Posted 2017-07-23 1:34 AM Subject: RE: Contract for making payments
I'm Cooler Offline
Posts: 6387 Location: Pacific Northwest
I made payments on the last horse I bought and signed a contract. It didn't say how much my monthly payments had to be, but it had the amount I agreed to put down and the date I had to have her paid off by.
But now as a jaded adult I would be scared to take payments because I've realized most people aren't like me.
Posted 2017-07-23 5:04 PM Subject: RE: Contract for making payments
Neat Freak
Posts: 11216 Location: Wonderful Wyoming
I have a contract for my babies I sell off the mare with a deposit. pm me your address and I'll send you what I have. Pretty much says if they don't pay off ON TIME, they lose all they have paid and that is just pretty much that. So far so good.
Posted 2017-07-25 4:13 PM Subject: RE: Contract for making payments
Elite Veteran
Posts: 678 Location: Canada
Couple pieces of advice:
-- Make the payments short (3 months or less)
-- Require a large down payment (50%)
-- Do not let the horse leave the property until paid in full
-- Make sure the horse has insurance payable to YOU until it's paid in full and includes major medical
-- Make sure your contract states that all vet, farrier, deworming, dental etc are to be paid by buyer
-- Agree on a boarding fee (whatever to cover feed costs) until the horse is paid in full.
-- Make sure that your contract states any late payments will VOID the contract and all monies received will be kept
Payment sometimes work out great but there are lots of horror stories. If the buyer doesn't have a large down payment available then move on. If they can't pay off the horse in 3 months or less - move on. The longer the payment schedule goes on the more likely they are to default on the payments. If the horse is not paid off in three months you haven't lost a lot of the training you've put on (if applicable) and the horse is still marketable. If someone needs 6 months to a year to buy a horse then IMO they shouldn't buy it. If they have to make small payments over long periods of time what are they going to do if the horse gets sick, or injured?
Short concise contracts typically work out the best.
Contract for making payments
