Receipt for sale of horse

[Archina]

I just sold my 3yr old mare and have to write a receipt up for her. I need to include that 2k is getting paid on delivery and the other 1k a couple weeks later when she gets it through from her work. I would normally not let a horse go without the full price paid upfront but since she is a friend ive decided to take the risk and trust her. I know all her details so iam not to worried but not sure what to put in the receipt. Anyone have any ideas or previous experience? Thanks in advance.

 

[joeanne]

Reciept should read along the lines of:

Mare sold for XXX amount. XXX paid upon delivery with xxx to be paid on XXX date.
Full reciept to be given upon completion of payment.

 

[Archina]

Cheers! Was kinda thinking the same, just thought i would ask in case i overlooked something. I have a memory like a sieve!

 

[ofcourseyoucan]

i would take some legal advise, and stipulate the balance of £1000 to be paid by date, and a clause about late payment accruing interest/or return of horse forfeiting the £2k already paid. i would also not give over passport until fully paid for. and insist that the horse is fully insured by new purchaser. Good luck i hope she is a friend and you dont need the extra clauses.

 

[jeeve]

I agree with of course you can...ownership does not pass until payment made in full clause required, reserve the right to collect horse, and deduct any costs.

You could include insurance is responsibility of purchase from date she takes the horse (while she holds/has possession of horse),

But to be prudent I would keep your insurance going until she has paid in full, you still have an insurable interest.

 

[Tnavas]

To be honest if she is going to pay the balance in a couple of weeks I would hold the horse till then. One thing I have learned is that friends are often the worst people to get money from.

Write a receipt for the part payment ensuring that that it includes to true total, less the first payment and second payment due on... date.

Full receipt on final payment, passport etc when final payment received, only when final payment received does she take possession of the horse.

It is illegal to double insure any property so it is best to amend current insurance to include new rider/owner. Then cancel insurance once horse is no longer your true property.

 

[soltydog]

I would put on the bottom, the horse remains the property of the seller until payment is received in full.

 

[thatsmygirl]

I just wouldn't do it, once bitten twice shy, agree friends are the worst and I would never do it again

 

[Boxers]

If it's only going to be a couple of weeks til she can get the full amount, then I would take a 10% deposit now and hang onto the horse until she can pay in full. You can of course make some arrangement with her about coming to see the horse during that time etc.

 

[Luci07]

If it's only going to be a couple of weeks til she can get the full amount, then I would take a 10% deposit now and hang onto the horse until she can pay in full. You can of course make some arrangement with her about coming to see the horse during that time etc.

I agree. That sounds the best option and means no uncertainty!

 

[jeeve]

If you sell a horse and you advise that ownership does not pass until payment is made in full, then you still have an insurable interest in the horse and you would be well advised to coninue your policy until ownership passes.

I would suggest that you contact your insurance agent to discuss this.

 

[Archina]

Thanks for the advice guys! Pretty much done what you all said. Wrote into the contract that untill the full amount is paid by a certain date then she still belongs to me. Also still got her passport. Cheers!