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  Discussion on Lease to own option
Author Message
Member:
scrupi1

Posted on Monday, May 17, 2010 - 7:14 pm:

Hello,
I have a nice but sensitive mare for sale that I am thinking about selling with a lease to buy option. She is a very talented mare but has a few vices that I am always up front about but still fear that she will end up with someone who sees her talent, thinks they can handle the vices, than can't and she loses. So, my thought was to do a lease to own situation, the problem is, I have never done this before and don't quite know how to go about it. I guess I was thinking that there would be a non-refundable deposit down that would go toward the purchase price of the mare and than they would be responsible for making monthly payments. At any point, the leasee could bring her back but would not be refunded the money already spent. So, obviously they would want to have her vetted and be quite sure that she is the one before agreeing to a contract. Does this sound acceptable? Has anyone else done this in the past? Thanks!
Member:
mrose

Posted on Tuesday, May 18, 2010 - 12:12 am:

The only time I've done this was when I had riding students and horses I wanted to sell. I matched the horse and rider I thought would go together, then let the student lease the horse, making monthly payments, and paying the horses vet and farrier bills. Then if they bought the horse the monthly payments were put towards the cost of the horse, less the vet and farrier bills of course. I didn't ask for money down in this situation. I liked this way of doing it because I had control of the horse until I could tell if the rider was going to care for it properly etc. Any other way and I'd get a percentage of the money down and I'd demand that the prospective buyer carry life insurance on the horse as well. I'd also reserve the right to visit the horse, unannounced, at any time; and, the right to bring the horse home if I didn't like the way it was being treated. If I did this, I'd have to agree to return the downpayment, but not the monthly money as that would be paying for the use of the horse during that time. I'd also do as you suggest about them bringing the horse back.

Maybe someone else has had other experiences and more input.
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