Illinois Motor Vehicle Bill of Sale

What Is the Illinois Motor Vehicle Bill of Sale?

The motor vehicle bill of sale Illinois serves as a legally binding document that records the sale and purchase details of a vehicle. Therefore, it acts as a valid proof that the vehicle has been sold by the previous owner to a new owner and is a means to protect both parties from any fraudulent activities. This document, which primarily focuses on addressing the existence of an agreement on the transfer of the automobile's ownership, is significant in any vehicle's sales transaction in the state of Illinois.

Importance of the Illinois motor vehicle bill of sale form

The Motor Vehicle Bill of Sale Illinois serves multiple purposes. Firstly, it protects both the buyer and seller from potential disagreements in the future. It also provides proof of transfer of ownership which can be invaluable when registering the vehicle or calculating annual property taxes.

How to Fill Out Illinois Motor Vehicle Bill of Sale

Here's a detailed step-by-step guide to filling out the Illinois motor vehicle bill of sale PDF:

1. Start by entering the vehicle's information, including the make, model, and year.
2. Specify the style and color of the vehicle next to the corresponding fields.
3. Record the Vehicle Identification Number (VIN) in the designated space.
4. Enter the odometer reading and the seller registration number in their respective fields.
5. Check the appropriate box to indicate whether an application for title of the vehicle has previously been filed.
6. Fill in the seller's full name and address, including city and state.
7. In the section transferring ownership, input the buyer’s full name and address, followed by the city and state.
8. State the sale price of the vehicle in the space provided. If the vehicle is a gift, mark the checkbox and specify the relationship to the recipient in the field provided.
9. Both the seller and buyer must sign and date the form in their designated areas to acknowledge the accuracy of the information and the transfer of ownership. You may use a send to sign feature here.
10. Ensure that all declarations under penalty of perjury about the truth and correctness of the statements are read and understood before signing. 
11. Keep a copy of the filled-out form for personal records as advised at the bottom of the form.

Legal requirements: State of Illinois motor vehicle bill of sale

The state of Illinois requires a motor vehicle bill of sale when buying or selling a vehicle. It's important to remember that both parties should retain copies of this form. It may even be required to register the car under the new owner's name. The form must be completed accurately and truthfully, as presenting false information can result in severe penalties.