Trailer Bill of Sale Template
Similar to cars, trailers must be titled and registered with Motor Vehicles. If you buy your trailer from a dealership, you will automatically receive a bill of sale. However, many trailer sales take place between private parties. One person might be upgrading or no longer need the trailer, and the buyer may be looking for a better price.
Whatever the case may be, you should always have a bill of sale for the trailer. This document protects both the seller and the buyer from any future misunderstandings, and it proves who has responsibility for the trailer. Even if this document isn’t required by your state, it is always a good idea to have one for your records.
What You Need for a Trailer Bill of Sale
Before you fill out the bill of sale for the trailer, you need to gather a few documents to complete your trailer bill of sale, including the following:
- Date of the sale
- Buyer’s information
- Seller’s information
- Year, make, and model of the trailer
- Vehicle identification number (VIN)
- License plate number
- Selling price
- Warranty information
- Signature of seller and buyer
Unlike a car, trailers do not keep track of their mileage. The owner may have a record, and this information can be included, but it isn’t necessary. If the trailer still has a warranty, this should be transferred to the buyer as well.
Some states do not require homemade trailers to have a VIN, but you should get one because it is a great way to keep official records of it and can help if the trailer is stolen or the subject of a dispute later on.
Why it’s Important to Have a Trailer Bill of Sale
The bill of sale for a trailer is important because it is proof of how much money the trailer costs, as well as who is legally responsible. Once the title is transferred, the old owner no longer has responsibility if the trailer is involved in an accident.
The buyer will have proof that he or she now owns the trailer and has the legal right to register it, title it, and use it. It is a good idea to notarize the bill of sale in case there is a problem down the road. Drawing up legal documents is simply a protection to both parties to ensure that the trailer is sold and to show the conditions of the sale.
Even if the trailer is homemade and not registered with Motor Vehicles, you may want to register it later on. You will need to prove ownership to do so, so you should have this bill of sale for your records. In addition, if the trailer is a business expense, it will help you to have this document as the seller or the buyer so that you can properly include it on your income tax returns.
Buying or selling a trailer can be hassle-free as long as you make sure that you have a bill of sale.