Safeguard Your Interests with a Horse Purchase and Sale Agreement
Randy Hey and Polly Hey Panos can help you avoid legal hassles in the future and protect your interests by creating and reviewing a horse purchase and sale agreement at their Portola Valley, California, firm. We regularly handle agreements for the purchase and sale of race horses, show horses, and other types of horses. With a special dedication to this area of law, Hey & Hey Attorneys at Law has the experience you require to meet a range of legal needs.
Before new legislation was passed, equine buying and selling transactions were often completed with no written documentation, or with a simple bill of sale that did not specify the commissions paid to agents. Californian Jess Jackson, the owner of Kendall Jackson winery, took action in 2006 against the practice of agents in the racing industry receiving undisclosed commissions from both buyers and sellers. Later that year, Kentucky passed a law making the failure to disclose dual agency unlawful. Hey & Hey Attorneys at Law played a role in getting similar legislation passed in California in 2010.
Contracts are a cost-effective solution for avoiding litigation.
In 2010 California added Section 19525 to the California Business and Professions Code, which affected everyone buying or selling a horse or horses, whether as a private individual or as a business. The amended statute requires the following:
• Both the buyer and the seller (or their agents) involved in a horse sale transaction must sign a written bill of sale.
• In the event that a single agent is acting on behalf of the buyer and the seller, this information must be disclosed in writing.
• A written bill of sale must be created in cases where an agent receives over $500.
How an Equine Attorney Can Help
Transaction-specific contracts are a cost-effective solution for avoiding litigation. Whether you are the buyer, seller, or the agent, it is critical to ensure a correctly written bill of sale for all transactions and to specify parties receiving commissions. We offer contract drafting and review for all types of transactions, including:
Equine Sale and Purchase
We can prepare a comprehensive sales contract that facilitates the purchase or sale of a horse and avoids costly problems for both parties. You can negotiate the agreement with or without the help of our lawyers, and we can then prepare a sales contract which will be signed by both parties.
If needed, we can then assist in ensuring the successful transfer of funds and fulfillment of other elements of the contract. This can be achieved by the buyer paying the funds into an escrow account set up by our firm, which holds sales proceeds and commissions until the terms of the contract have been carried out. We will verify that the funds are in the escrow account before the seller ships the horse to the buyer. The buyer then evaluates the horse to ensure it is in satisfactory condition, at which time Hey & Hey then releases the funds from the escrow account to the seller.
Horse Lease and Rental
Some clients prefer to lease a horse since the process allows them to experience the responsibilities of ownership for a short time with no permanent commitment. Whether you are the owner or the lessee, or want to take a full lease or a share lease, it is important to have your equine attorney review your horse lease in order to limit your liability during this period.
Horse Trainer Liability
If you do not provide adequate safety gear or you fail to obtain a signed emergency treatment consent form and your student is injured during a riding lesson or ride, you may be held liable for negligence and have to pay hefty damages.
We prepare and review boarding contracts, safeguarding your horse's care and protection.
Horse Trial Sale Period
Both potential buyers and sellers of a horse can avoid pitfalls of a trial period by drafting a contract that spells out the terms of liability and responsibility of each party during this period. For example, this contract can include terms such as what activities are allowed to avoid injury of the horse during the trial period and who is responsible if the horse is injured during the trial period.
Secure Your Interests
With in-depth knowledge of equine law and nearly 30 years of experience in the horse industry, Randy Hey and Polly Hey Panos can secure your interests and limit your liability by creating and reviewing robust contracts and agreements. If you are in the process of buying or selling, or any other horse transaction, contact us to learn how you can benefit from our services.
“Many attorneys include equine law as a sidenote to their practice, but Hey & Hey Attorneys at Law specializes in the full range of equine law services. We also have nearly 30 years of experience in the horse industry.”