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.
Illinois Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
State:
Illinois
Control #:
IL-00431-C
Format:
Word;
Rich Text
Instant download
Description
Definition and meaning
The Illinois Bill of Sale for Automobile or Vehicle, including Odometer Statement and Promissory Note, is a legal document used to transfer ownership of a motor vehicle from a seller to a buyer. It serves as proof of sale and includes necessary details such as the vehicle's description, purchase price, and the buyer and seller's information. This document also contains an odometer disclosure statement that provides the actual mileage of the vehicle at the time of sale, ensuring transparency and compliance with federal regulations.
How to complete a form
Completing the Illinois Bill of Sale requires careful attention to detail to ensure the document is valid and legally binding. Follow these steps:
- Enter the date of the transaction at the top of the form.
- Fill in the purchase price of the vehicle.
- Provide details about the vehicle, including its make, model, body type, Vehicle Identification Number (VIN), and year.
- Complete the seller's and buyer's information including names, addresses, and signatures.
- Include the odometer reading along with any necessary certifications regarding mileage accuracy.
- If applicable, complete the promissory note section to note any payment agreements.
Ensure all parties sign the document in the presence of a notary public for it to be officially recognized.
Who should use this form
The Illinois Bill of Sale for Automobile or Vehicle is essential for anyone involved in the sale or purchase of a motor vehicle within Illinois. This includes individual buyers and sellers, as well as businesses engaged in the sale of vehicles. It is particularly useful in private sales where a formal transaction record is needed to protect both parties' rights.
Key components of the form
The form consists of several critical sections:
- Purchase Details: Contains the purchase price and payment terms.
- Vehicle Information: Includes make, model, year, and VIN to uniquely identify the vehicle.
- Odometer Statement: A legal requirement to disclose the vehicle's mileage, avoiding fraud.
- Promissory Note: Specifies payment terms if applicable, detailing amount owed, interest, and repayment schedule.
- Signatures: Both buyer and seller must sign the form, along with a notary public for verification.
Common mistakes to avoid when using this form
To ensure the validity of the Illinois Bill of Sale, be mindful of the following common errors:
- Failing to accurately complete vehicle details such as VIN or mileage can lead to disputes.
- Not having the form notarized can render it unenforceable in a legal context.
- Omitting signatures from either party prevents the document from being completed legally.
- Neglecting to provide a clear payment structure in the promissory note can lead to misunderstandings later.
What to expect during notarization or witnessing
Notarization is an important step for the Illinois Bill of Sale as it authenticates the document. Here’s what to expect:
- You will need to visit a notary public with both the seller and buyer present.
- Each party must provide valid identification.
- The notary will ask everyone to sign the document in their presence.
- After verifying identities, the notary will stamp the document and add their signature, sealing it as official.
This process helps prevent fraud and confirms that both parties willingly entered into the agreement.
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FAQ
Car Registration. You must have your car registration when selling your vehicle. Notice of Sale Form. You will need to advise the Illinois Secretary of State that you have sold your car. Odometer Disclosure Statement Form. Vehicle History Report.
Bills of sale do not require notarization in the state of Illinois, but it is always an option.
No. An Illinois bill of sale is not required to register a vehicle. However, a bill of sale can be a helpful document. A title is required and you are not allowed to operate the vehicle with the plates on the vehicle at the time that it is sold as those belong to the seller.
An Illinois bill of sale is not required to register a vehicle. However, a bill of sale can be a helpful document.To register a vehicle in Illinois, you need to apply for registration and title on the vehicle. You can use a bill of sale along with the proper VSD form depending on your needs.
Alabama. Arkansas. Colorado. Connecticut. Hawaii. Idaho. Maine. Nebraska.
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
The full names and contact information of the buyer and seller. A statement that transfers ownership of the item from the seller to the buyer. A complete description of the item being purchased. A clause indicating the item is sold "as-is"
Obtain and fill out the Illinois Notice of sale form. Remove the license plates from the car. Confirm that the buyer has a valid driver's license. Confirm that the buyer has valid car insurance. move all personal identification from the car.
Car Registration. You must have your car registration when selling your vehicle. Notice of Sale Form. You will need to advise the Illinois Secretary of State that you have sold your car. Odometer Disclosure Statement Form. Vehicle History Report.