USCG vessel owners need to ensure they have all of the proper documentation before selling their boats. We’ll go through the processes you need to follow to sell a documented vessel in this blog article. For example, the Coast Guard issues a Certificate of Documentation (COD). Because the vessel is owned and controlled by the United States, it is subject to fewer federal rules and regulations than foreign-flagged boats. The procedure of transferring ownership of the yacht will be simplified due to this. Selling a yacht may be difficult for anybody who has ever attempted to do so. It’s considerably more complicated when you own a documented vessel since you must ensure that all the documentation is in place. If you follow these guidelines, the buyer and seller will have a pleasant transaction.
Research The Selling Process and Identify Any Potential Obstacles
In order to sell a documented vessel, the first step is to conduct some study on how it is accomplished according to flsenate.gov. Investigate to see whether or whether not any restrictions or requirements may apply in your particular circumstance. A maritime lien against your boat may be required. Suppose you have performed work on your boat, such as making improvements, correcting an equipment failure, or refueling it. In that case, you must have a mechanic’s certificate for each item repaired and keep documentation demonstrating that the work was completed correctly and appropriately. Suppose you are also giving a warranty for your work. In that case, you may wish to save a duplicate of the warranty documentation if there are any future difficulties with the engine or other equipment that require repairs.
Gather All Relevant Documents Related to The Sale of Your Vessel
If you are a vessel owner attempting to sell your boat and are wondering how to sell a documented vessel, the methods outlined below will be of assistance. As a vessel owner, you will be required to acquire documentation that will demonstrate to government authorities that you are the legitimate new owner of the vessel you have purchased. Ownership transfer documents and county records of property ownership are examples of what is available.
If you don’t know what you’re doing, selling a documented vessel may take a long time and a lot of paperwork. When you sell your yacht, you will use the federal customs and vessel documentation procedure to ensure that all of the necessary paperwork is in place and that the changeover is simple. When selling a documented vessel, you’ll want to be aware of the necessary documentation and ensure that the appropriate paperwork has been completed with U.S. Customs before your buyer does his or her due diligence on the vessel.
Draft A Bill of Sale or Memorandum of Agreement Between Yourself and The Buyer
Vessel registration with the U.S. Coast Guard (USCG) is highly regulated. You must meet extra standards when selling a documented vessel than when selling a non-documented watercraft. As a registered vessel owner, you must know what your obligations are. A bill of sale or memorandum of understanding is the greatest thing you can accomplish between yourself and the customer. If you are selling your boat or buying another one, you’ll need a sales contract that spells out everything from the sale date and price to a title assignment (the transfer of legal ownership) and final payment conditions.
Notify The Maritime Documentation Center of Your Intent to Sell
Before listing your vessel for sale, you must contact the Maritime Documentation Center (MDC). MDC will send a letter to the buyer through certified mail after receiving the notice with information on how to complete their part of the transfer procedure. You must notify the Coast Guard’s Maritime Documentation Center if you want to sell a recorded vessel. If you don’t notify the MDC, the procedure is halted for around 60 days. This might be a significant setback if you’re in a hurry to sell your boat. The owner must obtain the VDIN (Vessel Documentation Identification Number) since the Maritime Documentation Center will not provide it. If you have any liens or mortgages on your property, you may seek their release by completing USCG Form CG-715-4. Upon completion of these steps, the boat will be ready for delivery.
Reasons To Choose Us If You Want to Know How to Sell a Documented Vessel
As the phrase goes, you can’t sell a rock—you have to have something worth doing so. Having a documented vessel will give you that. Before selling a boat, the seller must offer a history of the vessel, regardless of whether it is recorded. Buyers will be able to make well-informed purchases and prevent unpleasant surprises by using this data, ensuring that they are not breaking any federal regulations.
You may avoid poor transactions and federal penalties by using the services of the Maritime Documentation Center. The last thing they want to worry about for those selling a boat is U.S. Coast Guard fines and penalties. That is our responsibility. It’s not that difficult once you get the hang of it. For further information, don’t hesitate to contact the Maritime Documentation Center at (800)-535-8570 to learn how to sell a documented vessel.