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Discussion on Accepting payments
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Posted on Sunday, Jul 21, 2002 - 12:22 am:
I need advice on writing a sale contract that includes taking payments. I have not done this before and need input on how to protect myself from the pit-falls involved. The sample sale contract did not include payments, insurance etc. Any thoughts???
Paula
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Posted on Sunday, Jul 21, 2002 - 2:07 pm:
Hello Paula,
These issues are covered in the Lease Agreement by Gerald Goulder. You may be able to use some of the text but we warned laws vary so when you get done it should all be reviewed by someone familiar with your local laws.
DrO
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Posted on Monday, Jul 22, 2002 - 12:50 am:
Thank you DrO
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Posted on Monday, Jul 22, 2002 - 10:45 am:
Paula -- A couple of things to think about -- having an installment note in addition to a standard purchase or sale contract and ensuring you do (or have done) the paperwork to have a security interest in the horse. You're definitely along right line of thought to mention insurance, the other things to think about putting in your contract are who hears the risk of loss and indemnification.
Dr O is right about someone familiar with local laws, even better is to find someone local who is familiar with equine legal matters. Otherwise you can have an equine lawyer do it up for you and have it reviewed for compliance with local laws by your local attorney. And by now you're probably saying "and what world does this person live in, where am I going to afford all that and I want to get this done yesterday won't that take way too much time." so consider what I say along with a dose of reality.
Good luck with the transaction, may you get all your money on time and may the buyer be very happy with the horse! Fiona
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