Monday, December 14, 2015

The Significance Of A Horse Purchase Agreement

By Evelyn Walls


Whether as a profession or a hobby, buying a horse is certainly a remarkable investment which involves money and emotions. Once you are happy that the animal is what you truly want, be sure to keep a record of all the terms in a form of a written contract. When the discussion is done through verbal agreements, it would be hard for you to prove the agreements if conflicts occur later on.

This serves as a form of protection of both the buyers and the traders. Typically, a horse purchase agreement states all the things upon the transaction. If the horse is of high quality but does not fit your needs and wants, then you will be entitled to return back the animal and get the reimbursement payment. If buyers are not happy with the quality, it is the obligation of your seller to get the animal back from the place of each buyer.

It would be the responsibility of a seller to arrange their schedules to collect the horse back at his or her expense. If you are not planning to consult an attorney upon the transaction, be sure to protect yourself by putting everything in the contract. This is crucial, particularly for the purchasers and traders to understand what is included in the agreement and when is the time to engage with an expert for help.

It is also necessary for you to learn and understand everything which include the purchase and sale so you will know why it is important to deal with an expert, of your accountant or lawyer in Dedham, MA. Aside from that, you will also know what to expect and where to negotiate.

Also, try to identify the horse including the age, name, markings, color, registration number if any, breed, and other identifying marks. You also have to include special nominations. On the contrary, stating the sale is critical to an agreement. This becomes a vital part of the contract if there is a later conflict of dispute about the sale.

In most cases, the date will determine the statute of limitations of time that a warranty begins to run. It may also have some tax deductions for computing depreciation and capital gains. Then state the sale cost. If both the sellers and buyers agree on a trade of exchange of money, then state it clearly. If the cost is paid in full at the time the contract is signed, the contract should also say so.

Also, if the buyer pays in installment, then be sure to indicate the schedule of payments, where it should be done, and the interest rates. You also need to discuss who will retain the possession. If the purchase fails to pay his or her obligations, then mention also the implications.

Another inclusion of an agreement is the risk of loss. Spell out when the buyer takes a full liability for death or injury of your equine. Basically, a risk of loss could pass either when the buyer takes the possession or at the signing of your contract. But, make sure to agree on the specifications. In most cases, horses are sold without promises by the seller when it comes to fitness and ability.

Finally, both parties need to sign the documents to make it legal. Through thus, there will be no issues and conflicts after the sale. It is also fair enough if both of you get a copy of the document to avoid problems. Try to avoid verbal agreements to avoid disputes. This is because, there are times that because you know the seller, you will just ignore the importance of an agreement. But, time will come that when problems arise, you cannot show any evidence of the discussion or transaction.




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