Massachusetts was one of the original thirteen colonies that eventually formed the United States of America, and the town of Dedham, Massachusetts first settled in 1635. One year later, at the first public meeting held by the town, the towns people signed a covenant which included a statement that if differences between townsmen were to occur, the parties would agree to seek resolution with arbitration and that each party would be responsible for paying their fair share for the good of all. About 380 years later, these strong Christian values are apparent in a horse purchase agreement that would be used to sell an equine today.
Selling an equine is a legal transaction set apart from everyday commerce, such as selling a car or refrigerator. Owners often have a strong emotional bond with their horses. Yet keeping and maintaining a healthy horse is a costly venture, and there are times for one reason or another that selling becomes the only option.
To be prudent, it is best if an attorney familiar with equine law writes the contract. There was a time when the term horse trader had a negative connotation. It was thought that horse traders might not be forthcoming regarding the health or ability of the equine. It was anticipated that the traders would capitalize on their unilateral information and charge more than the true value of a horse. In current society, a used car salesman might be held in similar disregard.
There are some fundamental elements that should be included in the purchase agreement. First, there must be a clear identity of the equine being sold. The age, gender, color, breed, markings, registration and in some instances, the ancestry can be an important pieces of information.
The purchase price for an equine can be beyond the means of a buyer to pay at the point of sale. Installment agreements are not uncommon. If there is a installment payment plan, full information about the repayment plan should be included in the contract. This information should include, but may not be limited to, date payments are due, interest rate charged, the amount of each payment, late payment penalties and detailed information regarding the location of the recipient of the payments.
A clause should be included in the contract that states what happens if the buyer is unable to live up to their agreement to pay. The terms will vary, and the important thing is that both parties understand and agree to the terms. How many late payments equals a failure to pay and when does the seller have the right to repossess the animal are two points that must be made clear.
From the buyer perspective, if he or she is dissatisfied by the performance or quality of an equine, it is traditionally the seller who is responsible for collecting the equine. The buyer will also assume the expense of taking possession. The contract should also include a clause that states at what point the risk of loss transfers from seller to buyer. If this element is left out of the contract, there can be a lot of room for disagreement.
Both parties should have the agreement reviewed by their respective attorneys. Before the agreement is executed, the terms may be negotiable. Once both parties have signed the agreement, there is no more negotiation. Make certain that you are satisfied with the terms before signing the agreement.
Selling an equine is a legal transaction set apart from everyday commerce, such as selling a car or refrigerator. Owners often have a strong emotional bond with their horses. Yet keeping and maintaining a healthy horse is a costly venture, and there are times for one reason or another that selling becomes the only option.
To be prudent, it is best if an attorney familiar with equine law writes the contract. There was a time when the term horse trader had a negative connotation. It was thought that horse traders might not be forthcoming regarding the health or ability of the equine. It was anticipated that the traders would capitalize on their unilateral information and charge more than the true value of a horse. In current society, a used car salesman might be held in similar disregard.
There are some fundamental elements that should be included in the purchase agreement. First, there must be a clear identity of the equine being sold. The age, gender, color, breed, markings, registration and in some instances, the ancestry can be an important pieces of information.
The purchase price for an equine can be beyond the means of a buyer to pay at the point of sale. Installment agreements are not uncommon. If there is a installment payment plan, full information about the repayment plan should be included in the contract. This information should include, but may not be limited to, date payments are due, interest rate charged, the amount of each payment, late payment penalties and detailed information regarding the location of the recipient of the payments.
A clause should be included in the contract that states what happens if the buyer is unable to live up to their agreement to pay. The terms will vary, and the important thing is that both parties understand and agree to the terms. How many late payments equals a failure to pay and when does the seller have the right to repossess the animal are two points that must be made clear.
From the buyer perspective, if he or she is dissatisfied by the performance or quality of an equine, it is traditionally the seller who is responsible for collecting the equine. The buyer will also assume the expense of taking possession. The contract should also include a clause that states at what point the risk of loss transfers from seller to buyer. If this element is left out of the contract, there can be a lot of room for disagreement.
Both parties should have the agreement reviewed by their respective attorneys. Before the agreement is executed, the terms may be negotiable. Once both parties have signed the agreement, there is no more negotiation. Make certain that you are satisfied with the terms before signing the agreement.
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