When selling a boat, you need to fill out the USCG Bill of Sale form correctly. This document serves as a record of the change of ownership of your vessel. The expense of owning a boat is well known to people who own boats. Mooring, slip, insurance, registration, and tax fees are a few of the boat’s ownership costs. The price of the boat itself is the only one that novice boaters may be surprised by. You’ll need to do the following immediately after acquiring a boat from a dealership: Getting the paperwork filled out correctly is essential to a successful move. A step-by-step explanation of the form’s requirements will be provided in this tutorial. What are we waiting for? Here are things that you need to know before filling out the form:
Buyer and Seller MUST be 18 years of age or older.
Anyone who has ever been involved in selling a boat or yacht understands how crucial the Bill of Sale is. As a legal document, it also acts as a documentation of the transaction and the amount paid. What now? You’ve finally caught the big one, but how do you know how to complete the Bill of Sale form? Let’s begin with the basics. The buyer must be at least 18 years old for you to sell your catch. Aside from that, the fish’s purchaser must be over eighteen (18). As the buyer, you enter into a legal agreement known as a boat bill of sale with the seller to purchase a boat on their behalf. Filling out the bill of sale form correctly will spare you many headaches down the road, whether you’re purchasing or selling your yacht.
Vessel Name and Hull Identification Number (HIN) Must Be Included
When a seller and buyer do business, an official bill of sale form serves as evidence of the transaction. Both parties participating in the transfer of boat ownership must have their names, addresses, and HINs (Hull Identification Numbers) included in the document. Additionally, you need to keep track of the purchase price, the date of the agreement, and the delivery information. The bill of sale form should provide all of this information to the buyer. A bill of sale is a document stating the transfer of ownership from the present owner to the new buyer. Boat bill of sale forms are most often used when selling your boat to a new owner. When dealing with two parties unfamiliar with the sector’s jargon, the associated documentation may be time-consuming and challenging to grasp. The best course of action is to have a legal professional handle the process of signing up for an invoice so that any potential problems can be handled in detail in advance and avoided. This will save you time, money, and headaches in the long run.
Date Of Sale Must Be Included
One of the most important things to remember as a fisherman on a boat is who owns the fish you’re fishing for. If someone steals a fish from your boat, there will be proof that you caught it before. Every fisherman should be aware of the steps involved in filling out a bill of sale form. Similarly, the time and date of the transaction must be included on the bill. Invoices should include both the date of purchase and the date of sale. It’s easy to attach a postage stamp on the day of the event if you write the date in a readable font and leave a blank spot. In the case of legal proceedings, you may use the date as a point of reference to provide that item as evidence by citing the date.
Both parties must sign the bill of sale form.
The bill of sale form is one of the most crucial papers in any transaction. Both parties engaged in an exchange or sale must sign this form. As a result, a formal and legally-binding agreement is created between the two parties. Before signing the bill of sale, all parties must agree on a few specifics. In filling out the bill of sale form, you and your dealer or supplier will both be required to sign. Both parties should sign the document in this instance. A transparent version of an individual’s identity card should be attached to the document if they cannot sign it. The Bill of Sale documents must be signed by the buyer, seller, and witnesses. Providing both parties with a copy of the form is also highly suggested.
In order to fill out such documents appropriately, you may utilize templates provided by IMO, which unify the content of both international and domestic bill of sale forms. International and domestic commercial transactions may be more secure if this is done. So, if you’re filling out a bill of sale form, be on the lookout for red flags and seek the advice of an expert like that found at the Maritime Documentation Center. For further information, contact the Maritime Documentation Center at 800-535-8570.