Are you looking for a Free New Mexico Golf Cart Bill of Sale template? Golf is a sport that has its ardent fan base all across the world. Well, who would not want to cherish the thrill of courting a ball meandering across a lawn! However, one thing golfing enthusiasts cannot do without is a golf cart since the lawns are spread across miles, and they have to commute all across it. Apart from the long distances, the equipment they use for golfing is heavy, requiring machine assistance.
So, if golf is the sport for you and you love to have friends and colleagues over for a game or two, you need to have a golf cart parked in your lawn as well.
While the golf cart is a show-speed automobile, its legal status is different from that of a regular automobile. Therefore, you should always obtain a valid Golf Cart Bill of Sale when entering into sales or purchase of one in New Mexico. Of course, you have to have an agreement of Transfer by Owner or Assignment issued and undersigned by the original owner, then again, a bill of sale will give you the official ownership rights on the vehicle.
The Bill of Sale agreement contains every detail that is necessary for documenting the condition of the vehicle, the general identity and intent of the two parties, and the terms of contract (offer and acceptance). This helps the buyer and the seller to avoid legal issues that might arise due to the golf cart in the future.
Why do you need a Golf Cart Bill of Sale in New Mexico?
A Golf Cart is an automobile, the title of which is registered with the state in which it is being used. However, there are a few states where such entitlement of a low-speed vehicle is not necessary. In such cases, the golf cart comes with a CO or Certificate of Origin.
Now, since the state in which the buyer will register the cart requires a title, the buyer can either use the CO or the Bill of Sale to get their purchase registered legally.
The situation can be worse if the original seller never issued the CO because now the buyers will have a tough time trusting the reseller as the original owner of the golf cart. And, if an individual is not the original owner, they have no right to issue the Bill of Sale. In such a situation, buyers can visit the local police department to check if the cart has been reported stolen. If not, then they can proceed with the transaction.
Hence, securing a Bill of Sale of a golf cart, during and after the purchase, is as crucial as securing the original documents of a family member.
Once you have the Bill of Sale, you can show it to the individuals making false claims about your vehicle’s ownership. Also, you can tackle the cases where you are expected to pay for the damages caused by the vehicle after you have transferred its ownership to someone else.
In the end, if you have a Bill of Sale in hand, you will be protected from the future liabilities arising due to it (if you are the seller) and will be able to register it under your name (if the state of the buyer requires them to do so).
How to Create a Valid New Mexico Bill of Sale?
Since golf carts are expensive automobiles that everyone cannot afford, they are always put into the question about their ownership. Therefore, the Bill of Sale you possess should be valid and contain the following information. Then again, the format or the template of one can vary according to the state you are in.
- General Details of the Parties Involved: All agreements, whether a Bill of Sale agreement or not, begin with the complete description of buyer and seller so that the court can reach them in case of any dispute. Also, this information is required to get the vehicle registered with the state.
- The offer: Another detail an agreement cannot overlook is the essence of the deal, the offer. It is the conditions and price at which the seller agrees to sell the golf cart, and the buyer agrees to buy it. Such details should be stated clearly along with the specifications of the cart if required. If there is ambiguity in the contract itself, it will be difficult for the court to determine whether the contract is valid or not in case of a dispute.
- Consideration: Every legal contract or agreement is based on some of the other consideration which the seller receives in exchange for their goods or services. In the case of the sale of a golf cart, it is the money that is clearly stated. The item is well defined along with the amount in numerals as well as words.
- Competency and Legality of the parties: The individual buyer and seller in the transaction must be sane, major, and should intend to enter into the contract. Or else, if any of the parties are minor, do not have the legal competence to enter into a contract, not of sane mind, or are forced to agree, it is declared null and void. Therefore, confirming the legality and competency of the two parties is crucial before preparing the Bill of Sale.
- Legal Intent: The intent of the two parties should only be the sale and purchase of a legal item. If the purchase of the golf cart is made from the money involved in a robbery, then the contract is void.
Now that you know all the documents that are required to render a Bill of Sale legally valid, here is what you should do with one when you buy a golf cart:
The buyers are likely to receive a Bill of Sale only when they have paid off the amount agreed upon in full. Now, they can use the document to get the vehicle registered under their name with the state they are residing in so that they become the real title-holders of the vehicle.
Once the buyer is done with the registration, they should place it in a secure location along with other important documents. Now, if a claim arises on the ownership of the golf cart you own, you can show the agreement as proof that you have obtained it through fair means by paying the price in full. This will ensure that you are the real owner with the liability of the damages caused by the vehicle only after the date mentioned in the Bill of Sale.
Do Sellers need a Copy of Bill of Sale too?
Yes. Apart from the buyers, sellers much safeguard a copy of the Bill of Sale after transferring the ownership of the golf cart too. This is important because some buyers try to hide the purchase of the vehicle if they have not registered it in case of any damage or accident. In such cases, the Bill of Sale agreement comes in handy as you can show the legal authorities that you have already sold the vehicle off.
If you safeguard the Bill of the Sale agreement, it will safeguard you, as buyers and sellers, against claims of ownership, damages, and injuries caused by the vehicle.