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Complicated sales agreement questions....

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  • Complicated sales agreement questions....

    I could use some advice. I am currently trying to sell a bred broodmare and two of her offspring in order to take a break from breeding for personal reasons. The mare is our best mare and I am only letting her go because she is turning 18 and really should be bred for her remaining years since she is a rare pinto ELITE KWPN mare with great credentials and bloodlines. I was hoping to sell her before we get too close to foaling time so I don't have to deal with foaling out, rebreeding, handling the foal, taking foal to keuring, and weaning before the mare is able to leave the farm. She is due the beginning of June, so time is running out. I had been offering her and her pinto UB40 daughter and the Bretton Woods in-utero foal as a package deal to breeders just to get the herd numbers down quicker.

    I have had some interest, but my most serious buyer won't have the funds until June. She really wants the package and has shown interest in the filly since seeing her at last falls keuring. She now seems most interested in the in-utero foal but says she still wants the 3 in 1 package.

    I had been hoping to just sell without any complications, but as time gets shorter as far as transporting a pregnant mare, I find myself wondering if there is something I can do with this buyer who seems committed but just has to wait for the funds.

    As much as I want to get some horses gone soon, I cannot risk letting them leave the farm without a full payment, so that seems to lock me into foaling the mare out before the buyer has funds. Also once the foal is born, the package deal is too low in price. There is a big difference in an in-utero purchase vs. a live foal. She is located only 5 hours away so I think we could deliver the mare and foal 1-2 months later, so that is a plus. Also I told her I would take the mare back once she retired, which she liked.

    My thought would then be to sell the mare rebred and with her new BW foal for the package price and if she wants the UB40 filly it is a separate price now. If she decided she didn't want the BW foal, that would lock me into keeping the mare till late fall after weaning, and would be harder to get her sold going into winter and bred to a stallion that might not appeal to all buyers.

    Questions: if I decided to work something out with this buyer to keep the mare here and foal her out and then rebred and sell them as a package...what does that look like? I could ask for a 10% non refundable deposit and then have her make a few payments with a balloon payment in June when she gets her funds. BUT where it gets complicated...what if the mare, foal or mare and foal die? What if she aborts? What if I can't get her pregnant? What if the foal fails to be what she wanted/expected? What if foal gets seriously injured before its delivered? Etc.... I mean it's horses...things happen. AND buyers can change their minds easily or back out. I want to be fair but with the least amount of risk possible.

    Any advise or experiences would be greatly appreciated!

  • #2
    Get an insurance policy if possible to cover the value of the mare and foal. That's what I would do.

    Comment


    • #3
      Establish a non-refundable deposit amount that makes it worth the wait for the funds. Typically in this type of situation, once the contract is in place and some form of consideration is made (ie. down payment and note payable executed), risk passes to the buyer. I would specifically state that in the contract. I would add a contract provision that the buyer is to take out insurance on each horse involved and the in utero, and to provide you proof of the insurance with you listed as primary beneficiary and her as secondary beneficiary until such time as the note payable is fully paid. I think the buyer would also need to pay you board and foaling services as part of the contract to compensate you for the additional loss of feed, time, etc. If the buyer doesn't want to pay that and you are fine with that, then write it up with a reduced price plus an amount equal to fee for services that nets to the agreed-upon price. The key is to establish 1) consideration for contract to make it binding, and 2) establish passage of title/risk to the buyer to also make it binding. I would have a lawyer write this up for you, don't go to legalzoom and expect the contract to have you adequately covered.

      This is all standard stuff in car purchase agreements, home sales, etc. but often people neglect to cover their bases in horse sales. If you look at it that way, it isn't that unusual a contract and the buyer should be willing to meet those terms with no problem. If they aren't, I'd look elsewhere for a buyer. A truly committed buyer with a guaranteed source of funds should have no problem with those terms.

      If you get an adequate deposit and are paid for board and foaling services, then if buyer backs out on the deal you'll at least be compensated for the lost time.

      Comment


      • #4
        Tough one. I would be sure you can get insurance on an 18 y.o. mare; the last I looked, 16 was the last year, although I know things can change. Foals have to be on the ground, at least, for a month or more, so it is a distinct possibility that neither the mare nor her inutero are insurable, leaving just the foal at side to insure. You could try for at least a 10% deposit, non-refundable, payments, but as far as the foal not being what she expected, etc., I see that as a downside to selling any inutero. I think most inutero contracts specify that the deposit is refundable if something happens to the foal, etc., and once the mare has foaled, it is a different situation. What about selling on deposits/payments this trio, at your low price, which puts some risk on the buyer because she might not like the foal, or it is born with issues/mare died, but if all is good, she gets a great price? In other words, it is the same deal, no breed-back, risky, but if you can't insure, or sell to a different buyer, you are going to have to work with what you have, only you foal out and deliver when they can move, say a couple of weeks after birth, if all goes well. As the previous poster said, get a big enough deposit that it covers some compensation to you if he backs out.
        Mystic Owl Sporthorses
        www.mysticowlsporthorses.com

        Comment


        • #5
          Please read the recent article I wrote and make sure you protect yourself. www.equineappraisers.com/sellingonpayments.html
          www.DaventryEquestrian.com
          Home of Oldenburg, Westphalian & RPSI approved pony stallion Goldhills Brandysnap
          Also home to Daventry Equine Appraisals & Equine Expert Witness www.EquineAppraisers.com

          Comment

          • Original Poster

            #6
            Thanks everybody for the advise! Super helpful!

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