The contract is also valid only if it is lawful. Usually in a numeric and written form.Īcceptance: Signatures of both parties on the bill of sale.Ĭompetent Parties and Legal Intent: Both parties entering the contract must be competent (age, mental capacity, and not impaired or forced). May also include conditions of the sale for the buyer and the seller.Ĭonsideration: The amount of money being exchanged. Offer: The agreement to exchange the vehicle for an amount of money. Each state has different rules for what they consider a valid bill of sale, but a contract itself must abide by the following rules: What Does a Bill of Sale Need to be Valid?Ī bill of sale acts as a contract between the buyer and seller of a Trailer. In short, a properly executed Bill of Sale will protect you from future liabilities and allow you to register the vehicle. A proper bill of sale will be necessary when applying for registration as you will need to show ownership of the trailer. Your state will require the trailer be registered with the department of motor vehicles. Whether you giving or receiving cash for an item, you want proof of the transaction in the event someone makes a claim against ownership (if you are the buyer) or if someone is injured on the vehicle (if you are the seller). There are two general reasons why you want to get a Bill of Sale when purchasing or selling a Trailer:ġ. We also suggest securing a valid Wisconsin bill of sale to properly document the sale including the sales price, condition of the vehicle, and hold harmless language to protect the buyer and seller. Typically this is done by signing the “Transfer by Owner” or “Assignment” section on the rear of the original title. When purchasing or selling a Trailer in any state you always want to document the transfer of vehicle from the seller to the buyer.

Simple bill of sale for trailer