Bill Of Sale
What is an Illinois Bill of Sale?
Circumvent potential headaches by completing a bill of sale during the purchase or sale of your vehicle. An IL motor vehicle bill of sale protects the rights of the seller and the buyer by documenting the transfer of ownership. While it can never serve as the car title, this legal document does prove that the transaction occurred, as well as verifying and outlining details surrounding the deal. Not all states have the same requirements Ц some do not require a bill of sale at all, while others require that they be completed and notarized. Typically, a generic IL DMV bill of sale will include basic contact information, and details about the vehicle, such as the year, make, model and an accurate odometer reading.
Is a Motor Vehicle Bill of Sale Necessary in Illinois?
A motor vehicle bill of sale is not legally required in Illinois, but it is still a good idea to use one. An IL bill of sale documents the transaction, which may prove beneficial, even if itТs only for your personal records. Besides serving as a receipt, this document can protect your legal rights should problems arise with the vehicle in the future. Regardless of your decision, Illinois still requires that pertinent information (such as contact information, mileage and the sale price) be documented on the Certificate of Title.
Completing a generic IL bill of sale is an excellent idea, even though you are not legally obligated to do so. You may even consider having it notarized. There are multitudes of DMV bill of sale forms available online, and you must be sure to include:
- Current contact information for both parties
- Transaction date
- Dollar amount
- Vehicle Identification Number (VIN)
- Model, make, series number and year
Finally, be sure that both the buyer and seller sign the bill of sale.