Alongside all of the fun aspects of owning your very own seaworthy vessel, there is also the other side of ownership which is more or less made up of making sure that all of the relevant paperwork is filed and documentation is in place. The deeper into the world of vessel ownership you get, the more familiar you will become with all of the different forms that are needed to keep your boat legal, and one such form is the USCG 1340. This is referred to in more informal terms as the US Coast Guard bill of sale. To make sure you are as in the know as possible, here are some essential things to know about the USCG 1340.
What Is A Bill Of Sale?
In the most basic terms possible, a bill of sale is a Kind of Legal Document that serves as proof that a transfer of ownership has taken place between a seller and buyer, in this case the transfer of ownership of a boat. You can consider it in the same arena as a receipt from a store where you have made a purchase, but with much more legal significance and power. Bills of sale are brought into the equation for bigger purchases like boats, cars, machines and other appliances.
A bill of sale can be used as proof of ownership should there ever be a dispute between various parties, and it is also a document that can be used in order to change the vessel’s titles, update a registration or add insurance.
What Is Included On A Bill Of Sale?
It is very important to be as specific as possible when drawing up a bill of sale. You need to include as much detail as possible in order to make the transfer as clear as it can be between buyer and seller. Essentially, the more information included on a bill of sale, the more protected you are against any potential future obstacles. Some of the essential information that should be included on a bill of sale is listed as follows:
- The names, identification information and contact information of both the buyer and the seller involved in the transaction.
- The vessel information, including everything from VIN to specific make to registration number to year of manufacture.
- The final price that has been agreed and paid between seller and buyer.
- All and any condition of sale that have been agreed open by both the buyer and seller, including any warranties.
If you are in need of assistance with the filing and processing of your own USCG 1340 bill of sale form, then don’t hesitate to take advantage of the services that are offered by the Vessel Registrar Center. We specialize in the processing and error checking of your forms to ensure that all of your vessel admin goes as smoothly and efficiently as possible, allowing you to continue to enjoy the more practical and fun side of owning a boat out on the water.