It is very important that when you sell your car or when you are buying a car from someone that the transaction include an Illinois Bill of Sale, assuming you live there. All states require some sort of Bill of Sale when a car is sold and needs a title transfer. The state of Illinois does not have any restrictions on what the Bill of Form looks like. The state doesn't have a set form, so you can either get one made from an auto bill of sale template, find one online from a third party or simply make one yourself.
What Is a Bill of Sale?
The Bill of Sale is probably the most important document you will have between the person selling and the person buying. It is a legal verification that you own the vehicle. In most states, including Illinois, it is a required document in order for you to register the car and get the title. This helps assess state taxes for the vehicle. The Bill of Sale not only proves that you are the legal owner, but it also releases the previous owner from any future things that might happen to the vehicle that they sold.
Bill of Sale Creation Checklist
It is important that you know exactly what will be needed on the Bill of Sale, especially if you are creating your own. When you begin making the form, you will need to include the following:
- The date of the sale.
- The name of the person selling the vehicle.
- The name of the person buying the vehicle.
- The address of the person selling the vehicle.
- The address of the person buying the vehicle.
- The make of the vehicle.
- The model of the vehicle.
- The year of the vehicle.
- The VIN (vehicle identification number) of the vehicle.
- The phone number of the person selling the vehicle.
- The phone number of the person buying the vehicle.
- The selling price of the vehicle.
- A detailed description of the vehicle being sold. This should include of course the VIN, odometer reading and license plate number. A statement from the seller that the car they are selling has no lien or anything else on the title that would forbid them from selling the vehicle.
Completing the Bill of Sale
After the Bill of Sale is completely filled out by both parties, it is important that both parties sign and date the Bill of Sale. If you are not selling your car to another person and are just taking it to a salvage yard, the state of Illinois will allow you to create a Junked Vehicle Bill of Sale that needs to be used with the Certificate of Final Disposition.