A New Mexico Motorcycle Bill of Sale is a comprehensive legal document that outlines information about the buyer and seller involved in the sales transaction and the motorcycle in question.
What Is a New Mexico Motorcycle Bill of Sale Form?
The motorcycle bill of sale documents the motorcycle’s ownership transfer from the seller to the buyer.
It acts as a receipt of the transaction.
A bill of sale contains detailed information about the buyer of the motorcycle, the seller, the motorcycle itself, and the exact price the seller sold it for.
Is a Motorcycle Bill of Sale Form Required in New Mexico?
A motorcycle bill of sale form is required in New Mexico if the Assignment of Title section on the Certificate of Title is incomplete.
Do You Need a Bill of Sale to Register a Motorcycle in New Mexico?
You need the motorcycle’s Certificate of Title in New Mexico to register your bike successfully.
The Assignment of Title section on the title must be completed and signed by the seller.
A bill of sale is only necessary if the Assignment of Title section on the title is empty.
Additionally, you will need to present the following pieces of information:
- An odometer disclosure statement (Form MVD 10187), which specifies the mileage of the motorcycle at the time of the sale
- If there is no Certificate of Title, or the seller does not have this, they can get a replacement by submitting an MVD-10901 form to the Department of Motor Vehicles.
- A completed Application for Vehicle Title and Registration (Form MVD 10002)
- A copy of the owner’s valid driver’s license
- Proof that any applicable registration fees are paid
Note that in New Mexico, you must also provide proof of insurance; any policy you have will need to meet specific minimum insurance coverage requirements.
These include $25,000 in coverage to cover bodily injury or death should one person be involved in an accident.
Also required is $50,000 in minimum coverage for bodily injury or death to two or more people and $10,000 to cover any property damage that may occur during a single accident.
How Do I Transfer Ownership of a Motorcycle in New Mexico?
In New Mexico, providing a signed-over Certificate of Title and other documents to transfer motorcycle ownership is mandatory.
These include proof of ownership, residency, identity, and an insurance policy valid in the state.
You’ll also need an odometer disclosure statement from the person selling the motorcycle and proof that you have passed the state’s emissions requirements (for Bernalillo County only).
The buyer then takes the documents to a local Motor Vehicle Division field office to register the motorcycle in their name.
Motorcycle Title Transfer With a Bill of Sale Only
It is impossible to transfer the title of a motorcycle using only the bill of sale in New Mexico.
The previously mentioned documents must all accompany the title transfer.
Does a New Mexico Motorcycle Bill of Sale Need to Be Notarized?
In New Mexico, a motorcycle bill of sale does not need to be notarized, but confirming the validity of all signatures present is a good idea.
Buying and Selling a Motorcycle in New Mexico
Buying or selling a motorcycle in New Mexico is a straightforward process, but it also requires keeping a few essentials in mind.
Meeting With the Potential Buyer
Before any transaction occurs, the buyer and seller should always meet in person more formally.
From the seller’s point of view, this helps ensure that they’ve found a buyer who is serious about going forward.
From the buyer’s perspective, this gives them a chance to visually confirm the motorcycle is of the type and condition the seller told him or her.
Outlining the Specifics of the Transaction
At that point, discussions can begin in earnest about the transaction.
This includes the sale price, the form of payment (cash, check, etc.), and any other relevant details like the date the handoff will take place.
You can also exchange all relevant documents (like those required for registration as outlined above) at this time.
How to Write a Motorcycle Bill of Sale in New Mexico
Step 1 – Fill in Buyer and Seller Information
Arguably, the most critical part of a New Mexico motorcycle bill of sale is the section that pertains directly to the buyer and seller.
You’ll need to include both parties’ names, addresses, and contact information, and each will have to sign.
Step 2 – Fill in Motorcycle Information
Then, you can outline more specific information about the motorcycle itself.
This includes the year, make, model, color, vehicle identification number, odometer reading, and more.
There should also be a space on the bill of sale for the amount the motorcycle sold for.
Summary
Overall, a New Mexico motorcycle bill of sale is a critical document that protects both the buyer and the seller if an issue arises in the future.
If you’d like to make the process easier, use our motorcycle bill of sale template.
New Mexico Motorcycle Bill of Sale Sample
Below is an example of what a New Mexico motorcycle bill of sale looks like.
