If you have been doing your fair share of research before getting involved in a boat transaction, you might have come along with the concept of a boat’s bill of sale. If you are not exactly sure of what that means, would like to know how to fill it, or maybe are just curious about the concept we have got you covered. Here’s this article about the bill of sale and everything you need to know about it.
A Boat Bill of Sale’s Definition
If we are going to talk about the Bill of Sale required in any unregistered boat transaction we are going to have to define it. To put it simply, it is a document used for transferring the ownership of a watercraft.
It is important to make a distinction between watercraft and boats/vessels, as the former one also includes yachts that are not equipped with an engine.
What Information Shall I Include on a Boat’s Bill of Sale?
Let’s begin by clarifying the subject: when it comes to the Boat’s bill of sale the more information you can fill the document with, the better. For instance, if you do decide to include the trailer, or if your vessel is equipped with a motor, then you should complete their proper details as well.
Bear in mind that this one is not a formal document, so even though you can obtain a template online you will note that they may have slight differences between them.
Another thing we should bring forward is that, specifically, bills of sale are used especially when the vessels are not documented within the US Coast Guard.
Now that we know this, we can proceed with the filling of the document.
We will begin with the easy part: personal details. As in any other formal transaction, you are going to need to fill the document with your own information. Your name, surname, and contact information such as mail or phone number could be something, to begin with. The same goes for the person you are buying the boat from/selling the vessel to.
We will then proceed with the same of the boat: a basic description of it with details like brand, model, the year it was built, length, Hull identification number (HIN), odometer reading, title number, State registration number… are just some of the basic features.
Furthermore, you should include an objective accounting of the boat’s condition: if something is not working the way it is supposed to, it should be noted.
If a trailer or engine is included in the transaction it has to be mentioned as well. The same specs apply to them.
To finish it up, remember to include the price that has been paid for the vessel.
The Maritime Documentation Center can Help you Sell your Boat
The Maritime Documentation Center is America’s leading provider of vessel documentation services. As we said before, the bill of sale is fundamental when the boat you are selling is unregistered. If you want to sell it registered you would need a ‘Transfer of Ownership’ form that can be obtained here.
If you want to register your boat to feel more secure before selling, we can also help. Just remember that the vessel has to be free of mortgages, licenses, etc. Our friendly staff will be happy to assist you.