Writing a Contact -- Buying a Horse in Payments
I'm going to buy an Arabian mare. I talked to the seller today and proposed my plan to buy the horse. The horse costs a total of 2300. I said I would pay 550 down, and then 250 every month until the horse was paid off. The seller agreed, and told me to write up a contact for us to sign.
... So. How do I even begin to do this? :shock:
Contact a lawyer. It may not be legally binding if you just write up whatever on your own.
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I'm going for more like a bill of sale, only with the monthly payments option. I've written a few simple bills of sale (for cars and non-horse things) and never had any problems. I don't have a lawyer, but I could probably find someone with more legal experience than I to look it over.
Let me check. I know I have a couple.
I found a really simple one that I have used. PM me your email and I will send it to you to look at.
^^ Thank you!
Don't forget to agree on what happens to the horse should you be unfortunate enough to not make all the repayments.
If that happened you could end up owning the biggest share of the horse but it wouldn't strictly speaking belong to you so you need to know if the seller would refund everything you've paid and take the horse back or if you would have to wait for the horse to be sold again until you get any of your money back
When you buy a horse like this you should always take out insurance cover at least until all the payments have been made
^^ Good things to think about.
Another question. Would I have to wait until she is completely paid off for her registration to be transferred to me, or could I request to have her papers signed over as soon as I sign the bill of sale? I'm going to start competing her in the fall, a few months before I image she'll be paid off. So it would be nice to have her in my name.
I would not sign over papers until all was paid in full.
Strictly speaking she wouldn't be yours until all payments have been made. You could show her in your name in the UK but not as her owner - not sure how it works in the US.
Sometimes its easier to try to get a bank loan in situations like this
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