Buying/Selling/Trial Query

[trottingon]

Hiya,
Having not bought or sold to a "stranger" since I was a kid and not involved in any of the financial part, I just wondered what people tended to do with regards to money exchanging hands when buying and selling horses? How is payment normally made for a horse? Given that we are usually talking in thousands of pounds, do you wait for the cheque to clear before parting with your animal, or is payment normally in cash - in which case that could be an awful lot of cash to have on you the day that you pay, and also your bank might query you depositing a large amount of cash mightn't they - I know companies cannot accept more than a couple of thousand pounds in cash for each sale transaction?? Is a written receipt between buyer and seller acceptable if any aspect of the sale is ever disputed or goes to court?
What about if the horse goes on trial for a couple of weeks before the sale is agreed, what happens over the timing of money exchanging hands then? (before the trial starts, or as the trial ends etc)?
Sorry, that's a lot of questions for one post!

 

[poorchickens]

I paid in cash. The bank gave me a signed packet with the money in that I didn't open and the seller then didn't have to stand and count out, which could have taken a while!

I printed off a horse sale receipt that I found online and filled it in for us both to sign and we both kept a copy. Not sure how well that would stand up in court though!

 

[missparis]

I cant give any advice over trials (I have never taken one) but the past couple of horse purchases, I have paid via Bank Transfer (generally would leave a cash deposit) once horse has passed the vet check, then the seller would write an official receipt. Safe guard to show that the monies have been paid etc.

 

[Ella19]

Not sure about trial periods but I have always delt in cash. Prewarn your bank you are selling or buying a horse. Yes it is awful carrying that much cash around with you, I had to walk it up the highstreet and was paranoid!

 

[depurple1]

I would use cash or banker's draft. I would be reluctant do do a bank transfer or cheque to a private seller or a dealer with a less than excellent reputation.

When I went to the bank to get the money to buy my horse I took 3 blokes with me as it was quite a large amount and I was nervous - they all thought it was hilarious!

 

[trottingon]

So what happens when someone takes a pony on a week's trial etc, when does money exchange hands and what paperwork does everyone use to cover themselves during the trial period - both buyers and sellers.

 

[Dancing Queen]

cash only.

 

[Samantha008]

Sign a contract for the week, saying that the trial period is to run for 7 days and then state that the horse may be returned to you at the end, and at all times will remain owned by you ...and the buyer will want to make sure that it says that they can return the horse for any of your agreed terms...and then at the end of the week, you go to the yard where the horse i, then either get the cash or take your horse home!!!!

 

[Honey08]

I've always paid in cash.

We had our pony on two weeks trial. The owner prepared a document for us to sign saying that we were taking the horse on trial with x rugs and tack, and that we signed to agree that the horse was in good, healthy condition. It stated that we agreed to pay the balance on x date or return the horse. We then paid cash. We did know the owner slightly anyway. If I was having the horse vetted I would obviously do this before signing to say the animal was in good heath. In my case it was a cheap pony that we had known of for the previous two years, so we didn't vet.