Is there a contract involved when leasing or buying a horse?

Yes, a contract is typically involved when leasing or buying a horse in Michigan. This contract is also known as an equine sales contract or an equine lease contract. This contract functions as a legally binding agreement between the buyer or lessee and the seller or lessor, and must include information such as how the horse will be transferred, what liability is assumed by the buyer/lessee and how the purchase/lease money will be paid. The contract must also include safeguards for both the buyer/lessee and the seller/lessor as it relates to the ownership of the horse. For example, the seller/lessor must provide a bill of sale which states they are the true owner of the horse and have the legal right to sell or lease it. It must also include the horse’s registration number (if applicable) and a description of its markings. The buyer/lessee has the right to inspect the horse before purchase or lease and can include any defects or medical conditions disclosed by the seller in the contract. In addition, both parties must agree to the terms of the purchase/lease and sign the contract before it is legally binding. The contract should also include any details relating to payment and when it is due. It is important to remember that any amendments or additions to the original contract must be agreed upon by both parties and signed by all parties involved. It is always best to have an attorney review all contracts prior to signing them to ensure that the terms are legally binding.

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Is there a contract involved when leasing or buying a horse?

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