If you are thinking of selling or purchasing your possessions, you must do it with a bill of sale. As some people might not know, a bill of sale is very useful if you want to make your transactions secure.
It provides complete security and legal proof in the form of documents and acts as a witness if any trouble pops out in the future. Security and proof are a must when you are selling or buying any costly possession.
For security purposes, people are recommended to make their transactions through a bill of sale so that any kind of fraud can be avoided with legal documents.
What Is an Illinois Bill of Sale?
Although some states require a bill of sale when selling and buying products, it is optional in Illinois. However, a bill of sale is necessary for junk vehicles. A bill of sale Illinois includes only two parties: the buyer and the seller.
It is not a complicated process, but it can make you rest assured that your possession has been transferred securely. A bill of sale in Illinois allows you to safely transfer your property to the new owner along with supporting.
Both the parties must be present in person, and signatures of both the parties must be done on the bill of sale in addition to other legal documents that are provided. The bill of sale must be kept with the parties as it is a very important document and can be used in the future.
These documents not only protect both the buyers and the sellers from future disputes but also make it easy for them to register their items in the state. Selling or buying things with a bill of sale provides much versatility in the future as well in the state of Illinois.
What Are Some Commonly Used Bills of Sale in Illinois?
Although a bill of sale is not legally required in the state of Illinois, people still prefer it while making transactions to avoid tactics. The commonly used bills of sale in Illinois are a general bill of sale, a bill of sale for a boat, a bill of sale for junk vehicles, a bill of sale for motor vehicles and a bill of sale for a gun.
- Boat Bill of Sale: This bill of sale is used when the boat/vessel is being sold or bought. It includes the names, addresses, and signatures of both buyers and sellers. Information about the boat like sale price, length, and year of the boat is also included.
- General Bill of Sale: It is used for the change of ownership of personal property. The full name, address, and contact details of both the parties must be included in a general bill of sale along with the sale price. In addition, the registration/ serial number and seller’s disclosure are useful.
- Junk Vehicles Bill of Sale: A specific bill of sale is necessary when selling or buying junk vehicles in Illinois. The form should be completely filled. A certificate of title is provided to the buyer. It should also be mentioned if the car is being sold or is a gift.
- Motor Vehicles Bill of Sale: It is also used when selling or buying motor vehicles. Complete details of the seller, buyer, and motor vehicle must be provided with the sale price.
- Gun Bill of Sale: It is used to transfer the ownership of the gun/firearm from the seller to the buyer. The copy of the bill of sale must be kept with both parties.
What to include in the Illinois Bill of Sale?
A Illinois bill of sale requires complete and legal information about the buyer, seller and the item being sold in written form. The following are included in the document:
- Names, addresses, and contact details of both buyers and sellers.
- State identification number or driver’s license.
- The sale price of the product.
- Date, year, and time of transaction.
- Signatures of both parties.
- Make and year of production.
- Seller’s disclosure (optional).
These are the main requirements; however, they may change, or additional information may be required for different items in the bill of sale in Illinois. For example, serial number, size of the product, whether the product is a gift or not, odometer reading for vehicles, etc.
A Illinois bill of sale can be a great idea if you want to keep your transactions secure. It is a straightforward process that requires only legal information about the parties and items to protect them from future misunderstandings.
If you want to get exclusive templates for the Illinois bill of sales, check the CocoSign website to get your complete and secure templates for free in just a few minutes!