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.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
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 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.
It makes good business sense to have the contract of sale written by an attorney familiar with equine law in Dedham. Years ago, certainly before automobiles became the preferred method of transportation, the job of being a horse trader was not well respected. They gained a reputation for being something less than honest by selling horses without full disclosure. In society today, a used car salesman may be looked upon with the same disdain.
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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