Originally Posted by Eolith
Occasionally sellers will ask you to sign a first rights of buy-back contract, but that's as far as it goes. Basically, that sort of contract states that if you EVER decide for ANY reason that you are going to sell the horse, you will contact the previous owners and give them the chance to buy the horse back before putting it on the public market.
I think this is reasonable, but nothing beyond that.
This is only reasonable if the contract states at what fee the previous owner can buy the horse back at and how the buyer is required to contact them.
For example the horse could be sold, new owner puts lots of amazing show miles on the animal and it is now worth 10x what they paid for it, the old owner might insist the buy back contract allows them to buy the horse back for what the buyer bought it for. So be sure to state that the buy back means at fair market value.
And what extreme does the new owner have to go through to contact the seller. Sending a certified letter to the last known address and waiting two weeks enough?