What Is a Trailer Bill of Sale?
A trailer bill of sale is a type of legal document that you use to sell and transfer ownership of a trailer. This bill of sale includes a comprehensive description of the trailer, the buyer’s and seller’s information, and a certificate of acknowledgment (applies to some states only). Its main purpose is to document the said sale and for registration purposes (in some states that require a bill of sale).
How Do You Create a Trailer Bill of Sale?
Trailers are created to cater to different purposes. According to Home Stratosphere, trucks are responsible for more than 80% of the inland freight. These trucks make use of trailers to carry loads of equipment or vehicle from place to another. Trailers are not one-size-fits-all—they are created to withstand the weight and nature of the material or goods that they are supposed to haul.
Below, we have compiled you a list of helpful tips to help you create a trailer bill of sale. Read these tips:
1. Collect Information From Both Parties
Get to know the parties that are involved by collecting their names and mailing addresses. Ask for a government-issued identification card to ensure that you are sealing the deal with the right person. Errors will be lessened on your part, too.
2. Establish the Purchase Price
Your purchase price must be appropriate for the trailer that you are selling. You must also take into account the years that you have utilized the trailer—which is expected to be lower than the original purchase price of the trailer. Be sensible when setting the trailer’s purchase price.
3. Include a Comprehensive Description of the Trailer
Trailers have various types to serve their purpose well. Some of these trailers include flatbed trailers, refrigerated trailers, specialty trainers, side-kit trailers, and many more. Specify in the bill of sale what type of trailer you are going to sell. Don’t forget to include distinguishing features of the trailer such as its maker, model, year created, VIN, and other relevant descriptions.
4. Finish the Agreement with Signatures
Legal documents, such as your trailer bill of sale, is invalid without the signatures of both parties. At the bottom of the form, affix your signatures along with your names. Your signatures convey that you have both agreed on the terms and conditions set in the bill of sale.
Legal documents also need witnesses to sign the document to prove that the signatures weren’t in any way forged. According to Law Depot, the witness must not be below 18 years of age and must be of sound mind to physically witness the signing of the bill of sale. They must also confirm the identities of both parties then sign the document that they have indeed witnessed the signing of the document.
5. If State Requires, Include a Certificate of Acknowledgment
Not all states require a bill of sale to be acknowledged by the notary public. Several states, such as Louisiana, Maryland, Nebraska, New Hampshire, and West Virginia, are required to have the signature of the notary public. This certificate of acknowledgment consists of the name, signature, seal, and the commission expiry date of the notary public.
Do I need a bill of sale for my trailer?
Yes, you need a bill of sale for the personal sales of the trailer. Your trailer bill of sale will do you good in the long run, especially when disputes arise in the future. It also serves as a protection for both the seller and the buyer.
Do I need to notarize my trailer bill of sale?
No, but it is highly recommended because it cements the identification of both parties and that both parties signed the document with their consent. The notary public ensures that the document is signed correctly by both parties.
How do I notarize my trailer bill of sale?
The first step is to acquire a trailer bill of sale form and find the nearest notary public and sign the document in the presence of the notary public. Afterward, you are to pay the corresponding notary fee.
Does a seller have the right to back out of the bill of sale?
A seller backing out of a sale may be rare, but it is possible. According to Apartment Therapy, the buyer has every right to continue or force the sale as long as there are no existing exit clauses for the seller.
Do both parties have to be present in front of the notary public?
No, as long as they sign the document individually in front of the notary public, it should be fine. But if you want to speed up the process of the trailer sale, just sign the document with the other party in front of the notary public.
We have often caught sight of trailers traversing the concrete roads transporting goods, materials, or heavy equipment from one location to another. They provide convenience to people on both ends of the agreement. Such is the same when you decide to sell your trailer to a prospective buyer—it should offer you a sense of security and protection, whether you are the buyer or the seller. Time and money are both invested when one decides to purchase or sell an item—therefore, this trailer bill of sale will be the ideal tool in ensuring that your assets are in the right hands.