Free New Mexico Horse Bill of Sale or an â€˜equine’ is a legal document that holds the details of the transaction between two parties when purchase/sale of a horse in New Mexico is involved.
Equine is a medieval term that has been in the running for ages now. It, necessarily, is a document that defines the transfer of ownership of a horse, which is a legal biding to be followed by both the buyer and the seller.
When you are looking forward to by a horse, you should have a deposit in hand that should be more than the value of the horse. This is because, if the horse requires a medical examination, you will have to leave something of value with the owner to test and inspect the horse. If you want to proceed with the sales, you can let the seller keep the amount due and take the excess and horse with you.
When is a Horse/Equine Bill of Sale useful in New Mexico?
If you are a seller planning to sell a horse of a buyer planning to buy one, you need to create a horse bill of sale for transferring its ownership. It is a sales document that comprises every detail of the transaction from the condition of the horse to that of the parties involved.
A Horse Bill of Sale should be well-guarded if you want to settle any dispute arising down the line regarding the ownership of the horse. It binds the two parties legally to transfer the ownership of the horse.
What is the Procedure of Buying a Horse in New Mexico?
Owning a horse might sound fun, but it is a considerable responsibility that requires you to be on beck and call 24*7. Moreover, they are an expensive luxury that needs you to be experienced with horses and know about how they function. Then again, if the responsibility that comes with ownership of a horse cannot outweigh your experience, and if you own a herd of horses already, then here is how you can buy one of these beasts.
Decide upon the horse you want to buy
Whether you are a horse breeder, rancher, or are looking for a horse to enhance the appeal of your house with a horse for your kids, there is a breed for every kind. Yes, before deciding upon which horse to buy, you should ask yourself about the purpose the horse is going to fulfill.
If it is for the first time you are buying a horse, then you should start off with a well-trained horse that is also calm so that it does not go out of your control. You can also seek professional help to ensure that the horse you are bringing into your house can be handled without much ado. The expert will also help you decide upon a horse which you can use as a show horse.
As an experienced horse breeder, you probably know everything there is about the horses; consulting with qualified individuals will always benefit your purchase.
Know your Budget
Owning a horse is not similar to owning a pet because they cannot live in the same space as you do. They need a vast space to run around, a sturdy fence that cannot break from their weight, well-built stable, good square meals all throughout the day, and a caregiver who is assigned to look after the horse. All of these costs can be quite taxing in addition to the value of the hose, which is very likely to be high.
So, before you invest in a horse, you should go through the expenses that you will have to bear for keeping one in your stable. Once you are satisfied with the costs of food, vets, boarding, and everything else the horse needs and can afford it, then only you should go ahead with the purchase decision.
Find a Seller
If you know which breed you need to buy and can afford it, then the next step should be to find a seller who is planning to sell their horse. Begin your search with the people you know who are involved in breeding horses. Apart from that, you can look for advertisements in various mass media platforms and auctions.
Once you have decided upon the seller, you want to buy from, and it is imperative to conduct a background check and verify their credibility. Also, as the seller, lots of questions about the horse so that you can assess whether the owner is aware of the horse or not. If the owner has a trustworthy background and is knowledgeable enough about the horse, then they can be depended upon.
Take the Horse for a Test Run
Before you buy the horse, it is vital to conduct a first-hand check so that you know what its weak and strong points are. Observe how the owner is handling the horse and try to handle it yourself. If you are confident enough to handle an unknown horse, you can take it for a ride as well.
It is also crucial to enquire the owner about the reason why they are selling the horse, what is its medical history, has it been vaccinated, what is the history of its origin, and anything else that you should know about the horse. For health issues, you can take a vet along with you to conduct a check. If you have a friend or know a trainer who is experienced in handling horses, you should take them along.
Nowadays, the owners also allow the potential buyers to take the horse along with them on trial. This is to see whether the horse will be able to adjust to the buyer’s lifestyle or not. However, the buyers are required to leave behind a substantial deposit with the seller until they bring the horseback. The deposit is returned by the seller once the horse comes back. And if you decide to keep the horse with you, the seller keeps the balance due from the deposit and returns the rest of the amount.
Negotiate a Price
Once you have decided that you want to keep the horse, you have all the rights to negotiate upon the price asked by the owner. Once you have agreed upon the price with the seller, you can put it in writing in the agreement that specifies the transfer of ownership of the horse. Along with the contract, put down a good faith deposit with the owner that establishes your interest in buying the horse. You can ask for a Horse Bill of Sale only when complete payment is made.
However, once you have put down the deposit, do not forget to take the horse out for a pre-purchase vet examination. Such a test will help you ensure that the horse is sound and you are not paying good money for an unsound horse because you cannot question the seller after the Bill of Sale agreement is prepared.
Make the Purchase Official
Now that you have fulfilled most formalities, the last one calls for visiting a notary and making the Horse Bill of Sale agreement legal. Now, no one can question your ownership of the horse or claim damages from the seller who has transferred the ownership.