New Mexico Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note
Overview of this form
The Bill of Sale for Automobile or Vehicle including Odometer Statement and Promissory Note is a comprehensive legal document used to transfer ownership of a vehicle. This form package not only includes the Bill of Sale but also an Odometer Statement and Promissory Note. It is specifically designed for transactions where the buyer may make a down payment and pay the remaining balance over time, which differentiates it from standard bill of sales that do not accommodate financing arrangements.
Key components of this form
- Bill of Sale: Confirms the sale and transfer of the vehicle from seller to buyer.
- Odometer Statement: Discloses the vehicle's mileage at the time of sale to comply with federal and state laws.
- Promissory Note: Outlines payment agreements, including down payment and financing terms.
- Seller's Warranty: Affirms the seller's ownership and assurance that the vehicle is free of liens.
- Notary Section: Provides space for a notary public to verify the signatures.
Jurisdiction-specific notes
This form is designed for use in New Mexico and adheres to the state's legal standards concerning bill of sale transactions and odometer disclosures. It requires both buyer and seller signatures, and in some instances, notarization may be necessary to ensure the document's validity.
When this form is needed
This form should be used when selling or purchasing an automobile and there is a financing arrangement in place. It is applicable in situations where the buyer opts to make a down payment and establish a payment plan for the remaining balance. Additionally, it is useful when there is a need to document the odometer reading for legal compliance.
Intended users of this form
- Individuals purchasing a vehicle through a financing plan.
- Vehicle sellers wanting to document the sale and payment terms.
- Buyers and sellers aiming to comply with odometer disclosure laws.
- Anyone needing a legally binding document to secure a vehicle sale.
How to complete this form
- Identify the parties: List the names and contact information of the buyer(s) and seller(s).
- Specify the vehicle: Enter the make, model, year, VIN, and odometer reading of the vehicle.
- Detail the transaction: State the purchase price and any down payment amounts.
- Complete the Promissory Note: Fill out payment terms including amounts and schedules.
- Sign and date the document: Ensure all parties sign in the designated areas, and obtain notarization if required.
Notarization requirements for this form
To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.
Common mistakes
- Failing to accurately record the odometer reading.
- Not providing complete information for all parties involved.
- Leaving out signatures or failing to get notary verification when necessary.
- Not clearly stating the financing terms in the Promissory Note.
Why use this form online
- Convenience: Access the form at any time and complete it at your own pace.
- Editability: Easily customize the document to fit the specifics of your transaction.
- Reliability: Ensure that you use a lawyer-drafted template that meets legal standards.
Form popularity
FAQ
Louisiana. Maryland. Nebraska. New Hampshire. West Virginia. Montana.
The full names and contact information of the buyer and seller. A statement that transfers ownership of the item from the seller to the buyer. A complete description of the item being purchased. A clause indicating the item is sold "as-is"
A bill of sale does not serve as proof of ownership. Only a title has that legal authority. Bills of sale serve as proof of title transfer, which buyers and sellers need for personal financial and tax records.
Is a bill of sale required in California? While a bill of sale is not a legal requirement in California, it's a good idea to have one if you sell or purchase a vehicle. There is no specific form required, but the California Department of Motor Vehicles (DMV) has a bill of sale form.
A Bill of Sale is a sales receipt used to document a transaction between a seller and a buyer. It provides proof that the ownership of an item was transferred from one party to another. With a Bill of Sale, the item is generally sold "as is".
Typically, the Purchaser does not need to sign the Bill of Sale. However, some jurisdictions will require the Purchaser to sign the Bill of Sale for some or all forms of transactions. You should check your local laws to verify whether the Purchaser's signature is required for your specific sale.
Yes, a New Mexico bill of sale is required.You'll also need a certificate of title, an odometer disclosure statement, an Application for Vehicle Title and Registration, proof of insurance, proof of identity, two items to use as proof of New Mexico Residency, and be prepared to pay your fees.
Remove the old license plate New Mexico is a Vehicle Plate to Owner state. File a Notice of Vehicle Sold form with MVD. Keep the VIN number of the vehicle you sell. Fill out Bill of Sale form and file with MVD. Sign over Certificate of Title and Odometer Disclosure statement keep copies of both.
Can a Bill of Sale Be Handwritten? A bill of sale is a legal document that verifies you have sold your car and provides basic information about the vehicle or any other item and the terms of the sale.As, with any legal written document a bill of sale can be handwritten.
