Defining a tractor bill of sale
A tractor bill of sale is a legally binding document that outlines an agreement between a buyer who wants to purchase a given tractor and a seller who is willing to sell the tractor. A bill of sale for a tractor is a proof that the seller legally transfers his interests and rights in his tractor the buyer. The particulars of the agreement are carefully written within the document to avoid any ambiguities or disputes that may happen in the future because of the transaction.
Why do you need a bill of sale for tractor
The tractor bill of sale is important to both the buyer and seller due to the following:
- For the buyer, the tractor bill of sale ensures that the buyer conforms to the law. This means that the buyer cannot in the actual sense, legally own a given tractor unless he can provide a valid tractor bill of sale for the same tractor. In other words, the title of the tractor would remain with the seller if the buyer does not possess a valid tractor bill of sale. The buyer can use the tractor bill of sale for register the tractor or apply for an insurance plan.
- For the seller, the assumption that the tractor is being sold in an ‘As-Is’ condition is implicit within the tractor bill of sale. This protects the seller from future claims by the buyer that he/she had sold him/her a sub-standard tractor.
Essential components of a Tractor Bill of Sale
A typical tractor bill of sale includes the following essential components:
- A heading that states this document is a tractor bill of sale or bill of sale for a tractor
- A comprehensive description of the tractor including Year, Make, Model, VIN (Vehicle Identification Number) and the odometer reading with date read.
- The buyer’s name, address and signature
- The seller’s name, address and signature
- Tractor bill of sale may need to be notarized according to the local law
Though a tractor bill of sale is a simple document that can be easy to fill out, you should in no way rush through it. The bill of sale is an important document that not only needs to be filled out completely but as accurately as possible. Use a tractor bill of sale before you buy or sell any tractor to ensure that all your bases are covered in case anything goes wrong in future.
Download a free tractor bill of sale template
You can download a free tractor bill of sale template to create your own tractor bill of sale easily and fast. The bill of sale template provides a read-to-use layout and wording so that you just need to fill out certain information without any hassle. If Microsoft Word is not available in your system, you can use the tractor bill of sale form in PDF version, just download, print out and use it as any official form you get from the local DMV department.