A bill of sale form for a boat is something that most people don’t think about until they need one. And it may be too late by then. It’s important to us that our boaters be as prepared as possible in an emergency. Perhaps you’ve recently purchased or are going to acquire a boat, or perhaps you’re looking forward to doing so. According to tufts.edu, ensure that you do a few things before you go out on your new boat to ensure that you are entirely prepared for anything that comes your way. A boat bill of sale form is one of these items found at a boat store. A boat bill of sale form isn’t difficult to acquire if you know what one is and how to get one. You need to know precisely what a boat bill of sale is and why you need one. You may find out more about this topic by reading on! Here are reasons why you need a boat bill of sale form:
It Proves Ownership of the Boat
Although the sale of a yacht is a joint event, there is one document that you should ensure you have on hand before finalizing the transaction. When you buy a boat, the person selling it to you is obligated to provide you with a bill of sale. This form guarantees that everyone knows who the boat’s owner is and that they can provide proof of their own in the event of an emergency. The Bill of Sale form is a simple method to keep track of your ownership and makes it easier to have any repairs on your boat recognized as early as possible. It also makes it possible to record when and by whom the boat was repaired. In each transaction, including a bill of sale, there are always three parties involved. The purchaser, the funder, and the beneficiary make up these three parties. Before any agreement can be established and attached to the bill of sale form, it is necessary to talk with all parties involved.
Transfers Title and Ownership Rights Through A Bill Of Sale Form
If you are a store owner searching for a means to accept boat moorage or a fisherman looking for additional protection when selling or loaning your boat, understanding why you need your bill of sale may make all the difference. You may determine this information based on the main reason you are required to complete a bill of sale form in the first place. When filling out the bill of sale, each of the fifty states has its own set of criteria to follow, but all of the papers have one thing in common: they transfer the title and ownership rights to the buyer or the lender.
It confirms any damage to the vessel
When purchasing a vessel, it is essential to note any damage that may have occurred to the vessel. This may result from its previous use or just the natural aging process. It is essential to have documentation listing all of the vessel’s components if you want to market it at some point in the future. You shouldn’t, for instance, immediately presume that the yacht you’re about to buy is in excellent shape because you’re going to buy it. When you buy a used vessel, it may need some maintenance or repairs. You may need to consult with a maritime surveyor to ascertain the necessary repairs and the associated costs. Keeping notes regarding the item’s history might also be beneficial if you decide to sell it later for a higher price. Knowing a boat’s history is one of the most effective ways to dissuade prospective buyers from buying it from you.
It records any financing or loans against the vessel
You need to fill out a bill of sale form for your boat for several reasons, one of which is for any financing or loans secured against the vessel. You can protect yourself from other vessel owners or third parties who are not associated with the purchase of the vessel by filling out this contract and submitting it. If someone tries to use your name or specifics regarding the transaction without your permission, your personal information must be mentioned in this document. Use of this form will prove that you own and have no obligations towards anything that is considered on the document if you are ever notified about an unpaid loan.
Before selling a yacht, be sure the buyer and seller have signed a legally binding contract. A bill of sale is usually needed by law for a title transfer to be accomplished in each state. Maritime Documentation Center’s boat bill of sale form minimizes future conflicts. Call the Maritime Documentation Center today at 800-535-8570 for further information.