What should I look for in a contract?

What are bad signs?
What should absolutely be in there?
Should we insist on a contract?
Is it customary to stay in contact with the previous owner?

Do you mean having a contract with leasing a horse?? Or buying?? Because is it pretty reasonable to to have a contract with a leased horse it generally just entails that the leasee is responsible for feeding, sheltering, vet checks and in the case of death a price which was agreed on before the horse went to the leasee will be paid by the leasee to the horses owner. When leasing it is pretty compulsary to stay in touch with owners.
But with buying normally the choice is yours I always welcome the people to inquire about the horse which they have sold me. However some old owners take it a bit too far we bought a horse off a lady about an hours drive away and she use to come by ever week and feed the horse take him out of the paddock and move him to other paddocks she thought were more suitable for him. Obviuosly we told this lady politly she was no longer welcome on the property after she abused us.

But I think the choice is yours and you can always discuss the contract and change bits around

Yes, I meant for buying. I'm going to be in the market in a few months.

Iv never heard of doing contract for buying horses. Could be the different countries??

I don't necessarily think you need a contact just like a paper that says The ownership is being transferred to you, also stay in contact with the previous owners....if the horse turns out to be what your not looking for then your screwed.

Hrm...

This is confusing, lol.

My trainer says the contract that the one lady is offering us is good, but it states that is she feels the horse isn't being cared for at any time she can take him back! I wouldn't want anyone to have that power but the authorities...

And it also states that all winnings must be reported to the former owner- which I think is odd?

Thats intresting...I don't think I could trust that.

No I wouldnt agree with that either

I wouldnt either, you need to own the horse free and clear. And you should always get a bill of sale that states that! Don't trust that contract. To many people running scams nowdays....

Are you dealing with some type of rescue organization?

If not then no way!

When you purchase a horse it is yours to do with as you like. Period.

Your sales contract (receipt) should state the name, age, registration information of the animal you purchased. The price and that the animal is sold with no warranties or guarantees.

That is about it.