An Illinois motor vehicle bill of sale is a legally binding document that records the transfer of vehicle ownership from one party, known as a seller, to another one, known as a buyer. The form provides details on changing a vehicle’s possession and any known defects. Moreover, you will need this form when registering your motor vehicle.
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.
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|Document Name||Illinois Vehicle Bill of Sale Form|
|Other Names||Illinois Car Bill of Sale, Illinois Automobile Bill of Sale|
|DMV||Office of the Illinois Secretary of State|
|Vehicle Registration Fee||$151|
|Bill of Sale Required?||Yes|
|Avg. Time to Fill Out||7 minutes|
|# of Fillable Fields||59|
The step-by-step guidelines below are related to the form developed by our specialists. If your local authorities provide official bills of sale, you can go with their forms instead.
Step 1: Specify the date
The first step is to specify the date when the bill of sale is created.
Step 2: Enter the seller’s and buyer’s details
Next, you will have to enter the relevant seller’s and buyer’s details, including for each of them:
Step 3: Provide the vehicle’s description
The following step is to describe the vehicle being sold. Here, you will need to include such details as:
Step 4: Enter the purchase date and price
In this section, you will need to specify the purchase date and state the overall price that has to be paid for the vehicle. Then, decide on one of the sale methods:
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 the standard terms
Read the 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: Sign the bill of sale
The purchaser is generally not requested to sign the form. However, it is recommended to have the form signed by all parties. You could also have one or a number of witnesses confirm the transaction.
Step 7: 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.
Form VSD 703, known as Seller’s Report of Sale, is designed for sellers to inform the Illinois Secretary of State Vehicle Services Department that they have sold or traded their vehicle.
Odometer Disclosure Statement for Title Transfers (Form VSD 333) is required to state the vehicle mileage during the sale. Note that a false statement may result in fines or imprisonment.
Form RT 5 is a power of attorney for motor vehicles used to designate someone else to represent you in your vehicle-related matters.
Vehicle Transaction Affidavit (Form RUT-49) verifies the information reported or requests the information stated on the vehicle use tax transaction return from the recent purchase or sale of a motor vehicle. Both the seller and the purchaser must sign the document.
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 buy the car, inherit it, or receive it as a gift. The local 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 buy your motor vehicle from a dealer within the state, the dealer should complete the registration process for you. However, if you purchase 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 necessary to supply the following documents to complete your motor vehicle registration:
Also, you should disclose if the vehicle has any lien, and if it has, you should name the lienholder and their address. In addition, you have to be ready to pay all vehicle registration fees: $101, title: $95, and applicable taxes.