An Illinois Bill of Sale Form is a basic agreement between the seller and the buyer, which records a sales deal. The document contains the necessary information about the parties, conditions of the sale, and details pertaining to the sold item. A bill of sale form is designed to prevent any misunderstanding between the parties and solve disputes concerning the item’s condition, ownership transfer, and many others.
What is a Bill of Sale in Illinois?
People are eligible to sell and buy their tangible personal property. State authorities and services implement various Bill of Sale forms to legally document a sales transaction between two individuals or an individual and a dealership. One should use the form to protect oneself from unnecessary liability, complaints, and future legal disputes. Besides, you will most probably need a BOS to register an ownership transfer. Please, use the corresponding bill of sale type to do so.
Illinois Bill of Sale Types
Different subjects require different bills of sale. Below we will briefly describe the main BOS forms that exist in the state of Illinois.
- General Bill of Sale
You can use this form for a sales deal between two private parties. The general form is suitable for most kinds of private tangible property.
- Boat Bill of Sale
Whether you purchase a watercraft from a dealership or an individual, use this form as a receipt. Do not forget to state the vessel’s identification information and negotiated conditions.
- Gun Bill of sale
Keep in mind that state gun laws are very strict. You will need to obtain a Firearm Owner’s Identification card (FOID) to use a concealed carry. It takes up to fifty days to register a gun, and you only can do it with a relevant bill of sale form.
- Motor Vehicle Bill of Sale
You will need this form to prove a motor vehicle purchase. Provide an Odometer Disclosure and Seller’s Report along will the relevant bill of sale form to register the vehicle.
- Junk Vehicle Bill of Sale
There is a separate bill of sale form for the so-called salvage vehicles in Illinois. A salvage car would be the one that was damaged badly during a car accident or a natural disaster. If you want to give such a vehicle away, trade it in, or sell it, you need to use this form to document the transfer.
Why Do I Need a Bill of Sale?
In some states, a bill of sale is not legally required to seal a sales transaction. However, this form will most definitely provide you with another layer of protection. For example, you have decided to sell your car but did not sign the bill of sale form. The new owner gets into a car accident by his or her fault before registering new ownership. Thus, you might get in trouble as the interim legal titleholder and become liable for damage and other remedies. In this case, a bill of sale can help you prove that the car has already been sold by the time of the accident and relinquish responsibility. The buyer can likewise avoid any unpleasant surprises by affixing the car’s condition in a BOS form.
Illinois Laws and Requirements
The Illinois State Codes regulate all titling procedures and requirements. You need to consult a specialized Code for situations pertaining to different sale subjects.
As we have mentioned above, the Illinois Bill of Sale Form is required to register an item you have purchased and transfer ownership. However, using this document during a sales transaction is entirely optional in the state. The local authorities allow using the old title as a formal bill of sale form, but it has to be filled out correctly and signed by both parties. We, in turn, strongly advise you to keep your records of all deals. You do not know in advance when you might need it.
Thus, a properly compiled bill of sale form can protect both parties in various cases and provide for additional legal advantage. Please note that the document requires notarization. Make sure to double-check the statements before putting your printed name and signature.
Do I Need to Have a Bill of Sale to Register a Vehicle, Watercraft, or Firearm in Illinois?
You need a relevant Bill of Sale form to register a watercraft, a weapon, and a salvage vehicle. The local legislature states that a BOS is not necessary to register a motor vehicle.
As we said, even if using a BOS form is optional for your particular case, we still advise you to get one for your personal records.
Creating a Bill of Sale in Illinois
Once you have decided on what kind of a BOS form you need, get the corresponding Illinois Bill of Sale Form and start filling it out. You can use our software tools for your convenience. Follow our step-by-step recommendations on filling out a bill of sale form.
- Provide the Parties’ Personal Data
Enter signatories’ accurate names and physical addresses. Make sure to check the information with a valid personality identification document.
- Insert a Detailed Item Description
Fill in the necessary subject item details. Some Bills of Sale require to choose the way of payment as well. In this case, just tick the corresponding box and enter the data pertaining to payment procedures.
- Submit Disclosures
If necessary, attach disclosures and acknowledgment certificates to the document.
- Provide Date and Signatures
Both parties should enter the signing date and write down their printed names and signatures.
- Ensure Witnesses and Notarization
After witnessing both signatures, the Notary Public puts the printed name and signature and seals the document.