The town of Dedham, Massachusetts, was settled in 1635, and Massachusetts is one of the thirteen original colonies that eventually became the United States of America. The town was founded based on strong Christian values. In 1636 at the first town public meeting, a covenant was signed that stated in part, that if differences were to arise between the townsmen, they would agree to find resolution through arbitration and that each would agree to pay their respective share for the common good. Almost three hundred eighty years later, these same values are evident in any horse purchase agreement, a common occurrence in this Eastern New England town.
Selling a car is one thing. Selling an equine is quite another. Owners develop strong attachments to these animals and selling one can be very emotional. It is often done with a sense of loss. Even breeders often have a bond with the animals they breed. For whatever reason, selling the animal is what needs to be done.
In a legal transaction such as this it is always best to have an attorney draw up the contract. At one time, the phrase horse trader was somewhat pejorative. Many people looked upon traders with suspicion and felt that traders might not be honest about the short comings of an animal. It was thought that the trader would knowingly charge in unfair price. Today, one might put a used car salesman in the same type of category.
You should consult an attorney to be certain, but there are a few fundamental elements that should be in an equine purchase agreement. There should be a complete description of the animal being sold. The description should include the breed, age, gender, registration, markings and perhaps the ancestry if relevant to the contract.
In some cases the purchase price of the equine is beyond the ability of the buyer to pay in one lump sum. If there is an installment payment agreement, the contract should include a payment schedule that clearly states when each payment is due, the amount of each payment, interest charged, penalty for late payments and the name and address of the person or entity receiving the payments.
The contract should include a clause that clearly states what would happen if a buyer does not meet his or her financial obligations. The terms of such a clause can be negotiated so that both parties agree. It should be very clear when a failure to timely pay translates into the right for the seller to repossess the equine.
The buyer may not be satisfied with the quality of the horse and want to return the horse. Traditionally, in the event this occurs, the seller is the party responsible to collect the animal, and the buyer will pay for the cost of transportation. It is also important for the contract to state when risk of loss is transferred from seller to buyer.
The contract should be reviewed the attorneys of the respective parties. Until the contract is signed the terms are negotiable. After the agreement has been fully executed, there will be no negotiation. Make sure you are pleased with the terms before you sign the agreement.
Selling a car is one thing. Selling an equine is quite another. Owners develop strong attachments to these animals and selling one can be very emotional. It is often done with a sense of loss. Even breeders often have a bond with the animals they breed. For whatever reason, selling the animal is what needs to be done.
In a legal transaction such as this it is always best to have an attorney draw up the contract. At one time, the phrase horse trader was somewhat pejorative. Many people looked upon traders with suspicion and felt that traders might not be honest about the short comings of an animal. It was thought that the trader would knowingly charge in unfair price. Today, one might put a used car salesman in the same type of category.
You should consult an attorney to be certain, but there are a few fundamental elements that should be in an equine purchase agreement. There should be a complete description of the animal being sold. The description should include the breed, age, gender, registration, markings and perhaps the ancestry if relevant to the contract.
In some cases the purchase price of the equine is beyond the ability of the buyer to pay in one lump sum. If there is an installment payment agreement, the contract should include a payment schedule that clearly states when each payment is due, the amount of each payment, interest charged, penalty for late payments and the name and address of the person or entity receiving the payments.
The contract should include a clause that clearly states what would happen if a buyer does not meet his or her financial obligations. The terms of such a clause can be negotiated so that both parties agree. It should be very clear when a failure to timely pay translates into the right for the seller to repossess the equine.
The buyer may not be satisfied with the quality of the horse and want to return the horse. Traditionally, in the event this occurs, the seller is the party responsible to collect the animal, and the buyer will pay for the cost of transportation. It is also important for the contract to state when risk of loss is transferred from seller to buyer.
The contract should be reviewed the attorneys of the respective parties. Until the contract is signed the terms are negotiable. After the agreement has been fully executed, there will be no negotiation. Make sure you are pleased with the terms before you sign the agreement.
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