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Illinois Vehicle Bill Of Sale Template For Used Car And Free Printable

illinois vehicle bill of sale template for used car and free printable

Topic : Illinois vehicle bill of sale template.

Category : Bill Of Sale.

Author : Claudia McGowan.

Published : Sun, Aug 26 2018 :9 AM.

Format : jpg/jpeg.

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Date: The sale date represents when responsibility for an item was transferred from one individual to another. This date does not necessarily indicate ownership, such as in a vehicle purchase, where the buyer only becomes the legal owner once they register the car.

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Date: The sale date represents when responsibility for an item was transferred from one individual to another. This date does not necessarily indicate ownership, such as in a vehicle purchase, where the buyer only becomes the legal owner once they register the car.

A bill of sale is comparable to a receipt, whereas a sales agreement acts as a contract. Since a bill of sale may contain as-is or warranty information, it’s important to read the document closely and make sure all the terms are understood and accurate. Especially for high-price items or more complicated agreements, a seller or buyer may want to have a third party, such as an attorney, check the bill of sale to ensure critical information isn’t missing.

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Payment: In addition to the price of the item for sale, document the form of payment and whether the final total includes sales tax. If you are trading items rather than selling them for cash, describe the transaction on the bill of sale with details about each of the items being exchanged.

A Bill of Sale acts as a receipt for both parties. The seller can use it to prove that an item was sold to the purchaser "as-is", and the buyer can use it to prove that payment in full was given to the seller. It also provides a sale date to both parties, which can show when the responsibility of the item was transferred. Both the purchaser and the seller can use a Bill of Sale as evidence of the price paid for tax purposes.

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