A tractor bill of sale form is a document that shows that the purchase of a tractor was legal between the buyer and the seller of the farming vehicle.
The document contains information about the tractor’s condition, model, make, and condition. It also includes information on the seller and buyer to prove that ownership was rightfully transferred to the buyer.
Why is a tractor bill of sale needed?
The tractor bill of sale form is needed to validate the transaction (transfer ownership of the equipment). This document is necessary to relieve the seller of his rights to the equipment and transfer all ownership rights to the buyer.
A tractor bill of sale is legally binding and ensures that in any litigation after that, the buyer was aware of the actual condition of the tractor before making the purchase.
How to Write a Tractor Bill of Sale
To prepare a good tractor bill of sale, the vehicle owner must put some things into consideration while going about it. These are:
Sellers information
The tractor bill of sale incorporates the detail of the seller first. It should contain the full name, address, license number, email, and phone number of the seller. This would capture the primary data of the seller. The correct information of the seller should be provided as-is as this is necessary for documentation and integrity purposes.
Example:
Name_____________________. Phone Number__________________
Email address______________. Residential address___________________
License Number______________
Buyers information
The seller information should be followed closely by the buyers’ report, which will show the purchaser’s details and clearly state that a transfer of ownership of the vehicle is being made, evidenced by the document. It should clearly state the buyer’s full name, address of the buyer, The buyer’s license number, the buyers’ email, and phone number in the minimum.
Example:
Name_____________________. Phone Number__________________
Email address______________. Residential address___________________
License Number______________
Vehicle information
The vital information regarding the vehicle is also required to be represented on the sales form. It should include but not be limited to: The make of the tractor, Its model, the year it was produced, the VIN (Vehicle identification number), the mileage (either in miles or kilometers of the tractor), a complete description of the vehicle and the condition it was sold in. The seller provides this information to inform the buyer of the vehicle specifications and conditions.
Example:
Model__________________________
Description__________________________________
Condition__________________________________
VIN__________________________________
Year__________________________________
Make__________________________________
Mileage__________________________________
Purchase details
The purchase details should cover all the information that the purchase of the tractor entails. This part of the bill of sale should contain the number of units, payment method (cash or wire transfer), and the warranty given to the buyer. It primarily just contains the payment details and date of sale.
Example:
Number of units sold__________________________________
Date of Purchase__________________________________
Payment method__________________________________
Warranty__________________________________
- Purchase price: The purchase price of a tractor comprises the total cost used in purchasing the machine(s). Include details of commission earned by the seller/advertiser (if applicable). The price of the purchase per unit and the denomination used in payment should be included as that in the event of a resell or assessment, the bill of sales form would represent the purchase price.
Example:
The total sum of ________________ received for the agreement of the sale of the tractor between the buyer and the seller as the purchase price
- Purchase Date: Ensure that the date of the sale is appropriate and clearly stated. The Tractor bill of sale date legally defines when the tractor is sold and when the buyer can take ownership of the machine.
Example:
Date read__________________________________
Signature: The signatures of the buyer and the seller are necessary to seal the agreement and bind the contract.
Seller’s Signature____________________
Buyer’s Signature___________________________
Seller’s Name___________________
Buyer’s Name________________________
Address__________________________. Address_____________________________
City__________________________________
City ______________________________
State______________________________
State ____________________________
Notarization
Notarization is the concluding part of writing a tractor bill of sale. Witnesses essentially validate the sale of the tractor, proving the authenticity of the sale and prevention fraud. For each notary public, information regarding their full name, address, fees charged, means of identification, and the expiration of the identity card should be collected. This would ensure that the person signing the document is identified correctly under the court of law.
The notary’s signature, date, and contact information should be provided, and a valid statement indicating that the notary was identified correctly.
Example:
To the best of my/our belief, information, and knowledge, I/we certify that true and correct statements have been made. I understand that by the penalty of perjury, fines or imprisonment can be confined on me if I make false statements.
Witness 1 Signature____________________ Witness 2 Signature___________________________
Witness 1 Name___________________ Witness 2 Name________________________
Address__________________________. Address_____________________________
City__________________________________
City______________________________
State______________________________
State____________________________
Identity Card type___________________. Identity Card Type______________________
What does it mean to purchase a tractor “as is”?
When buying a tractor “as is,” you are buying the tractor in its current condition. The sale is marked “as is” to let you know that there may be certain things about the tractor that may be in need of repair. Perhaps there is a dent, a part that will soon need replacing, or another aspect of the tractor that the seller does not want to assume responsibility for before selling it. Advertising the sale as “as is” protects the seller by acknowledging that there may be certain damages to the tractor that the seller will not be liable for after the transaction is made. Whenever you see a tractor sale marked “as is,” you should definitely get it inspected by a professional mechanic who can give you a good idea of the tractor’s longevity and the cost of any necessary repairs.
How to Sell a Tractor ?
When selling a tractor, it is essential to consider some things. Selling a used vehicle requires that all accessories and other affiliated materials be in place. The seller should make proper repairs on the tractor and also ensure that all papers are in place. The seller should also advertise to announce the sale of the tractor before proper negotiation is carried out and the sale is made.
Following are the steps explained in detail:
Clean and fix your tractor
If you want to sell your tractor at a reasonable price, it is highly recommended that you ensure your tractor looks suitable for photos and showing to the buyers. Note that the less work the buyer has to do to get it working effectively, the better chance you will have to sell it for a competitive price.
Gather all the paperwork required
Find the title, specs, owner’s manual, and any other relevant information that the buyer might need to register and operate before listing the tractor for sale.
Include attachment
To attract more buyers in your listing, include attachments and equipment that go with the tractor that you no longer need, as the tractor is only the engine powering the tools you use out on the field.
Advertize properly
Put up adverts on various farm-specific websites and dealers to make it easier for buyers to access your tractor. You can also advertise in the local swap sheets, newspapers, and other places that you feel buyers might be looking for.
Negotiate and make the deal
It is always essential to have a fair asking price for your heavy machinery. Although the buyer might try to down-sell you a bit, it is advisable to know your tractor’s current market value by doing online research and appraising it.
Complete the bill of sale
Once you have identified a serious buyer and have come to terms with a final selling price, you will need to fill out the Tractor Bill of Sale form. You can finish it by completing the following information:
- Buyer’s name and address
- Seller’s name and address
- Date of sale
- Tractor information-include the make, model, condition, serial number, registration number, etc.
- Buying price
- Date and signatures from the seller, buyer, and any witnesses.
Finally, you will need a Certificate of Acknowledgement from your public notary to complete the sale and leave the transaction in the public record. Once you have accomplished all this, the price is paid, and the sale is finalized.
Free Tractor Bill of Sale Forms
Frequently Asked Questions
Make searches on the average tractor models on the internet and analyze their price points. Also, consider the year of production and use, tractor condition, specifications, accessories, and models to properly value the tractor.
To determine the manufactured year of a tractor, locate the serial number of the tractor. Then, place the serial number as well as the brand name on Google.
Sales contracts are documents that describe transactions in the sale or transfer of items between owners. In contrast, a bill of sale is a document that provides information of the parties involved in a transaction, the description of the article, and the condition in which the item is sold.
A bill of sale is only used when transferring ownership of a movable vehicle and cannot transfer what the seller is not entitled to. Hence it is limited to only the owners of the vehicle. In other words, sellers without the legal right to a property cannot transfer the property to buyers.
A bill of sale can be used in the sale of physical properties by unincorporated businesses or individuals.
