When buying or selling a Lawnmower in New Mexico you always want to document the transfer of vehicle from the seller to the buyer. With the purchase of an automobile, there is usually a title that is transfered and registered with the state but that’s not the case with riding or push mowers. That is why we suggest securing a valid New-Mexico bill of sale to properly document the sale including the sales price, condition of the lawnmower, and hold harmless language to protect the buyer and seller.
Why Do You Need a Bill of Sale?
There is really only one reason why you want a Bill of Sale in New Mexico when purchasing or selling a Lawnmower:
Lawnmowers can vary in price from less than $100 for a used push mower to over $10,000 for new commerical equipment. With cheaper varieties, a bill of sale may not be necessary because the likelihood of someone making a claim against your ownership is minimal. However, when you are exchanging a large sum of money a proper bill of sale can protect you from someone claiming ownership after your purchase or claims made for injury or damage after the sale.
What Does a Bill of Sale Need to be Valid?
A bill of sale acts as a contract between the buyer and seller of a lawnmower. Each state has different rules for what they consider a valid bill of sale, but a contract itself must abide by the following rules:
Offer: The agreement to exchange the lawnmower for an amount of money. May also include conditions of the sale for the buyer and the seller.
Consideration: The amount of money being exchanged. Usually in a numeric and written form.
Acceptance: Signatures of both parties on the bill of sale.
Competent Parties and Legal Intent: Both parties entering the contract must be competent (age, mental capacity, and not impaired or forced). The contract is also valid only if it is lawful. A contract to complete an illegal act is not binding.
What Should the Buyer do with the Bill of Sale?
After you have made your purchase and received an executed bill of sale the first thing you should do is put it in a secured location. This will ensure it isn’t damaged or lost when it comes time to prove your ownership or sell the lawnmower.
Does the Seller Need a Copy?
We also suggest both the seller keep a copy of the Bill of Sale, and the buyer keep the original. This will ensure the seller can document the sale of their lawnmower if property is damaged or someone is injured during its use.
New Mexico Lawnmower Bill of Sale Template