Horse co-ownership contract

victoriaocarroll

victoriaocarroll

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Hi Guys

I had to put my boy up for sale due to responsibility / financial issues and my sharer asked me if she could pay me half of what I'm asking for him and we co-own.

I've been reading up a lot about it and understand all the risks involved but what I'm looking for is a co-ownership contract. There is an equine legal company that will do it up for us, at a cost, so just wanted to see if anyone had one that I could look at and draft up our own agreement.

It will need to have every eventuality in there, re: sale of horse / livery / costs / what happens if one of us needs to terminate the contract / responsitilities / issues surrounding the termination of the horse (hopefully we'll never have to discuss that one but it needs to be in there).

Anyway, any help at all would be great. And if I don't get something that's watertight I'll pay the legal company to draft an agreement for us.

Thanks all!!
xxx
 
Yep, so before she was riding him 2 days a week and I was riding 4 days with him having one day off. But now she'll have 3 days, I'll have 3 days and he'll have one day off. All costs will be split down the middle.
 
victoriaocarroll said:
Hi Guys

I had to put my boy up for sale due to responsibility / financial issues and my sharer asked me if she could pay me half of what I'm asking for him and we co-own.

I've been reading up a lot about it and understand all the risks involved but what I'm looking for is a co-ownership contract. There is an equine legal company that will do it up for us, at a cost, so just wanted to see if anyone had one that I could look at and draft up our own agreement.

It will need to have every eventuality in there, re: sale of horse / livery / costs / what happens if one of us needs to terminate the contract / responsitilities / issues surrounding the termination of the horse (hopefully we'll never have to discuss that one but it needs to be in there).

Anyway, any help at all would be great. And if I don't get something that's watertight I'll pay the legal company to draft an agreement for us.

Thanks all!!
xxx
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Don't know about the contract side. But if you do this, please get a will written up/changed! For sharer too.

You need to say what will happen to your half, whether to sharer or someone else.
 
It would be best for you to have a contract drawn up a solicitor, it will cost you some money but it will be done properly and should protect both your rights & also the other parties. Home done contracts are rarely done properly, have ambiguities in them & are of little legal value & should there be any problems you will end up needing a solicitor anyway so get it done right to start with & spare issues further down the line.
 
Yeah, like I said, if I don't find anything secure enough I will go down that route. But just wanted to see if anyone had a legal document that they had previously used that I could look at.

PandorasJar, any eventualities of death to either party, or horse, will be in the contract.
 
victoriaocarroll said:
Yeah, like I said, if I don't find anything secure enough I will go down that route. But just wanted to see if anyone had a legal document that they had previously used that I could look at.

PandorasJar, any eventualities of death to either party, or horse, will be in the contract.
Click to expand...

Will or next of kin would take priority.

I wouldn't be happy without it written into a will, had to do the same recently as recommended by solicitor.
 
Have you thought about adding a clause for a revisit of sale conditions? I put a 1yr clause on mine with the dogs so that if after a year I decide that the co-ownership isn't working out then one or the other party has the option to buy the other out. I always retain the lions share so 60% - 40% never 50/50. The buy out fee is usually the price original paid less if there has been an illness or loss.

The decision to PTS is mine alone. I sadly had one co-owner who decided to put a healthy dog to sleep without telling me of their decision purely because they wanted a change in breed :eek: and to pee off their husband who loved the dog.

Having it all in advance provides some clarity but it also allows for a dissolving of the partnership even if there are clashes of personality.
 
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