Bill Of Sale
What is a New Mexico Bill of Sale?
Purchasing a car can, at times, seem like an insurmountable tangle of paperworkâ€“ but the bill of sale is one form you will want to be sure to remember. A NM motor vehicle bill of sale acts as a receipt for the transaction, and helps to protect the legal rights of both individuals involved. It records valuable information about the buyer, the seller, and the vehicle. Whether you need to prove ownership to law enforcement or your DMV, having a bill of sale can be a tremendous help â€“ though it does not ever replace a Certificate of Title.
Not every state requires this additional documentation, but it is an excellent resource to keep in your files. Typically, even a generic NM DMV bill of sale will include the following:
- Vehicle model, make, series number and year
- Vehicle Identification Number (VIN)
- Date the sale occurred
- The price of the transaction
- Current odometer reading
- Address and phone numbers for the seller and buyer
Donâ€™t forget to have both the seller and buyer sign the document!
Does New Mexico Require a Motor Vehicle Bill of Sale?
Currently, a motor vehicle bill of sale is not necessary in the state of New Mexico â€“ but choosing to use one is a wise decision. A NM bill of sale contains more extensive details (as outlined above) than the information you fill out on the Certificate of Title. If the title has been lost, a bill of sale will be required. A simple internet search is an easy way to obtain the form. When completing this document voluntarily, be sure to include the above bulleted information. You may also want to consider visiting a public notary to have the NM DMV bill of sale notarized.