Florida Horse Agreement With Deposit
Description
How to fill out Florida Performance Horse Lease Agreement?
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FAQ
Until you are certain you wish to proceed, do not pay for the horse or put down a deposit. Any deposit, no matter how small, can be legally binding.
If the parties agreed that the buyer would buy the horse only if it passed a vetting, this is what is known as a 'condition precedent' - a condition which has to be fulfilled before the contract becomes binding. If the horse fails the vetting, the contract falls away and the seller should return the deposit.
If you have an interested buyer but the sale is not complete, get a deposit from the buyer before you agree to take your horse off of the market. The deposit should be in the form of cash or a cashier's check, as personal checks may bounce. The deposit amount should be enough to show the buyer's serious intentions.
In summary, a deposit is security for the buyer's performance of the contract. It is generally not refundable unless the contract expressly states otherwise. In contrast, a part-payment is refundable, subject to any losses that the innocent party may have as a result of the breach.
How to Write a Horse Sale ContractIdentify the parties. That's the buyer(s) and seller(s), including addresses, phone numbers, and Social Security or Federal tax-identification numbers.Identify the horse.Date of sale.Price and terms of sale.Risk of loss.Warranties.Prepurchase exam.Insurance.More items...?
