New Mexico General Bill of Sale Form
A New Mexico general bill of sale form standardizes the exchange of goods between a buyer and seller. It verifies that the seller transferred the item(s) to the buyer, who has accepted them and paid in full. It also provides evidence of the purchase price, which the state can use to determine taxes and other fees. By signing their names, both parties acknowledge each sale component and are legally bound to the agreement.
|Signing Requirements: The form must contain signatures from the buyer and seller.
What is a New Mexico General Bill of Sale?
A New Mexico general bill of sale verifies a business exchange, which involves the repossession of a specific item from one person to another. The document gives each party legal power as it proves the property transfer rightfully occurred. By signing this document, the seller acknowledges that they have sold the item to the buyer for the agreed-upon price. As a result, the buyer becomes the rightful owner.
When Should I Create a Bill of Sale?
New Mexico only requires a bill of sale for incomplete boat or vehicle titles. The state considers the form unfinished if it does not list the sales price, mileage, assignment to the buyer by the seller, and signatures. Current owners also need a finalized bill of sale for used or completed assignments by the owner and reassignments by the dealer.
Other than the scenarios listed above, the owner does not need a bill of sale for registration purposes. Nonetheless, buyers and sellers should complete the form and retain a copy as proof the deal happened. Having possession of the document also allows them to refer to the purchase details, such as the date, each person’s contact information, and the price.
Am I Required to Notarize the Form?
New Mexico does not require the notarization of bill of sale documents. Nonetheless, buyers and sellers should highly consider having it notarized. This seal or stamp of approval informs readers that an official witnessed both parties sign the form. As a result, it proves that neither person forged the signatures nor signed against their will.