but they still have the chance to run off with $5-$8k or whatever half of it would be. You can get a contract, that wouldn't be hard to do, but if you don't trust them in the first place, the contract is just a piece of paper if you have to take them to court.
Link Posted: 9/2/2010 1:32:53 PM EDT
I'm going out on a limb here. What about paying in full and have the transferrer store it at your house in a pelican case that only they have the key to. Then the only thing left is for them to send you the Form 4 and the key when they receive the approved Form 4. ATF says you can store an NFA item at another's location as long as they don't have access. Just Sayin!
Link Posted: 9/2/2010 1:36:47 PM EDT
When a class III dealer that you know "escrow" it for you? Let him hold the cash and firearm until the Form 4 is complete.
Link Posted: 9/2/2010 2:59:05 PM EDT
Originally Posted By AllAmerican2000:
When a class III dealer that you know "escrow" it for you? Let him hold the cash and firearm until the Form 4 is complete.

The transfer to the dealer would require a second Form 4. Waste of $200.
Link Posted: 9/3/2010 2:50:17 AM EDT
Just found out from an attorney, that there is a window to transfer on a form 5.

Two years is outside of that window.

So now i get to beg to ATF to let hi form 5 it anyway.

If not, i'll have to wait another 3 months.

Rich
Link Posted: 9/3/2010 7:44:30 AM EDT
Originally Posted By richierich69:
Just found out from an attorney, that there is a window to transfer on a form 5.

Two years is outside of that window.

So now i get to beg to ATF to let hi form 5 it anyway.

If not, i'll have to wait another 3 months.

Rich


The attorney doesn't know what you were asking. The ATF would never allow a F5 to you. This we know. Doesn't matter if you tried it a week after the person died. To go to a name heir in the will or estate, it would have gone F5. You are not in the estate, you would have always been required to pay the $200 and do it via a F4.
Link Posted: 9/3/2010 9:40:50 AM EDT
Get a written signed receipt if you hand someone money on a private sale. At least then you'd have PROOF, along with a personal check, or certified funds. If you had to use civil court to get your funds back.

Link Posted: 9/6/2010 4:53:32 PM EDT
Originally Posted By damcv62:
Originally Posted By richierich69:
Just found out from an attorney, that there is a window to transfer on a form 5.

Two years is outside of that window.

So now i get to beg to ATF to let hi form 5 it anyway.

If not, i'll have to wait another 3 months.

Rich


The attorney doesn't know what you were asking. The ATF would never allow a F5 to you. This we know. Doesn't matter if you tried it a week after the person died. To go to a name heir in the will or estate, it would have gone F5. You are not in the estate, you would have always been required to pay the $200 and do it via a F4.


The attorney does know. The heir had to have the MG on F5 within a year of the owner passing. He has not done any form. The MG is still on F4 in the dead owners name.

No where did i expect to have ATF F5 the MG directly to me.

I fully expected to F4 it, and pay the full $200.

The guy does not understand the process of forms. He is in desperate need of money and is very nervous.

RIch

Link Posted: 9/6/2010 6:06:16 PM EDT
[Last Edit: 9/6/2010 6:07:45 PM EDT by tony_k]
Link Posted: 9/7/2010 8:18:46 AM EDT
In MD you have 9 months to settle an estate, unless you come up with a very good reason - they will hold you to it.
Link Posted: 9/7/2010 9:54:51 AM EDT
Link Posted: 9/7/2010 1:07:22 PM EDT
Spoke with a specialist at the ATF today. She stated that there is no time frame for F5 transfers.

However if the Heir does not wish to take possession of the MG, then find a buyer and F4 it.

Make sure to send a copy of the will or other related documents.

Thanks for all the comments, and information.

Rich
Link Posted: 9/7/2010 1:40:41 PM EDT
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