When the sale is finalized, you may complete a Bill of Sale. The new owner will have to complete a Transfer application, which can be completed by navigating to the following link: Transfer/Exchange
This document should include the names, contact details, and ID information (if necessary) of all parties, be they buyers or sellers.
Additionally, the boat’s price should be included, as well as any information about the vessel. That vessel information could include the vessel’s registration number, VIN, make, model, year, and so forth. Beyond that, any conditions of the sale, be they “as is” status, any warranties or similar, should be included as well.
The new owner of the vessel should complete a “Transfer/Exchange” form, which can be found at our site here.
If there is an outstanding mortgage, the mortgagee (lender) should complete a Satisfaction of Mortgage. The vessel cannot be removed from documentation with an outstanding mortgage. You may complete a Satisfaction of Mortgage by navigation to the following link: Satisfaction/Release of Mortgage/Lien
A vessel cannot be removed from documentation with an outstanding mortgage. Per Code of Federal Regulations, “a Certificate of Documentation issued to a vessel which is the subject of an outstanding mortgage… may not be exchanged for a cause… without the consent of the mortgagee.”