There is a long list of things that need to be done after the acquisition of a boat, regardless of whether it is brand new or used, to transfer ownership of the vessel officially. Obtaining a boat bill of sale is one of these things that must be done. A bill of sale is a legal document that demonstrates that the buyer and seller have agreed on the terms of the transaction and provides all of the important information about the boat. It also shows that the buyer and seller have signed the bill of sale. Here is all you need to know about bills of sale if you are planning on purchasing or selling a yacht shortly. As part of their boating safety gear, USCG boat owners should always have a bill of sale. It is essential to obtain a bill of sale for your boat if it is ever stolen or the subject of a legal dispute. In the boat bill of sale, you need to provide the following information:
The Name and Address of the Seller
A boat bill of sale protects you from legal issues, which is a no-brainer. If the police stop you and they inquire about your boat, you won’t have to have an embarrassing talk about whether or not it’s stolen if you have proof of ownership in writing. These are priceless assets when you’re dealing with the insanity of bureaucracy. You may find the seller’s information below. This is vital to contact them in case there are any issues regarding who owns the boat. Anytime anything goes wrong (like your buddy who borrowed your boat refusing to return it), you’ll be glad that you have a boat bill of sale to speed up the process of getting it back into your possession. According to flsenate.gov, you need to ensure to have this information on hand if anything happens to your boat while you still own it. Many insurance companies might want evidence that your boat was yours before they would compensate you for its worth if it were stolen.
The Name and Address Of The Buyer
Next, fill in the information about the buyer, including his name and the location of his residence. Following that comes the date, which should not be the day it was generated but rather the date you signed it. After that, you have to have the boat’s title or the boat’s registration number. The transfer of ownership paperwork will be a breeze for the new owner. You must get a copy of this document before finalizing the purchase of a boat in the event you choose to do so. Before taking possession of your new vessel, you will need to settle any delinquent financial obligations associated with the boat, such as property taxes or loans, which may include paying off any outstanding bills. In such a case, you risk losing your brand new boat!
The Make, Model, and Year of The Boat
The year, the manufacturer and the model of the boat come next. The year will tell you how old the boat is, which is vital information if you ever want to title it or if you anticipate needing a lot of maintenance done on it. If anything goes wrong with your boat, providing the manufacturer with the make and model is helpful information for anybody who has to contact the manufacturer. This information might also be helpful if you are purchasing a secondhand boat but cannot locate its bill of sale. If you have ever had to have repairs are done or replacement components for your vessel, this knowledge might also come in helpful for you at that time.
A Boat Bill of Sale Consists of A Description of the Boat, Including Its Length, Width, and Height
Nobody knows what goes into one, but we’re all acquainted with the term “boat bill of sale.” It’s common to rush through the process of purchasing or selling a yacht, and as a result, you don’t give yourself enough time to consider your options before signing the dotted line. You should know what should and should not be included in your bill of sale if this is your first time purchasing or selling a yacht. The description of the boat is critical in a bill of sale. There are dimensions for each of these components and a unique serial number (if applicable). It’s also essential to specify who owns the yacht, whether or not it has any outstanding debt, and whether or not any transfer-related costs must be paid. In addition, you may mention if the engine has ever been repaired and whether the hull has had any modifications.
Vessel Documentation Online LLC is a company that provides the best vessel data and special services in the industry. We provide, by and large, unparalleled services such as boat Bill of Sale Services. We can help you transfer your vessels to new owners without hassle. Our team of professionals will guide you from start to end and ensure that everything is taken care of efficiently. Please do not hesitate to call us at (877) 564-1398 for more information.