What Is an Illinois Bill of Sale?
The Illinois Bill of Sale is a document created to record the transfer of ownership between two parties, called the seller and the buyer. It usually contains important details of the deal and information required for a clear identification of the seller, the buyer, and the sold item. This document is a legally binding agreement between the seller and the buyer and valid proof of the fact of the ownership transfer. For this reason, you are advised to fill it out every time you sell or buy any valuable item in Illinois.
There are four main types of this document:
- Illinois Generic Bill of Sale. The laws of Illinois does not require you to fill out a bill of sale when selling or buying personal property within the state;
- Illinois Vehicle Bill of Sale. The bill of sale is not required to transfer the car title in Illinois. However, it is better to prepare one in case the sales price is questioned by the Illinois Department of Revenue. You can use the state-issued Form RUT-49, Vehicle Transaction Affidavit in lieu of a bill of sale, as it contains all basic information required by Illinois laws. If you sell a junk car, use the state-provided Form VSD 658, Junk Vehicle Bill of Sale;
- Illinois Boat Bill of Sale. The state does not provide any government-released form you can fill out and use as a bill of sale. However, you need this document for registration if you have bought a used watercraft classified Class 2, 3, 4 or Class 1 (jet skis/PWCs only) from any Illinois retailer or individual;
- Illinois Firearm Bill of Sale. Illinois laws require the seller of a firearm to keep a record of the gun transfer for 10 years minimum. The only official form pertinent to the firearm transfer is the Lost, Stolen, Destroyed or Transferred Firearms Report released by the Cook County.
Any form is usually prepared in two original copies for each party to keep one.
Illinois Bill of Sale Requirements
To be valid, a Bill of Sale in Illinois must contain minimal required information:
- Identification of the seller and the buyer;
- A description that allows identifying the sold item clearly;
- Sales price;
- Date of sale;
- Signatures of both parties.
If you wish, you can add more information about the conditions of your deal as well. It will help you to prove the terms you agreed upon if any questions arise.
Does a Bill of Sale Have to Be Notarized in Illinois?
The Illinois Bill of Sale rules do not require a notary certification for the document. At the same time, it is always a good idea to have one if you feel you need an extra layer of protection. Remember that for proper certification, the document must be signed in front of a notary public.
If you need to sell or buy watercraft in the state of Illinois, you are welcome to use this template. It contains a section on personal details that identify both parties of a sale, the description of the boat, and the terms of the purchase.
Download this legally binding agreement to record the transfer of different kinds of items from the seller or the transferor, to the buyer or the transferee. This document contains all of the necessary details pertaining to the deal.
Use this form to sell or buy a vehicle in order to document the details of your transaction. This form constitutes legal proof of the transfer and therefore protects the legal interests of both parties of the deal, the seller and the buyer.
This document is filled out during the transfer of a firearm from one party to another. Thus, it becomes a legally binding contract that contains the necessary details pertinent to the purchase. Although there is no government-issued form for this matter, any basic template may be used.