An Illinois bill of Sale is a document in the state of Illinois which helps the buyer and the seller to record the transaction between them. The sale can be for a single item or for a number of items. The bill also varies according to the commodity type. It doesn’t necessarily give a legal tag to the transaction but will help in any kind of discrepancies that might arise in the future. Some states do not need this but some do and drafting this will ultimately benefit both the parties. It does help in transferring the legal title to the buyer from the seller. It protects both the seller and the buyer and comes in need when you have to register the good with the state. In addition to this, if it requires notarization the parties should make sure that the bill is signed in the presence of a notary.
It definitely provides you with a legal cover and it should be provided for when the buyer asks for it. Let’s take a look at the contents of the bill.
It should contain:
- Date of sale of the commodity.
- The make and model of the vehicle.
- The year of manufacturing of the vehicle
- The Vehicle Identification Number (VIN)
- Price of the vehicle for which it is being sold.
- Whether the vehicle is a gift or not.
- All the relevant information about the warranty of the vehicle.
- Details of the buyer: Full-Name and address.
- Details of the seller: Full-Name and address.
- The signature of the seller
These shall form the core content apart from an official undersigning from the seller that all the information is true. It will be accompanied by the buyer’s signature which needs to be done according to the notarization procedures.
Let’s take a look at the various type of bill Form.
Vehicle Bill of sale for Illinois
This document for a Motor Vehicle needs to be prepared with all the above-mentioned information which have been mentioned above. Documentation is a very necessary thing which needs to be done right. Driving license or their state ID number of both the parties should also be there in the bill.
A bill for a vehicle shall also contain relevant details such as the odometer readings along with other details such as any defective parts which the buyer should look into. The condition of the vehicle should be mentioned. It’s smog-output, type of usage of the vehicle are some of the information which should be included.
DMV Bill of sale for Illinois
The Department of Motor Vehicles in Illinois provides a Bill for the people who want to transfer the ownership to other people of their preference. Though under the ambit of the law, it is not a compulsory process but is recommended to ward off any discrepancies that might occur in the future. Drafting a bill gives it a legal title which is very useful.
Apart from this, any transfer of title requires the Tax Form RUT-50 (Private Party Vehicle Tax Transaction) to be filled up. People who are moving to Illinois and have bought a vehicle other than the dealers in the state have to submit Tax Form RUT-25 (Vehicle Use Tax Transaction Return). The tax information should be kept separate from the bill.
Auto Bill of sale for Illinois
This document shall help both the seller and the buyer to establish their relationship as the transferor and the transferee of the ownership of the motor vehicle. This document should be in possession of both the seller and the buyer for future use, as and when needed.
The document contains certain crucial information about the vehicle which is being documented. This information includes disclosure of vehicle odometer, the payment details, the pollution report and other relevant details. The details pertaining to any changed parts or defective parts in the vehicle shall be included in this document for the purposes of the buyer.
Motorcycle Bill of sale for Illinois
Buying or selling a motorcycle in Illinois requires you to make all the right documents notifies by the right authority along with all the relevant details which shall be a testimony to the transaction that has taken place between the parties concerned. The document should be duly signed by both the parties to bring the transfer to action. The document shall contain the title of ‘Transfer of Title’.
Apart from this, a bill should also be made for the vehicle’s record of its usage and its condition when it is being sold. Recording such details shall make the buyer aware of all the details of the vehicle.
Boat Bill of sale for Illinois
A bill is to be prepared when selling a boat or the vessel to a person. The bill shall contain the required information along with the signatures of the parties in the presence of the notary is required. This shall bring into action the act of transferring the ownership of the concerned boat or vessel.
The required information which needs to be there in the bill is the make and model of the boat, the Hull ID, the odometer details for usage details along with the title number of the boat. Apart from this, the details of the trailer, if provided, are to be enclosed. In this case, notarization is a must.
Car Bill of sale for Illinois
A bill for a car shall help establish the legal relationship between the buyer and the seller. This shall give the parties the due credibility of the transaction and help them in case of any discrepancies that might occur. The bill needs to be duly signed in the presence of a notary officer to bring into action.
The ‘Transfer by Owner’ document, which shall be signed, shall contain details of the car which include the make and model of the car, its usages, its odometer reading, details of the changed parts or the defective parts and other important details.
Trailer Bill of Sale for Illinois
This bill is to be prepared for the buying and selling any kind of movable unpowered vehicle which can be towed around. The transfer document of such a vehicle is to be duly signed by both the parties to give the transaction its legal title.
Proper information regarding the trailer needs to be disclosed when the transaction is taking place. This information includes the type of trailer, its load capacity, its usage information, any kind of financial arrears on the trailer and other information. The document should also have any warranty details, if there. This need not be signed in the presence of a notary.
Thus, these are the kind of commodities for which a bill of sale is prepared for the proper transfer of title between the parties.