Sell on Time Contract

[blueprintminis]

Have a mare for sale. Someone on the West Coast contacted wanting to know if she could make a down payment, then make equal monthly payments for Feb, March,April, May with final payment and pick up/shipping in June. I've never done this before and can see potential problems if everything is not spelled out in a contract. Anyone done this before? Pros/cons? Potential problems? Recommendations? Do you have a good contract that you could/would email me? Thanks in advance for all responses.

 

[LC Farm]

I just sold a weanling colt on payments and it worked great. Have everything spelled out before with a non refundable deposit just in case they change their mind. I kept him until he was payed in full then she came and got him. I would do it again.

 

[Carolyn R]

You just need to spell out that the payment is due on a specific date each month, if the horse is not picked up by a certain date, X amount will be charged (per day is usually easier than a monthly rate, makes calculations easier, you may choose to wave this at your own discression if the shippers schedule is booked or for other reasons, but it is best to have it in the contract as a safety net) sometimes buyers will drag their feet when it comes to picking up a horse.

INSURANCE it is a great thing. It would be awful to have a horse almost paid off and have a slew of medical bill, or be a seller stuck with the bill. I understand in some instances it is not practical, like insurance on a low priced animal, I am guessing that is not the case if they are going to take 6 months to pay off the horse. If you are not going to require insurance, you need a DETAILED list of who is responable for what (Maybe you will cover feed, hay,wormer, and hoofcare, they would be responsable for anything that would require a vets service).

I have gotten horses on payment and greatly appreciate when sellers have worked with me. I have sold horses on payments too. It can be a good experience when all parties involved know what their responsabilities are and uphold there end of the deal.

Carolyn

 

[Genie]

I have done this three times without many problems.

There was one time that was a little bit goofy, the payment prior to the pickup did not happen and then the buyer was going to have to put off till the end of summer ,which would mean the mares would miss being bred, as they were sold in March, open, for a May/June pick up.

I offered to breed them both for an additional 300.00 each and keep them till the end oif September, which is how it all worked out.

The situation with a sale I have pending right now is that the down payment of 1000.00 will be forfeited if the final payment and the pick up does not happen by the end of May 2009.

I am accepting payments as they have the funds, however if for any reason they change their mind and want to back out, I will retain the 1000.00 and refund the rest of their money.

It will not bother me if they do change their mind as he was a horse I was hoping to keep, but our stock is all for sale if the buyer will pay the asking price.

I actually have what I consider the perfect "line of horses" for our business goal of small, colourful and the right number for our advancing ages and ability to take proper care.

We have 4 H kids and I need a show string of 4 or 5 for them to work with.

 

[Tatonkas Dream]

I have one I can share with you - PM me with an email addy please.

I've done it in the past with a full size horse and having that in writting saved things from going south... it had its moments but I would still do it again

I've also paid for one of my mini horses on a payment plan and took him with just the intial down payment - so I would in part say its a gut thing but at the same time the horse not leaving til paid in full - is so much easier but that was a very local (a town or 2 over local) I was touched she had no hesitations letting me take him before paid in full.

 

[Katiean]

I bought my last mare on time payments. The seller decided what she would sell her for unpapered and that was the amount she wanted paid off before We brought our girl home. We had arrainged a payment plan that was realistic and good for both parties. We wanted our little girl for a show horse so ofcourse we paid the full price. Besides, I would not want someone to badmouth me because I didn't pay for a horse. Though they would have the right to. I would personally NEVER not fulfill a contract. Oh, BTW, the contract for my Ellie was in my name but my brother was buying her. He backed out half way through. I finished the contract and she is my horse now.