This forms package contains a Bill of Sale, Odometer Statement and Promissory Note. It is for the situation where the Buyer may be making a downpayment and paying the balance over time.
Bill Of Sale For Car Illinois With Deposit
State:
Illinois
Control #:
IL-00431-C
Format:
Word;
Rich Text
Instant download
Description
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How to fill out Illinois Bill Of Sale For Automobile Or Vehicle Including Odometer Statement And Promissory Note?
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FAQ
Include the details of the deposit agreement, including the amount, when it's due, and what it covers. Specify any additional terms for the deposit, including how the deposit will be handled if the deal falls through. Be sure to include the signatures of both parties to make it a legally binding document.
A bill of sale should include the name, address, and driver's license numbers of both the buyer and the seller, along with the signatures of both parties. This document should also include essential information about the vehicle, including the make, model, year, VIN, color, and current mileage at the time of sale.
A deposit receipt should have the buyer's information, the seller's information, the vehicle information, the deposit amount plus the total purchase amount of the vehicle, and both the current date and the date upon which the buyer must return to make the full payment and/or sign a purchase agreement.
Illinois doesn't require a bill of sale and the state doesn't have a standardized form for one. But, that doesn't mean you can't create your own as proof of the transaction to protect your interests.
The form should include all aspects of the transaction including the full names of all parties, description of the vehicle being sold, and the purchase price amount. Once signed, the bill of sale becomes a legally binding contract.