Fillable Form New Mexico Bill of Sale of Automobile (Sold "As Is" Without Warranty)

What is a New Mexico Bill of Sale?

A New Mexico Bill of Sale form is a legal document that records the transfer of ownership of an item from a seller to a buyer. Bill of sale forms serve as proof of the transaction, detailing the terms of the sale and providing a clear record for both parties involved. In New Mexico, this document is commonly used in conjunction with new mexico boat bill forms, vehicle registration forms, and so on for the sale of vehicles, boats, livestock, and other personal property.

Certain property, such as firearms, will also make use of bill of sale documents like this one, but they often need to be designed in such a way that they are compliant with the New Mexico Firearm Bill alongside New Mexico general bill requirements.

How do I fill out a New Mexico Bill of Sale?

A fillable NM Bill of Sale can be found here. As with any bill of sale, New Mexico Bill of Sale forms often require notarization in order to be considered valid, so make sure to contact a notary before signing any part of this form.

Seller’s Information

Enter the seller’s full name and the county of New Mexico they reside in.

Buyer’s Information

Enter the buyer’s full name and the county of New Mexico that they reside or operate in.

Vehicle Details

Enter the following details about the vehicle:

• Make
• Model
• Body Type
• Year
• Vehicle Identification Number (VIN)

Warranty of Ownership

This section contains information about the warranty/ies associated with this transaction.

Additional Terms

Enter any additional terms of sale, or any additional details that need to be kept clear, such as emissions test results or any particular details about the vehicle manufacturer's certificate.

Signatures

Have the seller and the buyer sign the form and enter their names in the spaces provided.

County - Notary

Enter the county in which this form is being notarized.

Date Sworn

Enter the date that the form was sworn before the notary.

Notary Public

Enter the name of the notary, and have them stamp or sign the form in the space provided. Then enter the date that the notary’s commission expires.

Odometer Disclosure Statement

Name of Seller

Enter the name of the seller.

Odometer Reading

Enter the odometer reading of the vehicle. Then mark the line that indicates whether or not the odometer reading is the actual mileage of the vehicle.

Odometer Discrepancy

Enter the following details about the vehicle, if there are any discrepancies between them and the odometer:

• Make
• Model
• Body Type
• Year
• Vehicle Identification Number (VIN)

Buyer and Seller’s Details

Enter the following details about the buyer and the seller in the spaces provided:

• Full Name
• Address
• City
• State
• ZIP Code
• Signature

Acknowledgment

County

Enter the county that this form is being acknowledged in.

Date Sworn

Enter the date that the form was sworn and subscribed before the notary.

Notary Public

Enter the name of the notary, and have them stamp or sign the form in the space provided. Then enter the date that the notary’s commission expires.

Promissory Installment Note

County

Enter the county that this note is being made in.

Recitations

Enter the following information for the recitations:

• Date
• Borrower/Buyer’s Name
• Borrower/Buyer’s Address
• Payee/Seller’s Name
• Place for Payment
• Principal Amount
• Term
• Monthly Payments

Vehicle Details

Enter the following details about the vehicle:

• Make
• Model
• Body Type
• Year
• Vehicle Identification Number (VIN)

Transfer of Title

Mark the relevant line to indicate if the title to the vehicle will be retained by the seller, or if it will be transferred to the buyer. If the title will be transferred to the buyer, the security agreement form must be signed by the buyer.

Interest Rate

Mark the relevant line to indicate if the annual interest rate will be the maximum amount permitted by the laws of the commonwealth of Massachusetts, or if it will be set at a particular rate and will not be accrued on matured and unpaid amounts. If the latter is marked, enter the specific rate of interest.

Payment Terms

Enter the amount in equal monthly payments that must be made, as well as the principal amount that must be paid. Then enter the month and year that the first payment will be due.

Borrower’s Prepayment Right

This section contains details on the borrower's right to prepay this note in whole or in part.

Place for Payment

This section states that the borrower promises to pay the order of the payee at the designated place for payment and according to the terms for payment.

Default and Acceleration Clause

This section contains details on the default and acceleration clauses of the agreement.

Interest on Past Due Installments and Charges

This section contains details on all past due installments and charges.

Interest

This section contains details on the interest that will be applied to this form.

Form of Payment

This section provides details on the acceptable forms of payment.

Attorney’s Fees

This section states that in the event that this note is given to the military or law enforcement, the borrower will be the one to pay for all costs of collection and investment.

Severability

This section states that if any part of this agreement becomes unenforceable or invalid, it will not affect the validity of any other part of this agreement.

Binding Effect

This section states that this agreement will be binding for all parties involved as well as their heirs, legal representatives, and assigns.

Descriptive Headings

This section states that the headings used in this form are for convenience of reference only.

Construction

This section states that all pronouns used in this form will include either or both genders, singular or plural.

Governing Law

This section states that this form will be governed by the state of Massachusetts.

Execution

Enter the date that this form was executed.

Signatures

Have the payee/seller and the borrower/buyer sign the form in the spaces provided and enter their names.

Buyer and Seller Details

Enter the following details about the buyer and the seller in the spaces provided:

• Full Name
• Address
• City
• State
• ZIP Code
• Signature

Security Agreement

Date and Names of Parties Involved

Enter the date that this security agreement was made, then enter the name of the debtor and the secured party.

Security Interest

Enter the following details about the vehicle that the security interest will be applied to:

• Make
• Model
• Body Type
• Year
• Vehicle Identification Number (VIN)

Covenants

This section states that the debtor will retain and maintain insurance at all times with respect to all collateral damage.

Default

This section contains details on what would cause a bill to be considered to be in default.

Debtor’s Name and Signature

Enter the name and signature of the debtor in the spaces provided. Then enter the date that the form was signed.

Frequently Asked Questions (FAQs)

Why is a Bill of Sale important in New Mexico?

A Bill of Sale is important because it provides legal documentation of the sale, which can protect both the buyer and the seller in case of disputes. It is also required for registering vehicles with the New Mexico MVD.

Is a Bill of Sale required for all transactions in New Mexico?

No, a Bill of Sale is not required for all transactions but is highly recommended for significant sales like vehicles, boats, and valuable personal property. It provides a clear record of the transaction.

Can a Bill of Sale be handwritten in New Mexico?

Yes, a Bill of Sale can be handwritten as long as it includes all the necessary information and is signed by both parties. However, using a typed or printed form is often preferred for clarity.

Do you need a notary for a Bill of Sale in New Mexico?

While not always required, having a Bill of Sale notarized adds an extra layer of validation and can be useful if the authenticity of the document is ever questioned. Some transactions, especially vehicle sales, may benefit from notarization.

Is a Bill of Sale the same as a title transfer?

No, a Bill of Sale documents the transaction, while a title transfer officially changes the ownership with the state's motor vehicle department. Both documents are often needed for vehicle sales, with the title or dealer assignment being provided in order to ensure that both the vehicle registration process and the transfer of ownership go smoothly.

What happens if there is a mistake on a Bill of Sale?

Any mistakes on a Bill of Sale should be corrected and initiated by both parties before the sale is finalized. Errors can lead to disputes or issues with registration.

How can a Bill of Sale protect a seller?

It provides proof that the seller transferred ownership of the item and is no longer responsible for it. This is especially important for vehicles, as it can prevent liability for future incidents involving the sold vehicle.

Can a Bill of Sale include terms and conditions of the sale?

Yes, it can include specific terms and conditions, such as payment plans, warranties, and conditions of the item. This ensures both parties agree to the same terms.

What is an "as-is" clause in a Bill of Sale?

An "as-is" clause indicates that the buyer accepts the item in its current condition with no warranties from the seller. It protects the seller from future claims regarding the item's condition.

Do you need a Bill of Sale for gifting a vehicle in New Mexico?

While not legally required, a Bill of Sale for gifting a vehicle is recommended to document the transfer and provide proof of the transaction. It can simplify the registration process for the recipient.

How long should you keep a Bill of Sale?

It is advisable to keep a Bill of Sale for at least several years, especially for significant transactions like vehicles and boats. This helps in case of any future disputes or legal issues.

Is a digital Bill of Sale valid in New Mexico?

Yes, a digital Bill of Sale can be valid as long as it contains all required information and is signed electronically by both parties. However, it’s important to ensure it complies with state electronic signature laws.

What additional documents might be needed with a Bill of Sale for a vehicle?

Along with the Bill of Sale, you may need the vehicle title, an odometer disclosure statement, and proof of insurance for registering the vehicle. These documents verify ownership and condition.

What happens if a buyer loses the Bill of Sale?

The buyer should contact the seller to obtain a duplicate copy. Keeping digital copies can prevent such issues.

Can you write your own Bill of Sale, or should you use a template?

You can write your own Bill of Sale, but using a template ensures you include all necessary information.