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In this video tutorial, the process of handling the v5 document when selling a car is explained. The key steps highlighted include ensuring both the seller's and buyer's signatures are present, keeping a portion of the yellow bit, tearing the page down the middle, providing the buyer with their part of the page, filling in the buyer's details, and notifying the DVLA of the car sale. Additionally, any remaining tax will be refunded. The video creator encourages viewers to subscribe to their channel and like the video if helpful.