Are you thinking about leasing a horse? Leasing provides horse enthusiasts with a good alternative to ownership. As a lessee, you can enjoy the pleasure and responsibility of ownership, without the costly investment. Leasing is also a beneficial prerequisite for those who are serious about buying a horse in the future.
While leasing can be advantageous, there are several mistakes a first-time lessee can make. These mistakes can turn what was supposed to be an enriching experience into a nightmare. So, before you lease a horse, be mindful of these common mistakes so you can avoid them at all costs.
Mistake #1: Not Getting a Vet Check
When it comes to a horse's health, some lessees will take an owner's word for it. Never commit to a lease without a vet check. A vet check will tell you everything about a horse's health, including any pre-existing conditions. Without a vet check, you can be held responsible for a condition the horse came to you with. The findings from the vet check should be clearly stated in the lease agreement.
Mistake #2: No Written Lease Agreement
When you find a horse that suits your needs, all of the details of the agreement should be recorded in a contract that you and the owner will sign. The lack of a written agreement can result in major problems if a dispute were to arise. The lease agreement should provide information regarding the length of the lease, terms of payment, use and care, how insurance will be maintained, who is responsible for death or injury, pre-existing conditions, the lessee's option to buy, the sale of the horse to a third party during the lease term, and the conditions in which the lease can be terminated. A lawyer specializing in equine law can create a lease detailing the obligations of each party and protect the rights of both the lessee and lessor.
Mistake #3: Signing a Lease Agreement without Understanding its Terms & Conditions
Before you sign a lease, be sure to read it thoroughly and that you completely understand its terms and conditions. The contract is probably lengthy and may contain legal jargon, so it's best to have your horse lawyer review it as well. You should feel comfortable with the lease's terms and conditions before you sign it.
For assistance with your lease agreement, contact Catanese Law.