Are you looking for a Free Illinois Trailer Bill of Sale template? A bill of sale is a legal document that verifies the transfer of ownership of an asset in exchange for money or records the purchase of an asset.If you are looking for a trailer bill of sale, it is crucial to understand the entities involved in for forming the bill.
For example, if you are selling your trailer in Illinois, then the trailer bill of sale will be drafted by you, and it will include the details of the transaction. The bill protects you as well as the buyer, in case, if any disagreements or disputes arise in the future. The trailer bill of sale can also be used to determine how much tax you pay.
Considering the fact that you need more information on the trailer bill of sale, we have created this post to help you understand everything about this legal document.
Let’s get started.
Importance of the Bill of Sale Template in Illinois For Your Trailer
The bill of sale is essential to the seller since it provides the proof of the money promised to him by the buyer for the trailer. Moreover, it also shows that the buyer has presumed full responsibility for the trailer. As a seller, you can avoid any liability if the trailer is damaged or gets into an accident later.
In case if you are a buyer, a bill of sale is proof that the seller has transferred the trailer legally to you, and now it belongs to you. On the other hand, it also provides evidence that the trailer was assured to be in a specific condition at the time of purchase.
It is vital to get the statement of title as well as the bill of sale from the seller if you buy the trailer in Illinois. These documents will come in handy when you register your newly-bought trailer with the Department of Motor Vehicle (DMV). You cannot register your trailer with the DMV without those documents. With that said, if the seller doesn’t offer you the trailer bill of sale, including the certificate of title, it would be intelligent of you to stop the transaction immediately.
Once you acquire the trailer in Illinois and have received an executed trailer bill of sale, you must immediately put the contract in a secure location. If you lose it, you cannot apply for re-registration, you won’t be able to prove your ownership in case someone claims that the trailer is theirs, and you may face difficulties when you consider of selling the trailer.
You can safely store the bill of sale in a bank locker or a safe so that nobody can steal it. Moreover, you must also keep a copy of your trailer bill of sale with you.
There are plenty of sites that offer a free bill of sale template so that you can download the bill and prepare according to your requirements.
Why do you need a trailer bill of sale in Illinois?
Please note that a trailer is a unit attached to a motor vehicle designed to carry something huge and heavy like an ATV, boat, and any other property. It cannot operate by itself and is used for transportation purpose. The types of trailers may include camping trailers, livestock trailers, boat trailers, and homemade trailers, among others.
There are two reasons why you need a bill of sale when selling or buying a trailer. They include:
- Trailers can be expensive, depending on the type you are selling or buying. Hence, you want proof of transaction if someone makes a false claim against the ownership. On the other hand, the bill of sale also works as insurance in the event if someone is injured when using the trailer.
- On the other hand, the state in which you live will require the trailer to be registered with the DMV. Therefore, at the DMV, you will need to show the ownership of the trailer by providing a proper trailer bill of sale. However, rules for a bill of sale differ from state to state. That is, in Michigan, it is not compulsory to have a bill of sale when selling or buying a car.
So, a bill of sale will allow you to register your trailer, protect your ownership, and save yourself from any future liabilities.
Illinois Trailer Bill of Sale Template
What Validates a Trailer Bill of Sale in Illinois?
A bill of sale is a legal contract between the seller and buyer. Each state has different rules and laws regarding what they consider for the validation of the bill of sale. However, the contract must abide by the given rule:
- Acceptance: signature of both seller and buyer on the bill of sale
- Consideration: the amount of money exchanged (mentioned in both written and numeric form)
- Offer: the agreement to transfer the trailer for a particular sum
- Legal Intent and Competent Parties: the seller and buyer must be competent (not forced, impaired), and the contract must be lawful