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Originally Posted by SentToStud
That's interesting stuff. Thanks for the look in.
When an offer is made and a contract signed, is there earnest money wired? If not, how does the contract get enforced upon the buyer? I.E., the horse vets fine then the buyer has remorse and doesn't pay?
I assume the veting process is done and paid for by the buyer? Does the seller have any recourse if the buyer claims the horse did not vett out well? i.,e., another 3rd party review?
I assume these contracts are generally written in favor of the buyer.
Thanks again.
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No earnest money is usually wired.
Horse has to be vetted, and it CAN'T be by the vet of the trainer selling, thats a conflict of interest and can lead to real problems if the horse is later found to have a problem.
Vetting is paid for by the agent, who can then pass it on to the buyer.
If the horse doesn't vet the deal is off.
Oh yeah, agents get stuck with 500 dollar vet bills all the time. You have one vetted and he doesnt fly, so no deal. Can't pass it on to the buyer.
You can go from waiting for a vet to call to tell you that you have made a great commission, then he calls and says no good, chip in the ankle and then not only did you just lose on a commission, you now owe 500 bucks to the vet.
Its not exactly a business for those who can't take crushing blows and get up off the floor.