New Mexico Vehicle Bill of Sale Form
A New Mexico Vehicle Bill of Sale is a legal document used to register the ownership transfer and sale of a motor vehicle. It documents the sale between a seller and a buyer in New Mexico.
Why Do You Need a New Mexico Vehicle Bill of Sale?
A New Mexico Bill of Sale is an important document you give when you sell and transfer the title of a vehicle. You will also use it to register the vehicle with the New Mexico Motor Vehicle Division (MVD) .
The form should comprise:
- Vehicle identification number (VIN)
- Make and model
- Year
- Current odometer reading (of the vehicle that is not up to 10 years old)
- The full legal names and addresses of the buyer and seller.
It also provides the purchase price, which acts as the basis for calculating excise tax. This document has to be signed by both the buyer and the seller for the MVD to accept it.
The New Mexico Bill of Sale, however, does not require notarization. However, the odometer disclosure statement on the title must be completed correctly.
Common Uses of a New Mexico Vehicle Bill of Sale
A New Mexico Bill of Sale has different uses. These include:
- Transfer of Liability
This document formally shows that the seller no longer owns the vehicle. It completely transfers all the liabilities that come with the vehicle to the buyer.
- Evidence of Ownership
For the buyer, a New Mexico Bill of Sale is the main evidence of ownership of their new vehicle. This is what they’ll need to register, insure, and resell in the future.
- Fulfills State Requirements
A correctly executed form ensures that the sale complies with state requirements. This, in turn, helps with the easy transfer of titles.
- Gives Peace of Mind
This document helps prevent any future disputes. Thus, it brings peace to both parties.
Yes, you need this Bill of Sale form to sell a car legally in New Mexico. The buyer needs it so the title can be handed over to him and registered accordingly with the New Mexico MVD. It is used to prove purchase and ensure that the change of ownership is effective.
A New Mexico Bill of Sale does not typically need to be notarized in New Mexico to be valid. When transferring the title, however, the seller has to fill out and sign the Assignment of Title. Notarization is not compulsory, but it can give both sides additional certainty that the sale is valid.
In New Mexico, to transfer a car title, the buyer must have the Bill of Sale form. This must be accompanied by the seller's duly signed-over vehicle title (with odometer disclosure). They also need a completed Application for Vehicle Title and Registration (Form MVD-10002)