Has it gotten to the point where you have a buyer for your vessel and you’re about to finish the transaction, you just need to finish the paperwork? Did you take care of everything related to the sale of your boat, yet, there’s something in the back of your head that says “you missed something”? Selling a boat can be a far more complicated process than it might seem. Yes, it can be a wonderful thing – someone who wants your boat will be able to use it while you get plenty of money – but a lot goes into it. As with everything else related to vessel documentation, we have the boat transfer paperwork (and more) that you need.
The Transfer/Exchange
If you’ve sold your vessel, congratulations! You can fill out a Bill of Sale if you’d like. However, if you’re purchasing a vessel from someone else, then you’ll probably need to complete the Transfer application. That’s what the “Transfer/Exchange” form is for at our site. Additionally, you’re going to want to use that if you’re just adding another owner to the vessel or removing one from the ownership group. We know how complicated it gets, owning a vessel, so offering this form is one more way that we can make it easier on vessel owners just like you.
Pre-Boat Transfer Paperwork: the Satisfaction/Release of Mortgage/Lien
Before you sell a vessel, you should pay off the mortgage. You should do this for moral reasons (if you’re going to tell someone that it’s “their vessel” when they purchase it from you, they shouldn’t have to take on the mortgage). That said, the vessel can’t be removed from documentation with an outstanding mortgage on it. So, at our site, you can take care of this with the “Satisfaction/Release of Mortgage/Lien” form. That way, when you sell someone a vessel, it will be entirely “their vessel.”
Before You Buy Your Next Vessel
If you’re like so many of the vessel owners who use our site, from the moment you sell a vessel, all you can think about is getting that next vessel. Or, perhaps you always planned to use the money from this sale to buy your next vessel. Before you purchase your next vessel, an Abstract of Title can provide you with the insurance and education you need. With that form, you can know everything there is to know about a vessel before you buy it.