A New Mexico bill of sale is a legal document used to transfer ownership of a valuable item from one person to another, based on the specific state laws of New Mexico (NM). The item can be any kind of personal property that is bought or exchanged for money, or traded for another item of value.
On a bill of sale document, the person receiving the item is referred to as the buyer, and the person giving up the item is referred to as the seller.
Much like a retail receipt, a bill of sale proves that a transaction took place, and documents the legal transfer of ownership. You should use a bill of sale in New Mexico if you’re buying or selling a car (or any type of vehicle), a boat, a gun/firearm, a motorcycle, or a horse.
Common Uses of a New Mexico Bill of Sale
New Mexico bills of sale are most commonly used for buying and selling motor vehicles. Other personal property of value such as boats, guns, horses, laptops, furniture, jewelry, and equipment are also frequently bought and sold using bills of sale.
This form protects both the buyer and seller in the event that there is a problem after the sale.
Because bill of sale laws vary across the US, you need to use the form specific to New Mexico if you’re buying or selling a valuable item in the Land of Enchantment.
Types of Bills of Sale
Using the correct type of bill of sale ensures that your document contains all of the necessary fields and information, and is legally-binding.
How to Write a New Mexico Bill of Sale
Once the terms of the transaction have been agreed by both parties, the buyer and seller should complete a bill of sale form. If the item being sold or exchanged is not a car, boat, firearm, or horse, a general New Mexico bill of sale can be filled out by including the following:
Seller and Buyer Information
The buyer and seller need to provide their respective contact details, including their full names, addresses (including cities, states, and ZIP codes), telephone numbers, and email addresses.
Item Information and Price
This section may vary depending on the type of item involved in the transaction, but you’ll always need to write the agreed-upon sale price and describe the item’s condition. Noting any faults or damage will help you avoid disputes later.
You’ll also want to include details that could help identify the unique item being sold. Such information may include:
- serial number
Any additional information that can help differentiate the property in question from a similar item is important to include.
Date and Signatures
After you’ve filled out the above information, both parties should review the form to ensure that everything is accurate and as it was agreed upon.
Once everything looks good to both parties, they need to write the date and provide their signatures. As soon as the bill of sale is signed and dated, the transaction has been completed and the buyer can assume ownership of the property.
Free New Mexico Bill of Sale Templates
Generic NM Bill of Sale:
NM Vehicle Bill of Sale: