Bill of Sale - Purchase Agreement

1.This agreement is made between __________________herein referred to as the buyer and _______________________ herein referred to as the Seller.

 

2. Horse to be purchased:

Name: ____________________________  DOB:___________ Sex:________ Color: __________________ Breed: _______________ Reg No#:_________ (detailed description if required to be attached to this agreement. Copies of  registration papers to be attached to this agreement).

Brands:_____________________________ Locations:_______________

 

3. Consideration

In consideration of the total sum of $____________________,  (_________________________), SELLER agrees to sell and BUYER agrees to buy the said horse described above on the terms and conditions

further set forth herein.

 

4. Payment Terms

The purchase is for cash and BUYER agrees to pay $_____________ as deposit on the ______ day of _________, 20__ ; and, BUYER further agrees to pay the balance due of $_________on or before the _______day of _________, _______.

 

If purchase price is to be paid in installments the terms shall be: A down payment in the sum of $_________ is due on the  _________________.  The monthly payments shall be in the amount of  _____________ and will be due and payable on the ______day of each month for ______months.  The registration papers will be surrendered to the buyer at the time the last payment is made. If horse is being purchased on a contract sale, the seller (______________________)  does require/does not require an insurance policy showing seller as loss payee.

 

Name of Insurance Company _________________Policy # ______________.

 

If the said horse dies or becomes permanently disabled without insurance coverage, the buyer agrees to complete contract in full.

 

The horse in a contract sale will be kept at this address  _________________

until paid for in full. The buyer is responsible for all stabling, grazing, farrier and

veterinary costs and any other incidental bills pertaining to said horse. The buyer agrees to give seller thirty (30) days notice in writing if the said horse is to be moved.

 

5. Registration and Ownership Transfers

Upon confirmation of payment in full as set forth above, SELLER agrees to promptly execute all necessary papers and to take all necessary steps to transfer ownership and registration of the animal to BUYER at no cost to the BUYER.

 

 6. Warranties

 

(1) The SELLER warrants s/he has clear title to said horse;

 

(2) The SELLER makes no other warranties, express or implied, including

the warranties of fitness for a particular purpose except as may be otherwise

provided for in this Agreement as in (3) below;

 

(3) The SELLER warrants the following:

________________________________________________________

________________________________________________________

________________________________________________________

________________________________________________________

(4) BUYER warrants that BUYER has had the option to review the condition and health of the horse, including any veterinarian examinations, at BUYER’s expense.  In the event BUYER has the horse examined by a licensed veterinarian as indicated in this paragraph, then that veterinarian examination shall be attached to this agreement.

 

 (5) In the event said horse shall not meet any of the above warranties at the time of delivery, provided same is discovered within _____________ days

from the date of delivery to BUYER, SELLER agrees to do the following:

_________________________________________________________________________________________

_________________________________________________________________________________________ 

7. Risk of Loss

 

(1) Pending delivery to Buyer, which delivery shall be memorialized by BUYER’s signature on a receipt for delivery, SELLER shall assume the risk of loss of said horse, and upon receipted delivery to BUYER, BUYER shall assume the risk of loss.

 

(2) In the event of the loss of the horse prior to receipted delivery to BUYER, SELLER shall return to BUYER any deposit paid by BUYER.

 

8. Buy back option

The seller (_______________) does wish/does not wish to retain the right to buy the above horse back if the new owner(s) decide to sell. This first right of refusal is valid until ____/_____/_____, for a price not to exceed $__________________.

 

8. Default

If the buyer is unable to fulfill the contract, the horse will be returned to the seller in satisfactory condition. The sale will be nullified and all previous payments made will be forfeited.

Upon material breach of this Agreement by one party the other party shall have the option to terminate same.

On any breach, the other party shall have the right to recover expenses and costs within the parameters of paragraph 9, below.

9. Law

This Agreement shall be governed by the laws of ____________________

Any legal action must be brought in the county of _____________________, provided however, the parties agree to required Mediation and Arbitration of any disputes relating to this transaction.

10. Captions and Headings

Any captions or headings used in this Agreement are for descriptive purposes only and are not to be considered terms of this Agreement.

Executed this _____________ day of __________, 20___.