Illinois Equipment Bill of Sale

How to sell a equipment in Illinois

An equipment bill of sale records the sale of machinery, tools or heavy equipment: skid steers, excavators, generators, trailers of tools, shop machines. It lists the make, model, serial number, hours and attachments, states the price and the as-is terms, and gives the buyer a receipt for their books and the seller proof the equipment is gone.

Seller steps

1. Confirm you hold clear title. If a lender is on the title, get the lien release before you list it.
2. Agree on the price and fill in the Illinois equipment bill of sale above with the buyer. Record the Serial no..
3. Both parties sign and each keeps a copy. Illinois does not require a notary.
4. Hand over any registration papers, manuals, receipts or health records that go with the equipment.
5. Hand over the equipment and keep your signed copy of the bill of sale for your records.

Buyer steps

1. Check the Serial no. against the equipment itself before you sign.
2. Keep the signed bill of sale with your records; it is your proof of ownership and purchase price.
3. If you bought it for a business, give the bill of sale to your bookkeeper for the asset record.

Before you sign

• Copy the serial number from the manufacturer's plate, not from a listing.
• Record hour meter readings on anything with an engine.
• List every attachment, bucket and accessory in the sale.
• If the buyer is a business, use the business name as the buyer.

Why a bill of sale matters for a equipment

• Businesses need a bill of sale to book the asset and claim depreciation.
• Heavy equipment is not titled in most states, so this is the ownership record.
• Serial numbers on the bill of sale help if the equipment is later reported stolen.
• An as-is clause on used machinery protects the seller from repair claims.

Want both parties to walk away with a signed copy and a notary page ready? The $9 ready-to-sign pack adds them.