ILCrownline202
Recruit
- Joined
- Jun 18, 2010
- Messages
- 3
Illinois Boat Purchase
Buyer and Seller both Illinois residents
I am from Illinois and recently purchased a used boat from a private owner who is also from Illinois. I had to do some searching and calling to find out exactly what I needed to complete the transaction, so I thought I would post this to help others save a little time and confusion.
1.At payment time get title for trailer and boat from previous owner and make sure he/she signs where needed on each title.
2.DMV ? You need to go to the DMV to register and title the trailer in your name. You will need the signed trailer title for this (signed by seller and buyer). You will need to pay $149.00 to the Secretary of State at this time. In return they will process your title and plates and give you a temporary plate until you receive the new plates in the mail.
3.
Illinois Department of Natural Resources Watercraft
PO Box 19226
Springfield, IL 62794-9226
You will need to send the remainder of the paperwork to the above address.
These are the required items:
1.Watercraft Registration / Title Application Form
2.Watercraft Title (Signed by Previous Owner)
3.Payment for new registration and title ($52.00)
4.Form RUT-75
*Make sure you only put the value of the boat here, because tax is based on the payment price of the boat, not the total.
5.Tax Payment (made to the IL Department of Revenue)
*This value is going to be 6.25% of the price paid for the boat.
*If the boat value is $12,000, you will owe a tax amount of $750.
6.Bill of Sale (must be signed by seller and buyer)
*Separate the values of the boat and trailer on the signed bill of sale (i.e. $12,000 Boat, $2,500 Trailer, $14,500 Total). Make sure the seller separates these values. NADA's website allows you to print off a retail value sheet for trailers and for boats which is a helpful source.
Good luck, I hope this helps.
Buyer and Seller both Illinois residents
I am from Illinois and recently purchased a used boat from a private owner who is also from Illinois. I had to do some searching and calling to find out exactly what I needed to complete the transaction, so I thought I would post this to help others save a little time and confusion.
1.At payment time get title for trailer and boat from previous owner and make sure he/she signs where needed on each title.
2.DMV ? You need to go to the DMV to register and title the trailer in your name. You will need the signed trailer title for this (signed by seller and buyer). You will need to pay $149.00 to the Secretary of State at this time. In return they will process your title and plates and give you a temporary plate until you receive the new plates in the mail.
3.
Illinois Department of Natural Resources Watercraft
PO Box 19226
Springfield, IL 62794-9226
You will need to send the remainder of the paperwork to the above address.
These are the required items:
1.Watercraft Registration / Title Application Form
2.Watercraft Title (Signed by Previous Owner)
3.Payment for new registration and title ($52.00)
4.Form RUT-75
*Make sure you only put the value of the boat here, because tax is based on the payment price of the boat, not the total.
5.Tax Payment (made to the IL Department of Revenue)
*This value is going to be 6.25% of the price paid for the boat.
*If the boat value is $12,000, you will owe a tax amount of $750.
6.Bill of Sale (must be signed by seller and buyer)
*Separate the values of the boat and trailer on the signed bill of sale (i.e. $12,000 Boat, $2,500 Trailer, $14,500 Total). Make sure the seller separates these values. NADA's website allows you to print off a retail value sheet for trailers and for boats which is a helpful source.
Good luck, I hope this helps.
