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Re: [RC] Buying A Horse - Chris PausAs a seller, I really like 20 percent down. I'll go lower if I really know the person. When a seller accepts payments, the person is taking that horse off the market. If the buyer gives them $50 or $100 and then decides to back out, the buyer is out that downpayment, but the seller has lost valuable time trying to market the horse and maybe has turned down other potential buyers. I accept payments with contract and the horse stays with me until it's paid for. The contract will specify what we've agreed to in the amount of downpayment and amount of regular payments and the timing of them. I use contracts even when selling horses to good friends. It keeps us good friends because it eliminates the potential for misunderstandings. Also, when I accept payments, the contract tells the buyer that he or she is responsible for vet care, board and other care until the horse is paid
for and picked up. Why is the seller responsible for vet care, you might ask. Because, when I've accepted your downpayment, I've taken that horse off the market and you have in effect signed a promissory note that the animal is yours and you will make the payments. You take physical possession of the animal when the payments are completed. I do urge buyers to get insurance on the animals they buy. We've had only one really bad thing happen to a horse before the buyer picked it up, and thank goodness she had insurance on him, so neither of us lost any money. I've bought a couple of horses on payments myself. both sellers wanted at least a third of the horse's price as a downpayment. I hope this helps. It's up to you and the seller to negotiate the downpayment and payoff schedule. It would protect you also to get it in writing so the seller can't back out. chris chris lauretta buse <tikitiki69@xxxxxxxxxxx> wrote: If you are going to make payments when buying a horse, what is the average
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