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In this video tutorial, the presenter explains the necessary steps for handling the V5 document when selling a car. First, both the seller and buyer must sign the document. The seller should retain a portion of the yellow part of the V5. Next, the seller tears the document down the middle, keeping one side and giving the other to the buyer. It’s essential to collect the buyer's details, including their name and address. After completing these steps, the seller must send the V5 to the DVLA to notify them of the sale. This process may also entitle the seller to a tax refund. The video concludes with a request for subscriptions and likes.