How to Get a Bill of Sale in New Mexico
Completing a vehicle bill of sale in New Mexico is an important part of a car sales transaction. An NM DMV bill of sale form usually displays essential information about the seller and the purchaser, as well as details about the vehicle in question. The information displayed on an auto bill of sale may be utilized for various purposes, when properly filled out, due to its significance.
Overall, sellers and buyers may use this legal document in the event of future disagreements, which may arise over the ownership of the vehicle sold. The state Motor Vehicle Division (MVD) may also require individuals to submit a completed bill of sale template during the completion of specific transactions associated with the vehicle that has been sold.
However, providing a sample bill of sale may only be necessary under certain conditions. For more detailed information about how to write a bill of sale, including when such a document is required in New Mexico, continue reading below.
When is a bill of sale necessary in New Mexico?
Presenting a car bill of sale in New Mexico may be a standard requirement in specific procedures conducted through the state Motor Vehicle Division. For instance, an NM bill of sale PDF or printout is required when applying for a title or registration of a motor vehicle or vessel provided that a certificate of title is not available or that the form does not contain all of the required information.
This credential includes information such as the car’s purchase price and odometer reading, as well as the legal signatures of the involved parties. Thus, a bill of sell document may be of great benefit in the absence of a title certificate.
Possessing a properly completed bill of sale form may be very useful for buyers who incur serious penalties if they fail to finalize the titling and registration processes within the set time frame, which is within 30 days of a purchase. Having a copy of a bill of sale usually proves to be useful in the event of a legal disagreement that may arise after the sale has been completed.
For example, if the buyer fails to complete the titling and registration process and commits a traffic violation, the seller may be held accountable for this action and the penalties accrued. However, if the previous owner shows his DMV bill of sale in such instance, he can avoid any future liability for the vehicle in question by proving he no longer owns it.
Who needs a New Mexico bill of sale?
Even though a vehicle bill of sale is not required by the New Mexico Motor Vehicle Division to finalize a specific car-related process, retaining a copy of this document after buying or selling a vehicle is still recommended. If you are the purchaser, a bill of sale copy is useful in proving you own the vehicle and that you have paid the amount indicated on the form.
Having a copy of this credential is equally important for the seller, as the form can prove that he or she no longer owns the vehicle in question, thus avoiding any future liability. Additionally, possessing a valid auto bill of sale receipt is important so that sellers can retain access to the information associated with the vehicle sold.
How to Complete a Bill of Sale Form in New Mexico
Before filling out a New Mexico bill of sale template for the purposes of conducting official business with the state MVD or for other transactions, individuals must ensure that they have the required information on hand. A generic bill of sale in NM consists of several sections pertaining to the vehicle sold and the parties involved in the sales transaction.
Therefore, prior to signing a sample bill of sale form, individuals will need to include the following details:
- Description of the vehicle or vessel in question, including the year, make, model and body type.
- Specific vehicle or vessel information, such as the engine number (if applicable), license plate or vessel registration number or vehicle or hull identification number.
- The exact sale price.
- An odometer disclosure statement.
- The names of the buyer and seller.
- The signatures of the buyer and seller.
When completing a used car bill of sale, one of the ways to ensure you include the correct information is to order a vehicle history check beforehand. Once completed, you may need to present your credential to a nearby NM MVD location along with the other paperwork related to the procedure being conducted at the moment.
If you are still wondering how and where to get a bill of sale in New Mexico, click here to obtain this document quickly and easily so that you can have proof of the sale or purchase of your vehicle.