Buying a horse in installments/contract

[jb1976]

I have a horse on loan with view to buy and the seller agreed 6 month loan with view to buy, I have decided that I will have the horse and she has said she would be happy to pay by installments. So has an yone got a sample contract? I dont want to start paying and then owner changes mind etc, I want to know that once i start paying, he is mine (if you see what I mean) Obviously if he goes lame whilst im paying then I accept that I will have to buy him anyway, I just want to safeguard against loosing my installments and the horse. Doubt owner would do that but I want to make sure its done right!

 

[Miss L Toe]

I am no legal eagle, but if you agree to buy a horse, then that is a contract, if you fail to complete the agreed contract, then you are in default and are not longer the owner of the horse, you will lose any money paid, and the owner will want him back.
I sold a horse and a foal, they paid for the mare and took the foal, then told me they did not want it, but would I accept less money for it [I had given them a discount for buying both btw], needless to say they kept the discount which was rugs and saddle etc.
I told them I would not, impass for a while, then a complaint that I had sent someone out to buy the yearling!
I had to bring it home [ £120 at my expense] and have heard nothing since, all in all a nasty experience. Haulier complained that they were difficult [ I had to plead with him to go back to the yard as it was "out in a field", and they handed the yearling over with a headcollar and no lead rein, talk about showing how people change when you when you are not dancing to their tune.
Any contract can be enforced [in theory], just keep it simple and get both parties to agree to it and sign it before the horse leaves the owners yard. You are not buying on Hire Purchase, and in my view, you are not the owner untill all payments have been made.

 

[meesha]

could you keep it simple and get a document of sale from her stating she is selling the horse and how much for - the document could also state how many payments and when they will be made.

I would get this witnessed by an independant person (get it signed) also may be a good idea to pay by cheque - def dont do cash..

Congrats on new horse x

 

[mystiandsunny]

For either party, wouldn't it be easier to extend the loan contract with a decent deposit, save up and pay the rest in one lump sum?

 

[Stacey6897]

Sounds like what you have is an agreement of sale and an agreement of credit, the horse is no longer on loan, you own it, but she's given you an interest free loan. If you default on payments then the previous owner might try and recover the horse.