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 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.
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.
If for some reason, the buyer is dissatisfied with the quality or performance of an equine, it is customary that it is the responsibility of a seller to collect the equine and to do so at his or her own expense. Another important contract element is to clearly state when the risk of loss is transferred. In other words, at what time does the buyer take responsibility for the death or other loss of an equine.
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.
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.
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.
If for some reason, the buyer is dissatisfied with the quality or performance of an equine, it is customary that it is the responsibility of a seller to collect the equine and to do so at his or her own expense. Another important contract element is to clearly state when the risk of loss is transferred. In other words, at what time does the buyer take responsibility for the death or other loss of an equine.
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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