The US Coast Guard Bill of Sale is one of the documents that may be used as proof of ownership when getting involved in a boat transaction. On one hand, it will show that a transaction took place between a buyer and a seller. On the other hand, it transfers the ownership of a boat and it is required so that the new owner can register the vessel in his new state. If your boat is registered with the US Coast Guard, this will need to be done with the CG 1340 form. Read on and find out how to complete it and where you can get it.
Who Needs a Form CG 1340
When you are buying a boat, the lender may require that the vessel is registered with the US Coast Guard. This is because USCG-documented vessels have access to preferred ship mortgages. Even if the boat is not licensed with the federal agency, some boat owners choose to get this type of registration for aesthetic reasons (they can be recognized by the boat’s name and hailing port rather than the state’s registration number) or to travel internationally (federal registration is acknowledged world-wide, so it is easier to enter and leave foreign ports). Even more, in some cases boat owners don’t really have a choice: it is mandatory for commercial vessels over a net weight of 5 tons to be documented with the US Coast Guard.
Regardless of the reason that made your boat be registered at a federal level, if at some point you intend to sell the watercraft and it has this documentation, you will need a copy of the CG 1340 form. This application will need to be completed by the seller and contain all of the appropriate information about the boat, the seller, and yourself. Keep in mind that this form is on top of the other documents you need when getting involved in a vessel transaction, but if you don’t have this application you will not be able to register your boat.
Information you Will Gather for the Document
Once you have downloaded the document from the USCG website, it is only a matter of completing the form CG 1340. Here’s the information you need to gather to answer the required information accordingly.
- Vessel name
- Official number or hull identification number
- Name and Address of the Seller(s)
- Name and address of the buyer(s) and interest transferred to each if applicable.
- Manner of ownership
- Consideration received
- Oath and signatures, with the dates and acknowledgment from the people involved in the transaction and a notary public
All of your Forms are in One Place
After you have completed the CG 1340 form, you need to print it and send it to the US Coast Guard Offices. An alternative, if you would rather fill this document online, is to do it through our platform, the Maritime Documentation Center. We are a third-party agency that has been working in the boating industry for years, so our representatives can help you clear any doubts you may have. Contact us today for more information about our Center.