Tractor Bill of Sale
What is a tractor bill of sale?
As the name itself suggests, a tractor bill of sale is a bill of sale for the purchase or sale of a tractor i.e. a legally binding document which evidences the sale and change of ownership of the tractor. A bill of sale is generally drawn up only after careful examination of the condition of the tractor, an oral discussion about the make, model etc. of the vehicle as well as a reasonable degree of satisfaction about the bonafide of the transaction.
Components of a tractor bill of sale
Since there is no fixed format for a tractor bill of sale, there are any number of points that one can add to it. However, the following are some of essential features which must form a part of a bill of sale:
- Names and addresses of the purchaser and seller.
- Description of the vehicle.
- Description of various attachments of the tractor.
- Conditions of the previous working of the tractor.
- The total price of purchase along with details of down-payment, installment amounts and interest rate, if any.
- Signature of both the parties.
Do you need a tractor bill of sale?
It is highly recommended that you should always get a bill of sale drawn up by your attorney before finalizing the purchase or sale of a tractor. A bill of sale protects both the buyer and seller from being deceived and from future unjustified claims. In fact, one can easily get a tractor bill of sale template through the internet to get a basic idea of what a bill of sale should be like.