How Will a Bil of Sale in Illinois Protect Your Interest in Property?
A bill of sale, a document that has been used for centuries to process the sale of branded animals like horses or used cars, guns and boats, refers to a legal contract that keeps records of sale. The document states that a particular person, legally called the seller, sold a specific piece of property to another person, the seller, on a stated date, for a given amount of money or some other valuable property. A bill of sale (BOS), therefore, confirms the transfer of title and ownership of the property while serving as evidence of the contract.
Note this: since the document comes to life in official cases like the registration of cars and boats, it must conform to the regulations set in Illinois. For this reason, some states require notarization of the document.
The state recognizes the seller and the buyer as parties to the BOS, and it also recognizes different types of proof of sale documents. But, all the documents have some details in common:
Names of the seller(s) and buyer(s) as registered by the state in the state identification and the driver's license
Physical addresses in full
State identification numbers and the driver's license numbers
Types of BOS
General BOS in Illinois
Besides the full names of the seller and the buyer, the state ID numbers, the driver's license numbers, and the full physical addresses, you will need the specific details of that piece of furniture, TV, laptop, or any other kind of personal property or your household items. For example, if selling a laptop, the color isn't all you need. You have to give its serial number, its make, model, year, and the size. Other unique descriptive characteristics are also necessary.
Once done with the description, you have to indicate the price of the item in words first then in numbers. Any other terms of sale should be explained in the free bill of sale form in Illinois. At the same time, it should be stated whether the item is given as a gift as should the terms of trade for the BOS' validity.
The state of Illinois doesn't require the inclusion of a seller's disclosure when creating general proof of sale document. It is, however, an important provision as it informs the buyer of any defects known by the seller.
For it to be deemed complete, this document must be signed and dated by the seller and the buyer.
The BOS for Motor Vehicles in Illinois
To sell a used and working vehicle in Illinois, you have to get a free Illinois bill of sale form then populate it with information about the vehicle. What this means is that you need to input the vehicle's identification number, the model, make, odometer reading and the year, besides the names, addresses, and the state ID numbers or the driver's license numbers of the seller and the buyer.
Since the seller initiates the BOS, it's also a requirement to state whether you include the title or not. The date the BOS is created as well as the date that the payment for the vehicle is made or expected to be made should be indicated in the BOS; this is crucial when the BOS is created on a different date and the payment completed on a different date.
Speaking of payments, you need to pay attention to the acceptable system for the documentation of payments - the price of the vehicle on sale should be stated in words first and then in numbers. And, if the vehicle exchanges hands as a gift to the named buyer, you have to state this, as you should when the BOS formalizes a trade. If a trade is involved, the items of the trade should be indicated and described in detail.
If other terms and conditions of sale exist, they should be explained as part of the sale.
Note: that even though the state (Illinois Secretary of State) doesn't make it mandatory to prepare a buyer's disclosure, it's a wise move to incorporate the disclosure for your protection if a lawsuit arises following the sudden breakdown of the car. Through a buyer's disclosure, the buyer is aware of the vehicle's potential mechanical issues and any other issues that the car may have.
The state of Illinois also has provisions for the creation and the use of a bill of sale when dealing with junk vehicles.
So, if you're gifting or selling a junk car, you have to use the Illinois Junk Vehicle BOS VSD 658 form. This form, which should be completed in full will have the name of the junk vehicle owner, their physical address - city and zip code, the buyer's legal name, and a statement indicating if the vehicle is being sold or gifted. The form should also be populated with details such as the year, vehicle identification number, its make and the model.
It's also important to indicate the vehicle's purchase price.
It's also necessary for the vehicle's current owner to sign an affirmation to prove that the vehicle doesn't have an outstanding lien and that they have the legal rights to give the buyer the certificate of title even if the title got lost. This document should be signed by the buyer, and it should be dated.
BOS for Horses
To sell a horse, also called a branded animal, you need a BOS, the legal document that transfers the ownership of the horse from the seller to the buyer.
This document will have all the details of the sale: the information of the seller and the buyer, as well as specifics of the horse. So, whether you're a breeder or someone interested in the horse for racing purposes, you have to get the BOS for horses.
Using the BOS form for the sale of the horse, you have to indicate the names of the buyer and the seller. This is their name and mailing address. The document should have the name of the day it's created.
In the section with the description of the horse, you (the seller) has to give information about the name of the horse, their gender, the breed, date of birth, the registration number, and any other unique descriptions of the horse. Note that information from the pre-sale vet examination will be necessary too. The form will also hold information about the purchase price and the security deposit.
Dated signatures of the seller and the buyer are also important, and they should be in print.
For the sale of a horse, the document is only final if its completion and signing takes place in and is acknowledged by the notary public.
So, what would you want to use a BOS for? Your needs in mind, we have free bill of sale forms accessible to all the residents of Illinois at no cost.