contact for horse payments?
 
 

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contact for horse payments?

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  • When buying horses on a payment plan, what happens if injury or death?

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  • 1 Post By Drifting

 
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    05-02-2014, 12:59 PM
  #1
Foal
Smile contact for horse payments?

I was wondering if anybody knows of a good contract for buying a horse through payments.
I will be paying her off from May to October but what happens if she becomes injured before I have officially purchased her?
The owner says I can make sporadic payments as long as the full cost is payed off before October.
She doesn't seem to care if there a contract but I am not comfortable sending away money if there is no legal document saying that she can't change her mind later on. I'm not allowed to pick up the horse until she is payed off and the seller said she will keep her on the farm until payed for with no extra cost to me.
The horse is a registered Warmblood but I hate her name. Am I allowed to change that at all and if so should it be done before or after the sale?
I am buying her sight unseen and I realize the risks but am I able to put in the contract that I can return her if any injuries that will affect her in the long term that were not specified are found? I have been assured she has never been injured but I just want it to be sure.
Is there anything else important I should put in the contract?

If somebody could help me that would be great! This is my first payment sale so I just don't want to be taken advantage of.
     
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    05-02-2014, 02:11 PM
  #2
Yearling
Since the horse is staying in the owners possession until she is paid off, she is responsible for any injuries to the animal and its vet care until official ownership is transferred to you.

You need someone to help you write-this up, I would not be comfortable sending money without a contract either.

Usually there is a non-refundable deposit that the owner would keep if you are unable to make the payments and cancel the sale of the horse. For example, if the deposit is 500 dollars and you give her 1200, but something happens and you have to cancel the sale, you should get 700 back.

I would also put that any serious injury that leads to soundness issues or death will result in full refund of any payments made (Including deposits.)

Make sure you both agree to the terms before you send any money.

Some big-breeding stables have "Foal Contracts" that are listed on their site, since many people put deposits on weanlings and don't get them until weaned (and paid.) You could try looking around for that and tailoring one to fit you and the current owner.
Chasin Ponies likes this.
     
    05-02-2014, 02:44 PM
  #3
Green Broke
Quote:
Originally Posted by PrettyBananas    
I am buying her sight unseen and I realize the risks but am I able to put in the contract that I can return her if any injuries that will affect her in the long term that were not specified are found? I have been assured she has never been injured but I just want it to be sure.
This type of thing falls under "caveat emptor" or "buyer beware." If the horse turns out to have an old injury or pre-existing condition that's not discovered until after you sign the sales contract, you're out of luck. You should strongly consider getting a pre-purchase exam done by a vet of your choice (NOT the owner's regular vet) before signing the sales contract. Even if the seller is being honest and doesn't know of any existing problems, it doesn't mean there aren't existing problems.

As far as what happens if the horse sustains a new injury during the payment period, it needs to be spelled out in the contract. What I'd recommend is the seller carrying mortality/loss of use insurance on the horse and refunding any payments made to you should the horse sustain a significant injury that is likely to decrease future performance. Minor injuries shouldn't change the sale, but the seller should remain responsible for vet bills until the horse is paid off.
     
    05-02-2014, 02:54 PM
  #4
Weanling
It could get a bit complicated doing your own, but check out this website. It will get you started.
Promissory note - Wikipedia, the free encyclopedia

You can probably find a general promissary note template online and then add your requirements to it.
Try to think of everything that could happen or go wrong and include it in the note.
For example, if the horse becomes unuseable and you have paid off half already-does she give the money back or do you just lose it. Bear in mind that if you make it too stringent she may refuse to sign it or refuse to accept payments at all. She is taking on some real risk here too.

You won't be able to change the horse's name until it's paid off and you have the registration papers transfered to you. Make sure you get papers!!
In the meantime, you can research whether or not the breed association accepts name changes, how much it will cost and how to do it.
     
    05-02-2014, 06:23 PM
  #5
Foal
Thank you everyone! I'm pointed in the right direction now thank you!
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    05-02-2014, 08:45 PM
  #6
Trained
Quote:
Originally Posted by Drifting    
Since the horse is staying in the owners possession until she is paid off, she is responsible for any injuries to the animal and its vet care until official ownership is transferred to you.
This depends on the agreement. At the ranches that I deal with (that all are very careful before doing payment plans), once you put the deposit down, even though you can't move the horse, it is yours and you are responsible for paying for vet/farrier care, I.e. You are basically boarding the horse there until payed off.

Please be very careful with these arrangements and get everything in writing. A last warning...once you have paid any $$s, it is usually difficult to get any $$s back regardless of what happens and who is right or wrong.
     
    05-03-2014, 12:47 PM
  #7
Showing
A lawyer should draw up the contract there are just too many variables. It is far safer to save your money and purchase the horse when the time comes. Yes, there's the risk that it will be sold but can you really afford it if things backfire and you lose your money and don't have the horse.
     
    05-07-2014, 03:59 PM
  #8
Started
I had a boarder who was buying a show horse from a friend on the payment plan. The horse died before the horse was paid off. She continued to pay on a dead horse. Moral of the story, if you are making payments, take the extra step and insure the horse. You can drop the coverage just as soon as he gets home. You are making payments because the horse is out of your league right now. You can't afford to walk away from the $$ you invest into him.
     

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