WELLINGTON, FL - November 25, 2008 - HorseClosings.com, the first known equine closing company that conducts horse sales similarly to a real estate transaction, has provided a Horse Sales 101 Glossary of the three most used, and often misunderstood, phrases associated with horse sale transactions: As Is; Disclosure; and Binding Arbitration.
Krysia Carmel Nelson and Tamara Leigh Tucker of Nelson & Tucker, PLC, are equine attorneys and amateur riders who founded HorseClosings.com. Since the terms As Is, Disclosure, and Binding Arbitration are primary components of the HorseClosings.com Terms and Conditions of Sale document, Nelson and Tucker provided the definitions and explanations for the Horse Sales 101 Glossary to help buyers, sellers, and agents become more knowledgeable about the language used in conducting transactions in full compliance with the law.
"HorseClosings.com's Terms and Conditions of Sale were deliberately designed to be consistent with every professional's understanding of the terms of a horse sale and to make those terms clear to amateurs as well," noted Ms. Nelson. "Since 'legal-ese' can often be daunting, we've put those terms in plain English in our Horse Sales 101 Glossary."
HorseClosings.com Horse Sales 101 Glossary
AS IS: Every horse is sold 'As Is'.¬ HorseClosings.com's Terms and Conditions of Sale require that buyers complete a vetting and any other investigation or evaluation they choose, and warrant to sellers that they haven't left any stone unturned. If the buyer goes through with the sale, then the buyer is assuming the risk that a horse's condition is changeable and waives the right to object to behavioral problems, soundness issues, and training deficits that may not arise or be discovered until after the deal is done.
"Horse people generally believe that all horses are sold 'As Is' when in fact, most horses are not sold 'As Is' but are actually being sold with all warranties," noted Tucker. "This is because the law has very specific and technical requirements for anything to be sold 'As Is' and just using the words 'As Is' is not enough. HorseClosings.com uses disclaimers that meet the legal requirements, so that by using our service, the horse really is being sold 'As Is'."
Nelson pointed out, "If a buyer purchases a horse 'As Is' and subsequently the horse does not do well in its new program, for example, then that is not the seller's problem. HorseClosings.com protects the seller on this point. It is up to the buyer to perform due diligence on a horse, just as a buyer does on a real estate purchase."
DISCLOSURE: The only 'Disclosure' that comes into play with HorseClosings.com's Terms and Conditions of Sale is the money. Everyone who is part of the deal will know the price of the horse and the amount the agents are making. HorseClosings.com does not regulate how much money agents make - the commission structure of a particular deal is determined by the parties. Horseclosings.com does not require the seller to provide details of the horse's veterinary history.
"What this means is that agents cannot make money under the table without anyone finding out," Nelson stated. "By law, agents never had that right in the first place. If the buyer isn't OK with what the agents are making, then the buyer can put the brakes on the deal before it goes through. Once the buyer signs off, the buyer has accepted the commissions and can't complain later. This benefits all parties because for the buyer, all costs are in black-and-white, and for the seller and agent, if the horse doesn't work out, the buyer can't come back claiming fraud because of an undisclosed commission when the problem really is that the horse isn't working out. Furthermore, because the buyer puts the purchase money in an escrow account, agents know that when they get a check from HorseClosings.com, they can take that check to the bank."
BINDING ARBITRATION: HorseClosings.com Terms and Conditions of Sale includes a clause for mandatory 'Binding Arbitration', which means that the parties agree to resolve any disputes by referring them to a third party arbitrator who makes a judgment. The arbitrator is someone who practices with the American Arbitration Association. Any claims must be raised within a year of the transaction settling. The losing party pays for the fees of the winning party's attorney.
"What this means is that no one is going to end up in court," Nelson explained. "If there is a problem, it is dealt with in a forum that is less expensive and confidential. It is totally private and out of the public eye. Binding Arbitration will cut down on the number of frivolous claims. Also, having to bring a claim within one year is a considerably shorter period of time than may apply in other situations where that horse might come back on the seller for as many as four years."
CONTACT INFORMATION: HorseClosings.com, 600 Peter Jefferson Parkway, Suite 100, Charlottesville, Virginia 22911. Phone: 1-434-826-9270, Fax: 434-979-0037, E-mail: email@example.com
. Website: http://horseclosings.com/
Krysia Carmel Nelson, Esq. earned her B.A. from Dartmouth College and her law degree from Villanova University. In private practice, Ms. Nelson represents leading horse owners, trainers, riders, breeders, equestrian facilities, major farms, clubs and associations across all nationally and internationally recognized disciplines. A frequent speaker at industry conferences, including the National Equine Law Conference, she also teaches at the Washington & Lee University School of Law in Lexington, Virginia.¬ A lifelong equestrian, she still competes regularly on the "A" show circuit in the amateur hunter divisions.
Tamara L. Tucker, Esq. earned her B.A. at Mary Washington College, graduating cum laude, and earned her¬ J.D. from the University of South Carolina School of Law. In addition to her business and insurance law practice, Ms. Tucker handles dozens of equine law cases annually. In recent litigation, she received a verdict on behalf of a defendant farm owner in a $1 million premises liability action; a verdict on behalf of the plaintiff horse owner in a breach of contract claim; and a settlement on behalf of a policyholder in an equine mortality coverage case involving a $500,000 broodmare. Ms. Tucker regularly shows in the amateur hunter divisions with trainer Tommy Serio and has garnered tricolors at "A" and "AA" shows throughout the east coast.
PHOTO CAPTION: Krysia Carmel Nelson, Esq., HorseClosings.com PHOTO CREDIT: Lili Weik Photography. This photo may be used only in relation to this press release.
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<a href="http://www.equestrianmag.com/article/horseclosings-horse-disclosure-11-08.html">HorseClosings.com Provides Horse Sales 101 Glossary Defining 'As Is',¬ 'Disclosure', and 'Binding Arbitration'</a> ~ EquestrianMag.com