Is a notorized &quot;Agreement&quot; between buyer and seller binding?
<p>Bought a vehicle from a dealer couple of months ago only to have my insurance refusing to insure it due to fraudulent odometer reading. I ran my own history report and sure enough, it was rolled back 150k miles.</p>
<p>In the US under Federal odometer law, <a href="https://one.nhtsa.gov/Vehicle-Safety/Odometer-Fraud/Odometer-Information-Overview-for-Consumers" rel="nofollow noreferrer">49 U.S.C. Chapter 327 (Public Law 103-272),</a> prohibits the disconnection, resetting, or alteration of a motor vehicle's odometer with intent to change the number of miles indicated thereon.  The law requires that a written disclosure of the mileage registered on an odometer be provided by the seller to the purchaser on the title to the vehicle when the ownership of a vehicle is transferred.  If the odometer mileage is incorrect, the law requires a statement to that effect to be furnished on the title to the buyer.</p>
<p>After filing a police report, I went back to the dealer and the owner explains to me when I purchased the vehicle, his &quot;friend&quot; used his dealer plates...What? Now I know something fishy is going on for sure. He tells me he'll take the car back and if it sells in two weeks, he will give me full amount if it doesn't sell in two weeks, he'll give me 90% of what I paid.</p>
<p>He put this in writing and I read over what he typed up and I called a notary so at least we had a witness and it was documented. We both signed the paper and I took pictures of the vehicle and left it there.</p>
<p>Is the agreement made by the seller binding?</p>
<p><strong>This is a refund agreement between Buyer (me) and seller (Dealer) on XXX vehicle on 06-24 (purchase date). The car has been returned to the lot in the same condition sold. A refund of is to be given on or before 08-21. All previous agreement between buyer and seller is considered null and void. Buyer and seller are in mutual agreement&quot;</strong></p>
<p><strong>UPDATE:</strong></p>
<p>Dealer has honored our signed agreement. I was told car has been sold but without proof of the sale price, I received the $7,000 that was originally guaranteed after two weeks. Whether the odometer has been changed to show correct mileage I cannot say, I was never listed as the owner or did I sign the car title to my name.</p>

<blockquote>
<p>Is the agreement made by the seller binding?</p>
</blockquote>
<p>Yes. You &quot;secured&quot; reimbursement of 90% of what you paid and <em>de facto</em> waived your entitlement to the remaining 10%. Prior to that signing the agreement, you were entitled to be fully reimbursed regardless of how long it takes for the counterparty to sell the car to someone else.</p>
<p>Depending on the exact terms of the agreement, the counterparty might have the meritorious argument that your waiver is <em>in exchange</em> for a &quot;timely&quot; (i.e., two week) reimbursement of at least 90% of your payment.</p>

united-states texas vehicle us-federal-government