Completing a transfer of ownership form, or plainly selling a vessel is a situation that in most cases boat owners want to avoid, on some occasions are looking forward to and in all of the situations, it happens. Regardless of the reason that makes you give your vessel to someone else, it is important to know how to do it. This article will show you the information you need to gather to be able to complete this form, and how to do it thoroughly so the new owner can start navigating shortly after that. Without further ado, here’s what you need to know:
An Explanation of the Transfer of Ownership Form
As the name of this type of documentation suggests, an exchange or transfer of ownership form is simply the application you need to pass the ownership of a boat from one subject to another. This document not only gives the new owner proof of his or her ownership but also shows that the previous owner is no longer in charge of the boat.
It is not, however, the only change this document is used for. Given that it is your responsibility to inform the United States Coast Guard (USCG) of any changes in your situation while your vessel is documented with the federal agency, you may also use this form (Number 1258) to add or remove another owner, or to change the name of one of the people related to the vessel itself.
It is a requirement to complete this document before the sale is finalized. The process involves completing any mortgages or liens the vessel may have. Keep in mind we are describing a sale between two private parties. If there is a corporation or any other type of entity involved the process can be lengthened and a bit more complicated.
Selling Documented and Unregistered Vessels
In most of the cases we are talking about, the boat you are selling or buying will be already USCG-documented, making the process of the Transfer of Ownership form much easier. In particular, you will need a copy of the certificate of documentation that was assigned to the vessel the last time it was registered or renewed, with the signature of all of the owners on the reverse side of the document. Keep in mind that this also involves the names of those owners having to be stated at the front of the certificate as well.
If the vessel is not registered with the US Coast Guard, the process has some differences. A copy of the current state registration, for instance, has to be submitted along with a bill of sale. Once both of them are completed it is only a matter of sending them to the USCG.
Filling Out Your Documents the Easy Way
To be able to complete the transfer of ownership form for registered boats you will need the vessel name, official number, hull id, and hailing port of the vessel, apart from all of your personal details and the new owner (or the seller, according to the situation).
We know that this process can be a bit of a pain in the neck. The good news is that it doesn’t have to be. With the help of the Maritime Documentation Center, you can complete your boating paperwork the easy way. We are a private company that allows you to fill out your applications online and processes them for the US Coast Guard. Furthermore, our representatives overlook your submissions to make sure there aren’t any mistakes that could delay the process. Contact us today for more information.