Are you looking for a Free New Mexico Snowmobile Bill of Sale template? A Bill of Sale is a written legal document that contains all the information about the transfer of ownership of the Snowmobile. All the details of the prior owner and the new owner are documented into this document, along with the condition of the Snowmobile that is being transacted.
The Bill of Sale comes in handy if someone is contesting for the ownership of your snowmobile in New Mexico. This is crucial because if no one holds the title of Snowmobile, the Bill of Sale agreement will help you transfer ownership from one individual to another.
Importance of Snowmobile Bill of Sale in New Mexico
Proper documentation of Snowmobile ownership is essential so that you can register the Snowmobile with the state you are living in.
Another reason for doing so is that a Snowmobile’s price can vary from a few hundred to multiple thousands of dollars based on the year, model, condition, made. Additionally, whether you are the seller or the buyer, you want the transaction’s proof of in case another person claims the ownership of the newly purchased Snowmobile or if someone is injured by the Snowmobile that you recently sold in New Mexico.
New Mexico Snowmobile’s bill of sale functions as a contract between the buyer and the seller of the Snowmobile. Each state has varying rules for what it accepts as the valid bill of sale. However, the contract needs to have these things:
- Amount:It is the total money that would be exchanged, and is generally in either written or numeric form.
- Legal intent: The two parties that are involved in Snowmobile’s exchange should be competent, which means the will, mental capacity, and age of the buyer and seller should meet legal requirements. Additionally, the contract is taken to be valid only if it is lawful.
- Signature and date: Snowmobile bill of sale is valid only if it is signed by both parties and has date of transaction.
- Offer:It is the agreement to sell and buy the motorcycle for a certain amount of money as well as terms and conditions of the exchange, if any.
What Should Your Snowmobile Bill of Sale Have in New Mexico?
Bill of sale is important as it is a legal proof of the true ownership of the vehicle. You can draft your own Snowmobile bill of sale keeping some things in mind. The procedure is not at all complex and with these things mentioned, there is nothing else you have to cover.
- The date of sale
- Location of sale
- Purchase price: The purchase prices needs to be mentioned in the first blank and you must also include complete information about the price, such as down payments made until now.
- The description of Snowmobile like:
- Vehicle identification number
- Year, make, model
- The full name, signatures, and addresses of two parties â€“ The bill of sale needs to have the address details and names of both the seller and the buyer as well as signatures to signify that both of them agree to the transaction. The person whose name is written on the title of the Snowmobile is legally allowed to sell it.
After the document is filled, the buyer, as well as the seller, must have a copy of the Snowmobile bill of sale and the original copy should remain with the buyer.
Things to Consider While Selling the Snowmobile in New Mexico
- You should ensure that the address and name of the other party is correct. If any queries arise, you may have to contact the person.
- Sign two copies of bill of sale, one for the other party and one for you.
- You should provide the buyer with the complete snowmobile bill of sale only once you have got the payment and your transaction is complete. Bill of sale states if you have been paid. Without this information, you may find it difficult to get the complete payment.
- If the buyer wishes to make down payment and pay rest of the amount over time, avoid using the enclosed bill of sale. This document assumes that purchase price of the snowmobile will be paid completely on the selling date. You can create a promissory note and sign it and utilize the document that provides for the deferred payment.
- You can bring a third party during the signing of bill of sale. This way, the person can serve as reporter of the deal whenever required.
- After bill of sale is signed, visit the tax office or local county clerk to record this document, which will be registered to be used for estimating the applicable sales taxes.
- If you are the seller, once your snowmobile is sold, contact the Department in your state as soon as possible and inform that your snowmobile has been sold as well as to whom. You will be protected if the snowmobile you sold gets involved in an accident until its re-titling.
What Should I Do with the Snowmobile Bill of Sale As a Buyer/Seller
As a seller, you need to keep the copy of this document with you and give the original bill of sale to the buyer. So, if anyone is injured or property is destroyed during your snowmobile’s use, you have the proof it no longer belongs to you.
If you are the buyer, have recently purchased the snowmobile, the first thing you must do is to put the original copy of bill of sale in a secured location. Doing so is essential because, without the document, you cannot claim for the registration. If you lose the copy of bill of sale, you cannot prove that the vehicle now falls under your ownership in case other individual claims that the motorcycle belongs to them. Additionally, you may even face problems if you choose to sell it. In order to keep the document safe, you can choose to create its digital copy keep the bill of sale in a safe place.