If you have never gone through the process of being on the selling side of a vessel transaction before, then it might be fair to assume that you don’t know all the fine details that are needed in order to make sure that things go as smoothly as possible. It is essential to guarantee that everything you do from the agreement of sale to the transfer of ownership is done according to regulations and guidelines. With this in mind, here are some of the most important aspects of how to make a USCG documented vessel transfer of ownership.
Negotiate The Sale
The first thing that you need to do is obviously agree on the terms of sale with your buyer. This will involve the purchase price, the date of transfer, and any other conditions or contingencies that are included in the sale.
Obtain Necessary Documents
Next, you should take the time to gather all of the relevant documentation for the boat, including the Certificate of Documentation, vessel registration, bill of sale, and any other important paperwork.
Complete Bill Of Sale
You need to create a bill of sale that includes all of the details of the boat including name, documentation number, hull identification number, and any accessories and equipment that comes along with it. Both the buyer and seller need to sign the bill of sale.
Settle Outstanding Liens
If there are any liens or mortgage payments left to be paid, then make sure that they are all settled before the transfer of ownership takes place.
Submit Transfer Documentation
The buyer will be required to complete all of the necessary transfer paperwork and submit it to the USCG. The forms that will be required include an Exchange of a Certificate of Documentation, a bill of sale, a title search, and proof of citizenship.
Await Approval
Before you are able to move on and distance yourself from your sold vessel, you will need to wait for all of the relevant submitted documents and applications to be approved by the USCG. The time for approval can vary depending on certain circumstances, but typically from start to finish the process can take several weeks. Once everything has been approved, USC will issue the new Certificate of Documentation in the new buyer’s name, and that will be the end of your personal involvement in the transaction.
Notify the Insurance Company
And finally, all that is left to do is notify the relevant insurance companies and other entities to let them know that you are no longer the primary owner.
If you need any documentation assistance with your own USCG-documented vessel transfer, then a great place to turn is the US Vessel Registrar website. We specialize in the processing and error-checking of all of the relevant documentation that is needed to ensure a valid and authorized transfer of ownership. Feel free to get in touch with a member of our team and they will be more than happy to answer any questions that you might have.