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Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller - Illinois 2025

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The document is a Bill of Sale outlining the transfer of various assets from a seller to a purchaser for a specified consideration. It details the items being sold, including furniture, equipment, inventories, operating data, intellectual property, and other business-related assets. The seller guarantees that these assets are free of liens and encumbrances and agrees to assist in transferring ownership. The document includes sections for signatures and acknowledgments by both parties.

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How to use or fill out Bill of Sale in Connection with Sale of Business by Individual or Corporate Seller - Illinois

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Click ‘Get Form’ to open it in the editor.
Begin by entering the Seller's name and address in the designated fields. Ensure accuracy as this identifies the party transferring ownership.
Next, specify the Purchaser's details, including their name and address. This is crucial for legal recognition of the transaction.
In the section detailing assets, list all items being sold, such as equipment and inventory. Use Schedule 1 for a comprehensive itemization.
Review any contracts or agreements that are being assigned to the Purchaser. These should be listed on Schedule 2.
Complete the acknowledgment section by signing and dating where indicated. If applicable, have a notary public witness your signatures.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Does Illinois require a docHubd bill of sale?

Can a bill of sale be handwritten? While it is common to present a bill of sale in a digital format, you can also create a handwritten bill of sale. Whats most important is to include all of the pertinent details in the bill of sale in order to protect both parties.

Who pays transfer taxes in Illinois, the buyer or the seller?

Most of the time, sellers pay. In some communities, buyers are hit with the tax. In Chicago, both buyers and sellers must pay a transfer tax. In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price.

Can you just write a bill of sale on a piece of paper?

Incomplete Information: One of the most common mistakes when using a bill of sale is not including all the necessary information. This can include missing information about the buyer or seller, the price of the item, the date of the sale, and the condition of the item.

Can I get a title with just a bill of sale in Illinois?

Evidence of your right to acquire a title, such as a bill of sale, receipt or canceled check. If evidence of your ownership is not available, a docHubd statement explaining how you came into possession of the vehicle is needed.

What is required on a bill of sale in Illinois?

Current contact info for buyer, seller, and any involved third parties like lienholders (including full name, address, and phone number) Accurate physical description of the car, including the vehicle identification number (VIN), present odometer reading, license plate number, make, model, and year of manufacture.

illinois bulk sales form

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What are the common mistakes in bills of sale?

In Illinois, this includes: Details of what is being sold (e.g., a vehicle sale must have the year, make, model, color, VIN, and odometer disclosure) Name and contact information for both buyer and seller. The price of the item with payment details. Date of the sale. Signing details.

Can a bill of sale be handwritten in Illinois?

It is important to make sure all the requirements for the respected state law are included in the bill of sale. As, with any legal written document a bill of sale can be handwritten.