Are you looking for a free New Mexico Car Bill of Sale template? You might have a car that you want to sell or are planning to buy a new one in New Mexico. Whatever is your case, you will need a Bill of Sale always to document the transfer of ownership of the car from the seller to the buyer. If you are wondering what a free bill of sale template for the car looks like, it is a document with necessary details that are discussed in this article. While a bill of sale for the car is the most commonly required bill of sale document, you would usually use one for any transaction, which can be more than $500.
Your bill of sale is the document that verifies you have sold the car and offers basic information about the car as well as the terms of sale. Although it is not compulsory to have them, it is a good idea to form one, as it can prevent any misunderstanding between the buyer and you. Moreover, you will have evidence of disclosing necessary information about your car. If your state does not provide the bill of sale form, you can write it on your own with the information mentioned in this article.
Importance of the Bill of Sale Template For Your Car
You should secure the bill of sale when selling or purchasing a car due to two primary reasons, which are:
- Every state demands that a car is registered with the state’s department of motor vehicles. This is why proper documentation of the vehicle ownership is necessary so that you can easily register the car with the department of motor vehicles of the state you are living in.
- Another reason is that a car can range in the price from few hundred to several thousands of dollars depending upon the year, model, made, miles, condition of the car. Whether you are selling or buying the vehicle, you want a proof of transaction in case someone claims the ownership of your newly purchased vehicle or if a person is injured by the car that you recently sold.
The bill of sale acts as the contract between the seller and the buyer of the car. Every state has a different set of rules for what they accept as a valid bill of sale. This is why consider the free bill of sale template for car that is followed in the state you are living in. However, the contract itself needs to abide by the rules mentioned below:
- Amount: It is the amount of money that will be exchanged, and is usually in a written or numeric form.
- Offer: It refers to the agreement to buy and sell the car for a specific amount of money, and the terms and conditions of exchange, if any.
- Legal intent: Both the parties that are involved in the exchange of the car should be competent, which means the age, will, and mental capacity of the parties should meet the legal requirements. Moreover, the contract is considered valid only if the contract is lawful.
- Signature and date: A bill of sale is only valid if it has the signature of both the parties as well as the date of the transaction.
Writing The Bill Of Sale Form For Your Car in New Mexico
If your state does not provide the bill of sale, you can write your own bill of sale keeping a few things in mind. Doing so is not at all complicated and there are some basic things you need to cover. Moreover, with the free bill of sale template for car, you can get some help. Your bill of sale for your car should include:
- The date of sale
- The description of a car like:
- Current mileage
- Vehicle identification number
- License plate number
- Year, make, model
- The car’s selling price: If the car you are selling is a partial gift or gift, you should make the bill of sale. Mention that the vehicle is a partial gift or gift as well as a reduced price.
- The information on the warranty: Usually, private party sales are taken to be as is, which means that there is no warranty. However, if you have a different agreement, mention it in bill of sale.
- The full name, signatures, and addresses of the seller and the buyer: The form must have names and addresses of both the parties as well as signatures to ensure that both the parties agree to the deal. Above the signature, there is language stating that every information is accurate. Typically, it reads that you declare under the penalty of perjury that statements herein contained are completely correct and true to the best of your belief and knowledge.
After you fill in the document, the seller, as well as the buyer, must have one copy of the form.
What Should I Do with the Bill of Sale As a Buyer/Seller in New Mexico
If you are the buyer and have recently bought the car in New Mexico, the first thing you should do is the bill of sale safely in a secured location. This is necessary because, without this bill, you would not be able to claim for the registration. And if you lose your copy of the bill of sale, you would not be able to prove your ownership if another person claims that the car belongs to them. Furthermore, you may face problems if you decide to sell the car. So, you can choose to make a digital copy of the bill of sale and keep it in a safe cabinet.
As a seller, you should keep a copy of the bill of sale with you and provide the original one to the buyer. This will help you if someone is injured or property is damaged during the use of your car. With your copy of the bill of sale, you can prove that the vehicle no longer belongs to you.
New Mexico Car Bill of Sale Template
The Bottom Line
Without the proper documentation, you may land up in trouble if the vehicle is misused. However, if you follow the free bill of sale template for car, the bill of sale will be valid and acceptable by the law.
The bill of sale is not a complex form and involves stating necessary information. The required details are names, addresses, signatures of both the buyer and the seller, as well as car details like year, model, make, condition, miles it has traveled, and its selling price. Once both parties sign the document and put a date, it acts as legal proof of exchange of ownership of the car.