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Four
Key Steps to Reduce Your Risk
  Get
a Deposit
If you have an interested buyer but the sale is not
complete, get a deposit from the buyer before you
agree to take your horse off of the market. The
deposit should be in the form of cash or a cashier’s
check, as personal checks may bounce. The deposit
amount should be enough to show the buyer’s serious
intentions. If the buyer changes his mind and
doesn’t complete the sale, whether you get to keep
any part of the deposit is a matter of agreement
between you and the buyer. For this type of sale, you
will need an agreement that clearly defines
the conditions of sale and the deposit terms.
 Put
the Sale Contract in Writing
Unless you put the entire
sale agreement in writing and have the buyer(s) sign
it, it will be very difficult to prove what your
agreement was if you have a dispute. For example, if
you accept a deposit from a potential buyer and the
buyer ultimately decides not to keep the horse, will
you get to keep the deposit? Your sale contract should
cover this term as well as all other elements of your
understanding with the buyer. ELS offers four
different downloadable Sale
Contracts.
 Get
Paid
Many trusting sellers accept personal checks and
partial payments, only to find out later that the
buyer’s bank account isn’t as good as his word.
When making appointments to show your horse to
prospective buyers, make sure you tell them you will
require cash, a cashier’s check or money order. If
you must accept a personal check, wait for the check
to clear your bank account before the horse leaves
your property.
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