What is a Bill of Sale in New Mexico?
The New Mexico Bill of Sale Form states an item’s transaction includes but is not limited to motor vehicles, vessels, and guns for a monetary interchange to a particular transcription. Suppose an individual (or entity) has sold the property to another person. In that case, the information about the deal will be indicated in the bill of sale form, which also serves to evince the transfer of ownership. Signing the form, the purchaser confirms to buy the item as is, meaning that it has been observed and examined, and the buyer accepts the property in its current condition. Sometimes the document can include warranties and additional disclosures.
New Mexico Bill of Sale Types
A Bill of Sale may be used for the sale and purchase of any goods, as it serves as a retail receipt, but usually, the form is created for the following types of items:
A Vehicle BOS contains detailed information about a car, motorcycle, trailer, or other property you are selling, such as make, model, year, VIN, and odometer reading. The paper is sometimes used to prove ownership when applying for registration, though it is not legally equal to the title.
A Boat BOS is created to indicate that the seller has conveyed rights to the vessel, jet skis, or another item. You will have to provide a description of the watercraft in the document, including the HIN and the motor engine type.
Firearm-related restrictions are minimal in the state. Creating a BOS will protect both the seller and the buyer from getting involved in unlawful acts, as both parties will have to confirm not to have a serious criminal record in the paper.
Why Do I Need a Bill of Sale?
Legal assistants recommend completing Bills of Sale for personal records, although that is not the only reasonable purpose of the document creation.
A BOS provides legal protection for both parties. For instance, if the seller failed to notify the purchaser about significant damages and defects of the item, they will remain responsible for compensation. If the buyer gets involved in an accident with the sold property, the seller will declare to have no liability presenting a Bill of Sale.
In most states, the BOS is used as an ownership certificate when registering the newly-acquired property. In the state of New Mexico, it is required in specific cases only.
New Mexico Laws and Requirements
When registering a new or used vehicle for the first time, you have to visit the NM MVD in person. The amount of appropriate fees depends on the weight and model year of the vehicle. If an agent is acting on the owner’s behalf, it is obligatory to provide the effective Power of Attorney.
A motorboat that is less than 10 feet must be registered but does not have to be titled in New Mexico. However, if the applicant still intends to title their vessel, they will not be prohibited from doing it. In this case, all fees and excise tax will apply.
Firearm policy in the state is lenient. One does not need to have a permit or license to obtain a handgun.
Do I Need to Have a Bill of Sale to Register a Vehicle, Watercraft, or Firearm in New Mexico?
- When registering a car, the Vehicle BOS is only required if the Assignment of Title is not on the Title’s back. If you are applying for trailer registration, the BOS has to be submitted.
- Provide a Boat BOS when registering an acquired vessel. You will also have to submit an ID card and pay applicable fees.
- A handgun does not need to be registered in New Mexico. However, obtaining a concealed weapon requires a permit. An individual has to be at least 21 years of age and submit proof of residency in the state. They also must complete a training course prior to receiving a permit.
Creating a Bill of Sale in New Mexico
Use our form-building software to get an up-to-date customized version of the New Mexico Bill of Sale Form. Below is the information you will have to input.
- Personal Data
Both parties should provide their full names, complete addresses, and telephone numbers.
- Description of the Item Being Sold
Depending on the type of private property, you need to submit the serial number, ID number, make, model, size, color, design, features, and faults. Special conditions of the sale and purchase must be provided as well, along with the selling price and method of payment.
Append your signatures, claiming to have submitted true and correct information. If the document requires notarization, a licensed notary has to authorize the paper. If notarization is not obligatory, it will add an extra level of protection to the document, especially if you sell a valuable item.