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That is, in Michigan, it is not compulsory to have a bill of sale when selling or buying a car. However, rules for a bill of sale differ from state to state. Therefore, at the DMV, you will need to show the ownership of the trailer by providing a proper trailer bill of sale.
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On the other hand, the bill of sale also works as insurance in the event if someone is injured when using the trailer. Hence, you want proof of transaction if someone makes a false claim against the ownership. Trailers can be expensive, depending on the type you are selling or buying.There are two reasons why you need a bill of sale when selling or buying a trailer.
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The types of trailers may include camping trailers, livestock trailers, boat trailers, and homemade trailers, among others. It cannot operate by itself and is used for transportation purpose. 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. Why do you need a trailer bill of sale in Illinois?
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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. Moreover, you must also keep a copy of your trailer bill of sale with you. You can safely store the bill of sale in a bank locker or a safe so that nobody can steal it. 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. 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.
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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. You cannot register your trailer with the DMV without those documents. These documents will come in handy when you register your newly-bought trailer with the Department of Motor Vehicle (DMV). 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. On the other hand, it also provides evidence that the trailer was assured to be in a specific condition at the time of purchase. 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. As a seller, you can avoid any liability if the trailer is damaged or gets into an accident later.
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Moreover, it also shows that the buyer has presumed full responsibility for the 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. Importance of the Bill of Sale Template in Illinois For Your Trailer The trailer bill of sale can also be used to determine how much tax you pay.Ĭonsidering 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. The bill protects you as well as the buyer, in case, if any disagreements or disputes arise in the future.