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.
How to Sell a Tractor
- 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 Required Paperwork
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 Attachments You No Longer Require
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.
- Advertise As Much As You Can
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 A Fair Price
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 Tractor 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.
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.