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Voiding An Nfa Transfer

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#1 snipershot1944


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Posted 27 September 2005 - 07:39 PM

Anybody know how to stop an NFA transfer that has become pending but not yet approved? I'm the seller, and I think the buyer may want to unwind the deal.

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#2 philasteen


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Posted 27 September 2005 - 07:58 PM

Call your examiner ASAP. It's much harder to void once approved.

btw, it takes almost a year to get a refund of the $200.
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#3 TSMGguy


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Posted 29 September 2005 - 11:07 AM

There's a procedure for voiding a transfer. When the approved form 4 is sent to you, just write "void" on it and send it back to the BATF, as the instructions on the form 4 say. You, as the seller, have ultimate control over the transaction right up until delivery. The transfer is not complete until the transferee has possession of the approved Form 4, which only you can provide. When the approved form 4 arrives, you contact your buyer, and if he doesn't live up to the agreed terms, you can void the transaction.

I always require 50% up front. It qualifles the buyer since if he can come up with half of the purchase price, he shouldn't have any trouble with the balance. I don't ask for full payment as the buyer might like having the feeling that the final payment will keep the seller motivated. Win-win.

You don't really care about the $200. The tax was paid by the buyer (transferee). To be blunt, that's his problem.

There is no procedure for a "mid stream" voiding of the transfer, at least not that is mentioned in the small print of the form 4, which is an excellent primer on the entire process.

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#4 Z3BigDaddy


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Posted 29 September 2005 - 01:55 PM

Great info TSMGuy!

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