The Chronicle of the Horse
MagazineNewsHorse SportsHorse CareCOTH StoreVoicesThe Chronicle UntackedDirectoriesMarketplaceDates & Results
 
Results 1 to 7 of 7
  1. #1
    Join Date
    Oct. 2, 2001
    Location
    Greenville, SC
    Posts
    4,149

    Default Trial period deposit question

    I am sending my gelding out on trial this weekend. I'm trying to figure out what sort of deposit to require. Horse is priced in the mid 20's. I've never dealt with price tags in this range so I'm not sure what is standard. Do they provide a cashier's check? Guidance appreciated!


    (I very respectfully request that you don't try to talk me out of a trial- I understand that very bad horrible things can happen and am willing to accept that risk and am setting up insurance for the trial period. )



  2. #2
    Join Date
    May. 25, 2012
    Posts
    571

    Default

    I think a cashier's check is an excellent idea, as well as a detailed written agreement with the conditions of the trial, and if the deposit is to be refundable, precise details of exactly what's required before you refund the deposit.

    There's also something to be said for requiring a deposit with a certain portion refundable and a certain portion non. I would make 500 - 1000.00 non refundable to compensate you for time and trouble and time off the market.

    As a seller, I hated trials, but as a buyer or buyer's agent, I tried to negotiate them whenever I could because it's very hard to assess whether or not the horse and rider click without them.

    DO require that the trialee bind the horse over with a full mortality policy for the trial period, and given the sale price, perhaps loss of use as well.

    DO also get references for the people who will be keeping the horse while on trial.



  3. #3
    Join Date
    Nov. 6, 2009
    Posts
    2,125

    Default

    I hate doing trials, but on the rare occasions that I have, I have collected the full amount of the purchase price.

    IME, the worst case scenario is that the horse is badly injured while on trial and no longer has any value. The insurance might pay for medical care, or mortality if the animal has to be put down. But, if the animal is alive but ruined, chances are you will end up with ruined horse plus deposit money. Typically, trial contracts make the seller responsible for the full value of the animal, but practically speaking it could be very difficult to collect additional purchase money on a badly injured/ruined horse, no matter what the sales contract stated.

    So, with this in mind, I would accept as a bare minimum the amount that you would settle for if the horse were ruined while on trial.

    ETA, I agree with checking out the loss of use policies, though I believe they are getting more and more expensive and harder to get.


    2 members found this post helpful.

  4. #4
    Join Date
    Jan. 24, 2000
    Location
    Somewhere in the Midwest
    Posts
    2,116

    Default

    Yes, I prefer the route of they can purchase the horse with a certain period of time to return said horse at their expense, and purchase price is refunded after horse is returned in same condition. So the burden is really on them to cover themselves and follow instructions so they CAN get the money back if it is not a good fit. They can do the vet check and make a final decision within a short period, like a week.


    3 members found this post helpful.

  5. #5
    Join Date
    Jun. 20, 2008
    Posts
    4,470

    Default

    when a friend of mine sent her horse several states away for a trial she got the full purchase price with the caveat that if it didn't work out the majority would be refunded - I believe she had them take out an insurance policy as well. buyers seem to be much more motivated to purchase knowing they've already bought the horse...


    3 members found this post helpful.

  6. #6
    Join Date
    Nov. 1, 1999
    Location
    Shangri-LA
    Posts
    1,849

    Default

    Be sure to have everything in writing, signed by both parties!!!!!! Agree with what the 2 posters above suggested.
    "My treasures do not chink or gleam, they glitter in the sun and neigh at night."
    ~Gypsy saying



  7. #7
    Join Date
    Feb. 14, 2010
    Posts
    2,996

    Default

    I agree, get the full purchase price up front.


    1 members found this post helpful.

Similar Threads

  1. Replies: 7
    Last Post: Sep. 13, 2012, 01:42 PM
  2. Trial period when selling
    By dangerbunny in forum Off Course
    Replies: 13
    Last Post: Aug. 25, 2012, 05:55 PM
  3. Trial period contract template?
    By ctab in forum Dressage
    Replies: 7
    Last Post: Feb. 22, 2011, 04:52 PM
  4. Equine Insurance for a trial period
    By Amwrider in forum Off Course
    Replies: 3
    Last Post: Mar. 3, 2010, 12:06 PM
  5. Do I take a horse on trial with a non-refundable deposit???
    By Watermark Farm in forum Off Course
    Replies: 28
    Last Post: Jan. 12, 2010, 05:30 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
randomness