New Mexico General Bill of Sale
When trading a modest item/belonging in New Mexico, you do not need to complete the form. However, it is highly encouraged that you do so if your bargain includes any expensive items. The New Mexico Bill of Sale, when correctly executed, serve several purposes:
Serves as a receipt for a transaction;
Absolves the seller of liability for the sold item and its subsequent use;
Demonstrates that the stated Purchaser is the current owner of the described property;
Contains critical information about the traded property;
Safeguard both parties' legitimate interests in the sale document;
Serves as authenticated evidence of the transfer of the stated item.
The details listed below should be included in the form to safeguard both the vendor and the purchaser's interests:
Names and physical addresses of the vendor and buyer are included in the identification information. If there are more than one seller and buyer, make a note of it on the paperwork.
The property being transferred is described in detail. Include any pertinent information needed to identify the item or objects, such as a broad description (e.g., color, size), serial number if applicable, manufacturer, year, and others. If the transferred item has any flaws, make a note of these as well.
Warranty disclaimer indicating that the buyer accepts the item "as-is" or outlining any warranty conditions provided by the vendor;
The cost of the specified item. It is preferable to enter the amount in both words and numbers. If the property is being given as a gift, make a note of it on the bill of sale.
Information about the transaction: The date on which a document takes effect must be included in every document. If the transfer is made under any unusual circumstances, be sure to include them in this section. If the payment is divided into numerous parts, for example, indicate the amount of each part and the due date for each part.
Both the seller's and the buyer's signatures are required. The signatures are an acknowledgment that the vendor willingly turns over the indicated goods and that the buyer accepts them under the terms stated. Prepare two original copies of the document and preserve one for your records.