Everything You Need To Know About Selling a Documented Vessel

documented vessel

Did you know that there are regulatory hoops you must jump through to sell a documented vessel? Are you familiar with the purpose of the hoops? No? Don’t worry about it since we’re here to assist you! This article on our blog will provide you with all the information you want about the sale of your documented vessel. We will address every one of your concerns and provide some guidance on how to proceed with the procedure in the most efficient manner. 

When the time comes to sell your sailboat, there are a few things you need to be aware of to ensure that the transaction goes off without a hitch and that you get the most money possible. When selling your documented vessel, the following are some of the most crucial considerations you should bear in mind.

The First Thing You’ll Need is a Bill of Sale

When you part with your boat, you’re not just parting with your personal property but someone else’s. In this case, you’ll need to have the seller write out a bill of sale and sign it. You should double-check the bill of sale for accuracy before submitting it to the Coast Guard so that they can verify the ship’s ownership. This document should also include contact information for both parties. It is also essential to clarify the monetary responsibilities of each party after the sale’s completion.

This is a short agreement detailing the sale of a documented vessel and the money exchanged. Even though the form differs in each state, you may probably locate one online that will work for you. Once it is finalized, get over to Vessel Documentation Online LLC to acquire a title transfer form. This document attests to the sale of the vessel and specifies who is covered by liability insurance and whether or not any liens were settled.

You’ll Need a Title Transfer Form for Your Documented Vessel

Selling a boat that has been adequately documented requires more than simply a handshake and a signature. The procedure is rather involved and requires the participation of at least two individuals who are not a part of the transaction. The first is a Coast Guard “appraiser,” whose role is to decide whether or not the vessel is worthy of recorded status (i.e., whether or not it was constructed in a way that makes insurance worthwhile for its customers). 

The second is a marine surveyor, who evaluates the ship’s structural and mechanical integrity and reports any problems they find. Appraisals are time-consuming and expensive. Thus it has been discussed whether they should be mandated as a condition of selling a vessel under written rules. Many professionals agree that an appraisal is essential; it safeguards all parties involved in such a significant deal by ensuring they know exactly what they’re purchasing.

Be Sure To Have All Relevant Paperwork in Order Before Putting Your Vessel Up For Sale

Before you put your sailboat up for sale, you should ensure that all of the necessary documentation, including insurance papers, registration documents, and any other important information, is in order. You will also need to check that you have the original title and all the paperwork that goes along with it. Even if your boat is registered in the name of a power of attorney, the buyer’s lender would almost certainly need to see the boat’s original title. 

Ensure that your documented vessel has been well maintained, mainly if you advertise its condition as “Excellent Condition.” If a prospective buyer notices signs of neglect on a boat that was formerly regarded as “outstanding,” they may wonder why there are so many technical difficulties with the vessel and seek assurances that it is in good operating condition before making a purchase decision.

documented vessel

You Need to Know Maritime Law

As the owner of a documented yacht, you are probably aware of the various obligations that come with the title. This required certification enables you to use your boat in more waters than those open to boats without proper documentation, which is a huge perk for many boat owners. However, the documentation requirements may prevent you from generating a profit when you want to sell your yacht. Perform your homework before selling your yacht if you aren’t sure whether you have to do a certain thing. 

One must also keep in mind that the purpose of maritime law is not limited to preventing lawbreakers from being apprehended. The Coast Guard exists even if you’ve never had any trouble with them before so that everyone may enjoy the benefits of safe navigation and equal access to waterways. Full disclosure is the most crucial aspect of purchasing or selling a recorded vessel.

Vessel Documentation Online LLC is your one-stop for your vessel documentation needs. We offer a wide range of services and specialize in handling the sale of documented vessels. If you want to sell your documented vessel, contact us at (877) 564-1398 for more information.