Tips for Selling Your Structured Settlement

Structured settlement refers to a beneficiary entering in to a financial or insurance agreement to receive periodic tax -free payments of a certain amount instead of a lump sum; in cases of property liability or personal injury.

Selling of structured settlement is financially called a factoring transaction. It should be noted that the original terms of the structured settlement do not change but the terms of re-sale are negotiable.

Tips for Selling Your Structured Settlement

It depends on whether one wants to sell the whole or part of the settlement and over what period of time. One has to know his/ her financial requirements, to avoid selling the entire settlement when only a portion of it has to be sold. By selling a part of the settlement, one can get the needed cash now and continue receiving steady cash in the future.

The seller has to do a thorough research by shopping around. It is prudent for one to consult and analyze to see whether it is more beneficial to sell the settlement now, because many of the buyers want to make a profit out of it. Get informed on different buying offers by brokers and buyers of similar settlements and make comparisons to ascertain which the best buyer is. Your interest is to get the best terms possible.

It is advisable to consult with a lawyer or good financial planners, for the agreement to be reviewed and to make sure ones rights are protected. Also one has to have knowledge of the state laws governing selling of the settlements and have them well interpreted by a lawyer. This is because laws change from state to state.

Look at all the factors related to the selling transaction like the buyers: license, years of experience, market reputation and any customized plans available. Find out whether the buyer is well established and extremely reliable. You do not want to make a wrong choice and end up losing a lot of money. Match all the above factors with your specific financial requirements.

If one chooses to sell through a broker or a third party company, the commission fees has to be taken in to account and see how the margin relates to the money the seller will get. Sometimes it is best to deal with the buyer directly, but represented by your lawyer.

The seller should not rush; it is good to make comparisons of all of the offers available in order to get the best buyer. Consider all the terms of the sale and make sure they are met fully. Choose the option where you will get as much money as possible. Also these transactions have to be approved by a court which takes some time to be finalized, so if a buyer is promising very fast payments one has to be cautious; it might be fraud.

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