Oregon Installment Purchase and Security Agreement With Limited Warranties - Horse Equine Forms
Overview of this form
The Installment Purchase and Security Agreement With Limited Warranties for horses is a legal document that outlines the purchase agreement between a buyer and a seller regarding the sale of a horse. This form helps establish a security interest in the horse until the buyer has fully paid the purchase price. It is important for individuals looking to buy a horse through installment payments, as it specifies warranties and responsibilities of both parties involved in the transaction.
What’s included in this form
- Identification of parties: Includes the names and contact information of the buyer and seller.
- Description of the horse: Details such as name, breeding details, and registration status.
- Purchase price: Specifies the total amount and payment terms.
- Warranties: Includes a warranty of pedigree and limited warranties regarding the horse's condition.
- Security interest: Establishes seller's security interest in the horse until payment is complete.
- Default and remedies: Outlines potential consequences if the buyer defaults on the agreement.
Situations where this form applies
This Installment Purchase and Security Agreement should be used when purchasing a horse on an installment basis. It is particularly useful in situations where the buyer may not be able to afford the full purchase price upfront but wishes to secure ownership immediately while making ongoing payments. This agreement protects both the buyer's and seller's rights throughout the purchase process.
Who this form is for
- Individuals looking to purchase a horse on an installment basis.
- Sellers who want to ensure their rights are protected until full payment is received.
- Buyers seeking clarity on warranties and obligations related to the horse purchase.
Instructions for completing this form
- Identify the parties: Enter the names, addresses, and contact details of both the buyer and seller.
- Specify the horse: Provide a detailed description of the horse including name, breeding information, and registration status.
- Enter the purchase price: Fill in the total amount and the specific terms of payment.
- Complete warranties section: Review and include any warranties that apply to the horse's condition and pedigree.
- Review and sign the agreement: Ensure all parties read the contract thoroughly before signing with dates.
Notarization requirements for this form
This form does not typically require notarization to be legally valid. However, some jurisdictions or document types may still require it. US Legal Forms provides secure online notarization powered by Notarize, available 24/7 for added convenience.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to accurately describe the horse which may lead to disputes later.
- Not specifying payment terms clearly can result in misunderstandings.
- Signing the form without reviewing all clauses, particularly those about default and remedies.
- Overlooking the inclusion of necessary warranties or failing to comprehend their implications.
Why use this form online
- Convenience: Access and complete the form from anywhere at any time.
- Editability: Easily make changes to tailor the agreement to specific needs.
- Reliability: Drafted by licensed attorneys to ensure legal validity and compliance.
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FAQ
What is an instalment agreement? If you buy goods under an instalment agreement, the seller will give you the goods immediately and you will have to pay the price in instal- ments (smaller amounts of the full price) over a period of time.
When the sale of a horse is made, the buyer can withdraw from or rescind the contract if the contract is made subject to a condition; for example, a veterinarian report. Especially if fulfilment of the condition does not occur. This will entitle the buyer to seek a refund of any payment or deposit.
An Installment Payment Agreement permits payment over time. Interest and penalties continue to accrue and it is often in the best interest of the taxpayer to consider loans from other sources before pursuing an Installment Payment Agreement.
Date of the Sale. Seller's Name & Address. Buyer's Name & Address. Description of Livestock. Number. Color. Kind. Brand. Weight. Health. Vaccinations. Condition. Any other relevant information.
When a hirer defaults in the payment of hire charges, the financier has the right to forfeit the money paid till that date and take back the possession of the goods. Whereas in installment purchase, the installment paid are not forfeited and the financier is liable to receive the remaining dues.
An installment purchase agreement is a contract used to finance the acquisition of assets. Under the terms of such an agreement, the buyer pays the seller the full purchase price by making a series of partial payments over time. The payments include stated or imputed interest.
Step 1 Date and Parties. Enter the date in which the document is being created. Step 2 Horse Description. Horse's Name (if named) Step 3 Purchase Price Information. Step 4 Security Deposit. Step 5 Signatures. Step 6 Acknowledgement of Notary Public.
Transfer of ownership of the goods to the Customer only upon fulfilment of the Agreement; Typical Instalment Sale Agreements will contain a clause reserving ownership until the final instalment is paid. This serves as security for payment of the purchase price.
Deposit is indication of serious intention to buy and holds the horse (you might have turned away other buyers!) and is only to be refunded if it was subject to vetting and horse failed the vetting.
