If it is time for you to sell your boat or purchase one, you must complete a documented vessel bill of sale document. It is a special document that includes details about the boat buyer and seller.
Things to Know About Documented Vessel Bill of Sale
Here are the key things you must know about this document.
It is a legal document used to transfer ownership of a documented vessel from the seller to the buyer. It saves as proof of the transaction and facilitates the transfer of ownership rights.
2. Required Information
The document also includes essential details about the vessel and the parties involved. It may include the documentation number, hull identification number (HIN), make and model, year of manufacture, length, and any other relevant vessel specifications. The document also includes the names, addresses, and contact information of both the seller and the buyer.
3. Purchase Price and Payment Terms
It should also clearly state the agreed-upon purchase price for the boat. It is essential to outline the payment terms, whether it is a lump sum payment or installments, and specify the payment method used for the transaction.
4. Condition of the Vessel
It is vital to include a clause in the bill of sale that addresses the condition of the vessel. This can include statements indicating that the buyer has inspected the vessel and is purchasing it as is or with specific warranties or representations made by the seller regarding the vessel’s condition.
5. Liens and encumbrances
It should also include statements confirming that the vessel is free from any liens, encumbrances, or legal claims that could affect the buyer’s ownership rights. The seller should warrant that they have a clear title to the vessel and have the authority to sell it.
6. Signatures and Notarization
Both the seller and the buyer must sign the bill of sale to make it legally binding. Depending on local regulations, notarization may be required to validate the signatures and ensure the document’s authenticity.
7. Registration and Documentation
The bill of sale is an important supporting document when transferring the boat’s registration or documentation to the new owner. It should be submitted to the appropriate agency to update the ownership records.
The documentation status, however, will depend on whether or not the boat is required to be documented with the USCG. Keep in mind that not all boats can be documented. If the boat you own or the vessel you wish to purchase requires documentation, you can find it on the bill of sale.
8. Vessels’ Documentation Number
If the boat is documented, the bill of sale must mention the documentation number. It identifies the vessel in the official documentation records. The bill of sale may also include a statement affirming that it is documented and in compliance with the applicable laws and regulations.
Even if the boat is not documented, this boat will indicate it. It may also indicate if it is registered or titled under a different system, like a state registration or a title certification.
Obtain Documented Vessel Bill of Sale
If you wish to request a documented vessel bill of sale, simply give us a call to assist you.