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Not an M5 but I purchased my wife's X3 M40 off lease last year. I did it through my dealer, although I think you can deal directly with BMW Financial too. Really no different than buying any other car, price was fixed, added a warranty and wrote a check. Done. Re-registered afterward. I didn't have to do any financing for it, so it was really simple.
Will be doing it again this winter for my 21 M5 as well. That will include a little financing but I don't really expect it to be any more complicated.
Good luck
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2024 M8C Coupe - Sapphire Black
2019 X3 M40 - Phytonic Blue (wife's)
2020 X3 M40 - Carbon Black (son's)
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