What is Vehicle Bill of Sale?
A vehicle bill of sale is a form that records a private sale transaction involving a car between a buyer and seller. This document is required in some states in the US for vehicle registration. However, in the state of Illinois, there is no law mandating vehicle owners to obtain a vehicle bill of sale before registering their vehicles.
The major benefit of crafting a vehicle bill of sale is to protect car buyers from the risk of fraud or when a misunderstanding erupts between a buyer and a seller. A bill of sale is also important when you need to prove to the court that you are the legal owner of a used vehicle.
While there are so many ways to write a vehicle bill of sale, for it to be valid, it should capture important information like the full names of both the buyer and sellers, their addresses, transaction date, the amount involved, as well as, the signatures of both the buyer and seller.
What Information Can You Get From Vehicle Bill of Sale?
When you take a look at a vehicle bill of sale, you should be able to get the following information at a glance:
- Date of transaction:
- Payment Method:
- Name and address of both parties:
- Signatures of both parties:
The bill of sale can only be valid if it carries the date the transaction occurred.
The signing of the form by both the buyer and seller should be done in the presence of at least two witnesses.
This is the person buying the vehicle
This is the owner of the vehicle that indicates interest to sell privately.
The bill of sale for a car should clearly spell out the payment method; otherwise we cannot conclude that it is a valid document that can be tendered in court.
The full names and addresses of both the buyer and the seller should be captured in the bill of sale for car.
Both parties need to sign the document for it to be valid.
How to Write a Vehicle Bill of Sale
Writing a vehicle bill of sale is a simple process on the CocoDoc platform. While there is no general format to write a vehicle bill of sale, for the bill of sale to be valid, it must contain:
- The seller’s name and contact information
- The buyer’s name and contact information
- The vehicle make, model, year, color, VIN, and odometer reading
- The date of the sale
- The purchase price
- Signatures of both parties
Registering a Vehicle
Registering a vehicle in the state of Illinois is a simple and straightforward process. Whether you get a vehicle through a gift or inheritance, you must register the vehicle within 20 days; otherwise, you will get into troubles with law enforcement agencies.
If you buy a vehicle privately, you are required to complete the paperwork before registering the vehicle with your name. The registration should be done online at the Vehicle Services page or at the nearest Secretary of State (SOS) office.
Documents Required For The Registration
You need a few documents to register a new car. Some of the documents include a bill of sale, odometer disclosure statement for title transfers (VSD 333.4), application for vehicle transaction (Form VSD 190).
Other documents required are seller’s report of sale (VSD-703), certification of title signed by the previous owner, tax RUT-50 (obtained at SOS office), valid Illinois driver’s license, and registration Fees (typically $150-$165). Additionally, you will also need proof of car insurance and motor vehicle power of attorney.
Who Needs a Bill of Sale in Illinois?
If you are up to driving age and you intend to own a car, you need to request the bill of sale for a car from the seller before making a payment. It is a good practice to have a bill of sale. It will protect you from scams, frauds, and even misunderstanding from the other party.
Absolutely, a handwritten bill of sale is legal, provided it captures all the important information required by your state. A bill of sale also works like any other legal document. If other legal documents are valid, then a handwritten bill of sale is also valid.
Okay, that's it. As an Illinois resident looking to buy a second-hand or used car privately, you need a vehicle bill of sale in Illinois. The free bill of sale template for cars is a document that records the transaction involving the sale of vehicles between a buyer and the seller.
It is important to craft a bill of sale to protect yourself against fraud or misunderstanding with a potential buyer. A bill of sale must contain a number of things for it to be valid, including your full name and address, the full name of the other party and their address, a description of the vehicle, and the date the transaction occurred.
The bill of sale Illinois is valid when a buyer and seller append their signatures on the document. If the deal leads to a court case, the bill of sale for car Illinois can be used as evidence to win the case.