Illinois Bill of Sale Form
An Illinois Bill of Sale Form is a contract backed by the law to officially document an ownership transfer. It formally states that personal property has been exchanged between a buyer and a seller in Illinois.
Illinois Bill of Sale Types
As-Is
Vehicle
Why Do You Need an Illinois Bill of Sale Form?
In Illinois, a general bill of sale is not strictly legally required for all personal property transactions. However, it is highly recommended to establish a clear paper trail, particularly for items of significant value.
An Illinois Bill of Sale is not officially provided by the Illinois Secretary of State (SOS) for general private sales. However, it is strongly advised that the transfer of ownership is documented.
The Bill of Sale document includes some essential details that are necessary for the transfer process:
- Vehicle Identification Number (VIN)
- Current Odometer Reading
- Finalized Sale Price
Illinois law generally requires written contracts for the sale of goods priced at $500 or more to be enforceable. The reason is to make the Bill of Sale a vital tool for such transactions.
Notarization is typically not required for an Illinois Bill of Sale for vehicle transfers. However, a general bill of sale for other personal property may sometimes require it if seeking enhanced authenticity.
Common Uses of an Illinois Bill of Sale Form
This document formally shows that:
- The seller no longer owns the item
- Liability is now transferred to the buyer
- The buyer has evidence of new ownership
- The buyer has full rights to all future sales
- The ownership transfer is legally compliant with state regulations
- The buyer has the responsibility for registration and insurance records
The extra level of authentication assures both parties involved in the transaction.
The Illinois Bill of Sale Form is not legally mandated for all sales, but is strongly advised for proving ownership. For motor vehicles, the SOS does not officially provide it for private sales.
The information of both parties is important in an Illinois Bill of Sale. These are their legal names and addresses.
A bill of Sale for motor vehicles generally does not need to be notarized for title transfer. However, some types of general bills of sale for other personal property may require notarization.
The buyer submits the signed title, along with a completed Application Form VSD 190 and Tax Form RUT-50. These will go to their local Illinois Secretary of State (SOS) office to transfer the title and register the vehicle.