Are you looking for a Free New Mexico LawnmowerBill of Sale template? A lawnmower is an equipment that is essential for every landscaping enthusiast. It helps them tend their lawns when the grass grows high and maintain the curb appeal of their houses. However, unlike other automobiles with engines, push mowers are not registered vehicles. Therefore, as a proof of ownership, the owners are advised to guard the Lawnmower Bill of the Sale agreement with them.
The Bill of Sale is a document or a receipt that contains the details of the transaction, such as the names of the seller and buyer, their signatures, condition of the lawnmower at the time of transaction, and other details such as date and amount.
The lawnmowers are also not registered with the state. So, if you have not obtained a Bill of Sale agreement with you at the time of sale or purchase, you have little rights to transfer its ownership to another person. So, when making a purchase, make sure that the seller provides you with a valid Bill of Sale for the transaction to be complete.
Why Securing a Bill of Sale is Important in New Mexico?
Securing a Bill of Sale for your lawnmower is important because their prices can vary from 100s to 1000s of dollars. Moreover, if you own new commercial quality equipment, it can cost over $10,000. While someone questioning your right to ownership over a cheap lawnmower is less likely, an expensive one always runs a risk of being in question. Therefore, when you are giving away a huge sum of money for a lawnmower, make sure that the deal fetches you a Bill of Sale along with the equipment so that no one can claim the ownership from you after you have made the purchase.
In case of a sale, a lawnmower bill of sale ensures that the buyer agrees to buy the equipment that was purchased by them in the given condition. So, if any damages or defects are discovered in the lawnmower later, you are not liable for them.
What Makes a Valid Bill of Sale in New Mexico?
It is a contract between the buyer and the seller of the lawnmower that entails that the ownership of the equipment has been transferred to another person in return for money. The regulations for the Bill of Sale Template differ in each state. However, the essence of each document is the same with the following details:
- Offer: The offer suggests that the seller has agreed to sell the lawnmower, and the buyer has agreed to purchase it in the given condition and the amount agreed upon. If the document is more detailed, it contains the condition of the lawnmower at the time of sale as well.
- Consideration: It is the mention of the money exchanges between the seller and the buyer to execute the sales.
- Acceptance: Valid and legal signatures of both the parties involved in the transactions which can be verified later.
- Details of the Buyer and Seller: Another point you cannot miss out on is the general details of the two individuals involved. This cannot be overlooked because the legality requires certain information, which will help them reach the concerned individuals in case of any fraud.
- Competency and Legality of the Contract: Any contract or agreement is not valid in the eyes of the law if it has not been signed by a party that is not legally aged, not mentally capable, or has been forced to enter the contract. Such contracts can be declared null and void. Similarly, if any of the parties involved in the sale of lawnmower is not competent or does not intend to enter the agreement, the Bill of Sale document is void.
Now that you know the crucial components of a Bill of Sale, as a buyer, the first thing you should do with it after making the full payment for a lawnmower is to put it in a secured location. Once you are holding the document securely, you will not have to worry about a third party claiming the ownership because you have the Bill of Sale in your possession.
Should the Seller have a copy of the Bill of Sale too?
Yes. In cases where the lawnmower causes any damage, or someone is injured due to it, the buyers don’t disclose their possession and blame the damages on the previous owners. Therefore, even the sellers should have a copy of the Bill of Sale with them so that no one can claim the damages from them.
How to Purchase a Lawnmower in New Mexico?
When you are planning to purchase a lawnmower from a seller who has already been using it, make sure that you have conducted a thorough background check of the person before you visit them. Make sure that they are the true owner of the lawnmower by asking for the original purchase receipt along with their identity proofs.
Next, you should ensure that the equipment is authentic by asking for its serial number from the owner. For verifying the serial number of the equipment, you can call the manufacturer. Also, go through the stolen register to check whether the equipment has been reported stolen in the past. And, do not forget to include the serial number in the Bill of Sale if you decide to complete the purchase.
Inspect the equipment for its functioning
Once you know that the ownership of the equipment is in place, you should personally visit the owner to inspect and test-run the lawnmower. Before you leave your premises, make sure that you conduct some research on the working of the equipment of you have not owned one before so that you can address the primary concerns during inspection.
If the lawnmower you are buying is of commercial quality and expensive, we would recommend hiring an inspector who will conduct a thorough check. Even though it might cost you money, hiring a qualified inspector will ensure that you are not paying a fortune for something you will salvage in the next couple of years.
Also, when you know the right condition of the equipment, you will be in a better position to negotiate with the owner.
Remember not to indulge in the transactions where the seller or reseller of the lawnmower is not allowing the inspector to do their job. Such sellers might be hiding something from the buyers.
Complete the Purchase
Now that the inspector as deemed the equipment to be Okay and ideal for the money you are expected to pay for it, you can go ahead with the purchase. Before making the purchase, ask the seller to show you the previous Bill of Sale so that you can use the details in it to create a new one. Here are the information on the equipment that should be included in the agreement â€“ make, model, year, serial number, names of the buyer and seller, the price for which the equipment is sold, and the date on which the transfer is taking place.
Equipment Bill of Sale Templates can be found on the internet easily according to the state in which you are conducting the transaction. So, you can depend upon them for the safe transfer of ownership of your lawnmower.