A farm tractor bill of sale form is a legal document. It serves as a contract between a buyer and a seller that will supply proof of ownership. A tractor bill of sale is an acknowledgement that the seller of is legally giving ownership of the tractor to the buyer. The bill of sale outlines a list of details regarding the transaction in case any disputes about the transaction arise in the future.
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.
What should be included in a farm tractor bill of sale?
- It should be specifically titled as a tractor bill of sale.
- It should include a detailed description of the tractor, the condition it’s in, the year, make, model, VIN number, and odometer reading.
- It should include the price of the tractor, as well as the kind of payment used to purchase it (i.e. cash, check, etc).
- It should be dated at the time of the sale.
- It should include the buyer and seller information (both parties’ names, addresses, and signatures).
- It should include a clearly written statement that acknowledges that the tractor is being legally sold to the buyer.
- It should be professionally notarized. It’s a good idea to obtain a Certificate of Acknowledgement from your public notary to keep in your records.