Does A Bill Of Sale Have To Be Notarized In Illinois?

Can you transfer a car title online in Illinois?

You can do this online or by stopping at your local Secretary of State (SOS) office.

Illinois residents will still need to pay a $95 charge for a duplicate, as well as any taxes or fees that may be outstanding on the vehicle..

Do you need a bill of sale to transfer title in Illinois?

Submit a completed Seller’s Report of Sale, Form VSD 703 to the Illinois SOS Vehicle Services Department. In Illinois, there is no official bill of sale, so you can make your own. It should contain the name, address and phone number of both the buyer and seller.

What states require a bill of sale notarized?

Most states do not require a notary to witness the signing of a bill of sale. However, by law, a notary public must witness both parties signing the document in Louisiana, Nebraska, Maryland, New Hampshire, West Virginia, and Montana. Notaries are optional in other states.

What do you need to sell a car privately in Illinois?

Understand Your Legal Liability When Selling A Car In IllinoisObtain 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.More items…•

Who pays sales tax when selling a car privately in Illinois?

The buyer must pay $95 to the Secretary of State, and a tax to the Department of Revenue. For vehicles worth less than $15,000, the tax is based on the age of the vehicle. It starts at $390 for a one-year old vehicle.

How do you get a bill of sale notarized?

How to Notarize a Bill of Sale for a CarRequire that the person signing the bill of sale be present during notarization of the bill of sale. … Check the identity of the signer. … Review the document, and determine whether the person has the authority to sign the bill of sale. … Have the person sign the bill of sale in your presence.

How do you write a bill of sale for a car in Illinois?

For an Illinois bill of sale for a working motor vehicle, you’ll need the legal name, physical address, and driver’s license or state ID number of both the buyer and the seller. To describe the vehicle, you should document the make, model, and year of the vehicle; the VIN; the color; and the odometer reading.

Do both parties need to be present to notarize a bill of sale?

You not need both parties to be physically present at the time of notarization, but you can only notarize for the person who is appearing before you. The other person can have their signature notarized at another time.

Can you register a car without a title in Illinois?

Only your local DMV can. Call your local DMV, explain why you do not have a title, and ask if you could get a bonded title.

How much does it cost for title transfer and plates in Illinois?

Correct fee for title is $150.00, transfer of plate fee is $25.00. registration fees vary depending on the type of plates required for the particular vehicle. If an original title is lost the vehicle owner can apply for a duplicate title.

Do you pay taxes if you sell a car?

Selling a vehicle for a profit is considered a capital gain by the IRS, so it does need to be reported on your tax return. … But if the original purchase price plus the improvements add up to $8,000 and you sell the car for $10,000, you’ll have to pay capital gains tax on your $2,000 profit.

How long can you drive on a bill of sale in Illinois?

i) Section 3-801 of the Illinois Vehicle Title and Registration Law of the Illinois Vehicle Code [625 ILCS 5/3-801] provides a 24 hour grace period applicable only to vehicle sales between individuals to allow the buyer to drive the vehicle from the point of sale to the individual’s residence or to a facility to obtain …

Does a bill of sale need to be notarized in Illinois?

These documents protect both the seller and buyer and in many cases make it possible to register items with the state when needed. … These forms also prove change of ownership. If a document requires notarization, do not enter signatures until all parties are before a notary public.

Does a car title need to be notarized in Illinois?

Is the Illinois title required to be notarized? No.

Do you pay sales tax on a private car sale in Illinois?

Illinois private party vehicle use tax is based on the purchase price (or fair market value) of the motor vehicle, with exceptions noted on the right (i.e., for motorcycles and specific situations). For most purchases, you will use Table A or B to determine the tax amount.

Does a bill of sale show ownership?

Vehicle Bill of Sale Keep in mind, however, that a bill of sale does not prove ownership — only a title transfer does that. A bill of sale is only a record that a sales transaction occurred between two parties.

Can you sell a car with just a bill of sale?

The bill of sale can be typed or handwritten and it doesn’t need to be notarized. All you need is the vehicle identification number, purchase price and date, and buyer and seller details. If your car is newer than 15 years old, this won’t work. But you should probably have a title for it anyway.