Protect the sale
money.
Payment fraud is the most expensive risk when a business changes hands. Six habits keep deposits and the purchase price safe.
Move money only through the lawyers
Deposits and the purchase price should go through your lawyers' trust accounts, following the purchase agreement. Never send deal money straight to the other side because of a message or email.
Get payment details from your own lawyer, by phone
Ask your lawyer for the trust account details in person or by phone, and confirm them again by calling a number you already have, not one from the email or message that sent them.
Treat any change of bank details as a red flag
Fraudsters break into email accounts and send "updated" bank details just before closing. If details change, stop and call to confirm. Real changes can wait a day; fraud relies on urgency.
Watch for the warning signs
Pressure to pay quickly or keep it secret, a slightly different email address (sellvara.co instead of sellvara.com), requests for crypto, gift cards, Interac e-Transfers to individuals, or payment outside the agreement.
Confirm receipt before the next payment
For large amounts, consider a small test transfer first and confirm by phone that it arrived where it should, then send the rest.
Know what Sellvara will and won't do
Sellvara never holds or handles deal money and never asks for deposits. We only charge our own fees, on sellvara.com. We will never email or message you asking you to send money or change bank details.
Act within hours, not days.
If you may have sent money to the wrong account, call your bank's fraud line right away and ask them to recall the transfer; speed matters. Then report it to the Canadian Anti-Fraud Centre (1-888-495-8501) and your local police, tell your lawyer, and let us know so we can warn others and secure the listing.
This page is general information, not legal or financial advice. Follow your lawyer's instructions for your transaction.