Buying Guide for the Prospective Racehorse Owner
Although this guide can help to give you some tips and general advice on buying a racehorse, we highly recommend that you refer to a bloodstock agent or racehorse trainer with plenty of pertinent knowledge and expertise to assist you in making your final choice. To begin with, you need to make a choice about what kind of thoroughbred you would like to own as well as the way in which you want to go about purchasing your racehorse.
The three primary venues generally used to sell thoroughbreds are public sales, private transactions, and claiming and selling races. Each of these comes with its own specific advantages and disadvantages.
Public Sales
Different types of thoroughbreds are sold at different types of public sales. If you decide you wish to buy a thoroughbred at a public sale, you will first need to decide which kind of thoroughbred you wish to purchase. All public sales are governed by a set of rules and conditions that have been designed to protect both the seller and the buyer and ensure that all transactions are conducted fairly.
Private Transactions
Most private transactions are done between friends or as a result of a referral from a mutual friend. When buying a thoroughbred in a private transaction, it is usually a good idea to bring along a veterinarian or a racehorse trainer to look over the horse in question and make sure that there are no problems. When engaging in a private transaction for a racehorse, the price and conditions of sale can usually be negotiated to best fit the needs of all participants.
Claiming and Selling Races
In claiming and selling races, all competing racehorses are usually for sale. In a claiming race, each racehorse for sale will have a price listed in the accompanying race card for any interested parties to refer to, and in a selling race, the winner of the race will be auctioned off to the highest bidder. This usually takes place in the unsaddling enclosure directly after the end of the race. In both claiming and selling races, all racehorses are sold on an as-is basis.
There are two currencies that you can use to purchase a racehorse, the Guinea and the Sterling. If you employ an agent to make the purchase for you, he will usually charge you a commission of around five percent of the purchase price he obtains for you.
When buying a racehorse, always be sure to ask any questions about the terms of the sale before the sale is finalised. Make sure that the terms of payment are clearly established between both parties, and be sure to give the horse in question a thorough inspection before settling on a final price.
The three primary venues generally used to sell thoroughbreds are public sales, private transactions, and claiming and selling races. Each of these comes with its own specific advantages and disadvantages.
Public Sales
Different types of thoroughbreds are sold at different types of public sales. If you decide you wish to buy a thoroughbred at a public sale, you will first need to decide which kind of thoroughbred you wish to purchase. All public sales are governed by a set of rules and conditions that have been designed to protect both the seller and the buyer and ensure that all transactions are conducted fairly.
Private Transactions
Most private transactions are done between friends or as a result of a referral from a mutual friend. When buying a thoroughbred in a private transaction, it is usually a good idea to bring along a veterinarian or a racehorse trainer to look over the horse in question and make sure that there are no problems. When engaging in a private transaction for a racehorse, the price and conditions of sale can usually be negotiated to best fit the needs of all participants.
Claiming and Selling Races
In claiming and selling races, all competing racehorses are usually for sale. In a claiming race, each racehorse for sale will have a price listed in the accompanying race card for any interested parties to refer to, and in a selling race, the winner of the race will be auctioned off to the highest bidder. This usually takes place in the unsaddling enclosure directly after the end of the race. In both claiming and selling races, all racehorses are sold on an as-is basis.
There are two currencies that you can use to purchase a racehorse, the Guinea and the Sterling. If you employ an agent to make the purchase for you, he will usually charge you a commission of around five percent of the purchase price he obtains for you.
When buying a racehorse, always be sure to ask any questions about the terms of the sale before the sale is finalised. Make sure that the terms of payment are clearly established between both parties, and be sure to give the horse in question a thorough inspection before settling on a final price.
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