An Illinois motor vehicle bill of sale is a legally binding document bearing witness to the buying and selling of a vehicle between a willing buyer and seller. The form provides details on the change of a vehicle’s change of possession and any known defects. Moreover, you will need this form when registering a vehicle.
The state of Illinois requires parties engaged in automobile transactions to notarize the bill of sale form. Thus, the buyer and seller will have to appear before a notary public. The attorney will witness and establish their true legal identities. Afterward, the two can sign the bill and present it to the relevant authorities. The document should feature an Odometer Disclosure Statement (VSD 333.4) to ensure its mileage is accurate. Otherwise, any mileage tampering could land you in trouble with state and federal laws.
Illinois bill of sale templates – this category will allow you to know more about some other bills of sale that can be used in Illinois.
All new motor vehicle owners in Illinois should register their vehicles regardless of how they got them (legally). For instance, the same vehicle registration applies whether you bought the vehicle, inherited it, or received it as a gift. The law demands that you register it within 20 days of receiving the automobile to avoid legal trouble.
The registration procedure can take place in the nearest vehicle department office across the state. If you bought your motor vehicle from a dealer within the state, the dealer should complete the registration process for you. However, if you bought a vehicle from an individual, you must register it yourself. You will have to complete all of the necessary paperwork and present it to the nearest local Illinois Secretary of State’s Office.
Illinois’s vehicle registration laws allow car owners to file the process online by filling a digital form from its official web portal. However, it is necessary to print out your completed form and hand over other necessary documents at your nearest local SOS office. It’s mandatory to supply the following documents necessary for completing your motor vehicle registration:
This critical document also contains the names of the automobile’s seller and buyer, including their postal, physical, and email addresses. Moreover, a bill of sale features the agreed price the vendor is ready to take and when. The bill also has information about the precise physical condition of the vehicle. For instance, it should state if the motor vehicle has any damage that could adversely affect its fair market price. The form should also show the vehicle’s color, make, year of manufacture, and model. It must also have a vehicle identification number or VIN.
Here, you’ll take a look at the directions written by drawing upon the form developed by our specialists. Nonetheless, you should go with the official form when it’s provided by your local authorities.
Step 1: Specify the date when document is created and filled out.
Step 2: Enter the seller’s and buyer’s info:
Step 3: Provide the descriptive details of the vehicle:
Step 4: Pick how the purchaser will pay for the motor vehicle and for how much.
Enter the purchase date and state the overall price that has to be paid for the vehicle. Then, decide on one sale method:
Following that, select one payment method:
The very last thing to complete within this part is to determine if all applicable taxes are included in the final cost.
Step 5: Go over standard terms and ensure that both sides are familiar with them.
They generally say that the buyer obtains the property in “as-is” condition and is liable for it once the purchase is completed.
Step 6: Now, the filled out bill of sale must be signed.
The purchaser is generally not requested to sign the form. However, it is advised to have the form signed by all parties. You could also have one or a number of witnesses confirm the transaction.
Step 7: Have a notary public certify the document
Even though notarization is rarely necessary, it functions as yet another way to guard against legal difficulties.
The purchaser should get the original bill of sale because it is frequently necessary during the title change. As a seller, you can either get a copy and store it or have a pair of identical documents signed and completed by both sides.