Selling a horse on payments

[Lucky-C-Acres-Minis]

I had someone inquire about buying two of our horses on a payment plan.. I'm willing to do payments, no problem with that, my question is, if you were selling a horse(s) on a payment plan do you keep the horse(s) until paid in full or do you allow the horse(s) to leave?? If you do allow them to leave the farm what kind of contract do use and what stipulations do you set?

 

[Jill]

Whether I'd let a horse who wasn't paid for leave before being paid in full would depend on many things, including: how well I know the buyer, where the buyer is physically located, and how much down they had paid. If I allowed it, I'd require mortality / major medical on the horse, and would hold the papers until paid in full.

 

[Georgine]

I have sold one horse on payments to a person who was well known to myself.

I was given three post dated cheques from the buyer, over a 3 month period, and I held the papers till the last cheque cleared.

She took the horse immediately though, and had any cheque not cleared I would have picked my horse up.

The first cheque was the deposit, which is kept by the seller if the deal falls thru for whatever reason.

I had no other written contract but in hindsight there should be something to cover injury or illness while in another person's care.

There are likely a lot of examples of sales contracts on the web that you could pick clauses that pertain to a horse sale, and prepare your own.

 

[sfmini]

Having had some bad experiences selling on payments, I no longer allow horses to leave until paid for, and will charge for board after 3 months.

IF I know the person, I will let the horse go, but never again otherwise. Also, you need to have a written contract spelling out the payment plan, penalties for non payment, and would ask the buyer to insure the horse with you as beneficiary.

Papers are never transferred until the horse is paid for.

 

[Miniv]

For us, every sale is slightly different. So, every written contract is different. If we know the buyer very well we have let the horse leave after a large down payment is cleared. Registration papers are always kept until the last payment is received and also cleared.

MA

 

[Lisa-Ruff N Tuff Minis]

I sell horses on payments (and purchase them) all the time and the horse usually leaves before paid for in full I have no problem with it. I keep the papers depending on the price of the horse I may require they have and show proof of insurance with me as the benificiary.

I have not had any issues short of one woman who never paid me the last 100 bucks and now she has a unregistered horse.

I do have a contract which covers alot and a different contract for the sale of a foal since the buyer has no option and cant take the horse right away I cover alot more (something happening to the horse) on my end with a foal then a adult horse.

Many have done it for me and allowed me to improve my stock and I have no issues doing it for others

 

[ChrystalPaths]

I currently have one already gone and was sold on pymts. I have a good contract and have never had any trouble with it. Contracts are a must between friends or strangers.

 

[rabbitsfizz]

Horse stays until it is paid for from now on.

Friends are the worst of all, unfortunately, and it is a sad way to end a friendship.

Last time I was out around $1,000.00- I cannot afford for that to happen again.

Contracts will not help if the horse is too far away to collect, either.

I think, at the end of the day, it is a very personal call- you have to go with your heart.

 

[mgranch]

Does anyone have a copy of what a good contract looks like?? Where can I go to get one??

Thanks

Gina

 

[MBhorses]

Does anyone have a copy of what a good contract looks like?? Where can I go to get one??
Thanks

Gina

I also would like to see you all contracts or where to get good contracts.

thanks

 

[Bluerocket]

Gosh - for me it all depends.

I have purchased horses on payment -- in all cases they have come home with me immediately -- and I have sent money per the agreement (quarterly, monthly and as I had it with a deadline for payment in full). In all cases (at least as far as I can remember) the seller kept the papers until I had paid in full.

One time I could not make the payments --- I called the seller and asked if I could return the horse and forfit what I had paid to date -- they were very gracious and accepted the horse with no questions asked -- of course I returned him in excellent condition.

One other time I could not finish making the payments, and with the concurrence of the seller, I sold the horse to a syndicate (formed for that specific horse) - The the new buyers paid the SELLER up front the price the seller and I had agreed upon when I was buying it - they did not pay me. The seller then refunded my money to me.

I do know of a couple of situations where horses were bought on contract and went home with the buyer -- to be never paid for -- in at least one case - the seller lived in a different state than the buyer -- and had to sue the buyer in the buyer's state (because of a poorly worded sales contract) -- the seller won the lawsuit, but had to BUY the horses back at auction. The seller lost a lot of money and did not get all the horses back as some OTHER people purchased some of the horses at auction. Rumor was they were bidding for the "buyer". Also --- several of the "sold" horses were pregnant when "sold" --- they foaled -- and the buyer kept them --- telling the seller they all died.

Whatever you choose to do --- spell out your expectations (and the buyer's too) in a really good contract. Make sure that it is to be resolved in your COUNTY (or township or whatever) as well as your STATE if it were to go to court and that the BUYER would be responsible for all court costs.

 

[jjnov]

im buying some mares in foal, the lady let me take them but she keeps the papers till paid in full, but she is also a friend of mine and I have dealt with her before. Some people I know will let the horse leave the property when paid in half and then will send the papers when paid in full. It all depends on you, but defentily have a contract in which ever way how you want to handle it.

 

[heart k ranch]

im buying some mares in foal, the lady let me take them but she keeps the papers till paid in full, but she is also a friend of mine and I have dealt with her before. Some people I know will let the horse leave the property when paid in half and then will send the papers when paid in full. It all depends on you, but defentily have a contract in which ever way how you want to handle it.

Thats what the people I buy from do!

 

[J&HMinis]

I have bought all my horses on payments, In most cases I knew the sellers. I've always been able to take the horse home with a deposit and gotten a copy of papers and lease form. I don't expect and would never ask for transfers until the horse is paid in full.

I've also sold horses on payment plans and depending on the person, I've let the horse leave with a deposit and signed contract.

Main thing in any sale, have a contract!

 

[Lucky-C-Acres-Minis]

Can those of you that have sale contracts give me a few ideas of what should be discussed and included?

I think I may just keep it so the colts stay at the farm with us, will have to discuss it with my family and the potential buyer.. I dunno, sitting on the fence about it! lol I do not know the lady but we have been emailing back and forth regularly not just about the colts but miniatures in general and she seems like a very nice woman..

 

[Witts Mini Horse Ranch]

I used this bill of sale with the last horse I sold and changed it to fit that sale....it was not payments. I think it covers everything......but then I always find out the hard way if something is left out. Maybe some of the more experienced could look it over.

www.horsetalk.co.nz/forms/bill-of-sale.doc

Ok, u will just have to copy and paste since I cannot figure out how to do a link

Nancy

 

[CritterCountry]

Here's a question..

I bought a stud in summer that I used payments to pay. When he turned out to be more to handle than they portrayed him to be, I asked if they would take him back. They said no. But they want their money. I had to GIVE the stallion away, he was that bad to handle, and I am going to be paying for him for a long time. Do I have to legally pay them still if they refused to take him back??

 

[Leeana]

What is your email? I have a very good example but i have to attach it. Let me know and i will send it. I feel it covers EVERYTHING on both sides if you choose to let a horse go while on payments.

 

[rabbitsfizz]

NOTHING covers everything if the buyer/seller is not honest.

Think about it- you keep the papers- they sell the horse without papers and they lie.

Who is going to sue them???

If the seller and the buyer are honest there is no problem anyway.

If they are not- well, basically you get stuck making payments on a horse you had to give away.!!

 

[New2Minis]

I Thank God for sellers who are willing to take payments! It allows alot of people that could not afford a one lump sum payment to get a horse they want. I do agree that it makes it safer to sell to someone on payments in your own state just in case something goes wrong

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