Payment Plan Contract For Horse In Hennepin
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What is included in a bill of sale? Buyer and seller details. You should include their full names, addresses, and contact information. Description of the item being sold. The sale agreement. Location and date of sale. Terms and conditions of the transaction. Buyer's signature and seller's signature.
A horse bill of sale may detail the horse's name, the size of the horse, its gender, its lineage, markings, colors, and other physical features. This type of bill of sale may also include information about breeding the horse or any warranties if the horse is expected to produce young.
The bill of sale should be signed by both the buyer and the seller, who should also both date a copy for their records. Take into account including a notary statement: Including a notary statement can help ensure the document's legitimacy and offer further legal protection.
Equine-related contracts sometimes include a “right of first refusal” clause that restricts how a horse can be re-sold. Through these clauses, a horse buyer agrees to give the seller an opportunity to buy back the horse later under certain specified conditions.
Discuss terms of the agreement with your agent and get them on paper before you begin looking at horses. Standard commissions range between 10 percent and 15 percent and may apply to both the buyer's and seller's agents. Agree ahead of time what your budget will be and if the commission must be included in your budget.
Equine-related contracts sometimes include a “right of first refusal” clause that restricts how a horse can be re-sold. Through these clauses, a horse buyer agrees to give the seller an opportunity to buy back the horse later under certain specified conditions.
Get it in writing. When you buy or sell a horse, get written confirmation that the horse has been sold and that the title has transferred. Insist on a Bill of Sale and keep a copy of the document. Transfer the registration papers, or specify in the sale agreement if the horse is not being sold with papers.