Leasing a horse can give you the opportunity to enjoy horseback riding without the commitment of owning a horse. But if you’ve been leasing a horse for a while and have decided that you want to make it a more permanent arrangement, then you might want to consider a lease-to-own horse contract.
A lease-to-own horse contract is an agreement that enables you to lease a horse with the option to buy it at the end of the lease period. This type of contract is a great way to take your relationship with your horse to the next level while protecting both parties.
Here are some key points to keep in mind when creating a lease-to-own horse contract:
1. Terms of the Lease – Your lease-to-own contract should clearly state the length of the lease, how much money you’ll pay each month, and when the payments are due. It’s important to include details about the horse’s care, such as who will be responsible for feed costs, veterinary bills, farrier costs and other expenses. This helps ensure that both parties understand their financial obligations.
2. Purchase Price – Your lease-to-own contract should also lay out the purchase price for the horse. This amount should be agreed upon before the lease begins, and both parties should sign off on it.
3. Purchase Option – It’s important to include a purchase option in your lease-to-own contract. This gives you the option to buy the horse at the end of the lease period, which is typically one to three years. If you choose to exercise this option, the purchase price should be deducted from the amount you’ve already paid for the lease.
4. Horse’s Condition – The lease-to-own contract should include an inspection clause that allows you to have the horse inspected by a veterinarian before you purchase it. This protects you from buying a horse that has health issues.
5. Termination Clause – Lastly, your lease-to-own contract should include a termination clause. This clause should state the circumstances under which the lease can be terminated early (such as in the event of the death or injury of the horse), and how much notice needs to be given.
Leasing a horse can be an enjoyable experience, but if you want to make it a more permanent arrangement, then a lease-to-own horse contract might be the way to go. By following the tips outlined above, you can create a contract that protects both parties and allows you to enjoy your horse for years to come.