Paperwork Required for Selling a Documented Vessel

selling a documented vessel

The process of selling and/or buying a new boat for yourself can be a really exciting and rewarding one, but only if you make sure that you follow all rules and regulations along the way. When large pieces of ‘property’ and large sums of money are being exchanged, you literally cannot afford to make any mistakes when it comes to the paperwork. Not everybody is blessed with the natural talent for admin and red tape, so if you are somebody who needs a little bit of extra help with this side of things, then here is an insight into the paperwork that is required for selling a documented vessel.

You Need a Marine Survey

Prior to the sale, you will need to commission a marine survey from a professional surveyor to help determine the condition of your boat, as this is the best indicator of what its real market value will be. It is also a good way to diminish a buyer’s potential concerns when they have the survey to turn to. In essence, this is no different from a real estate agency surveying your home.

The Transaction Should Be Recorded With a Bill Of Sale

When a sale is on the verge of being agreed upon, a bill of sale is required for outlining the terms of the transaction between the private seller and the buyer. It is arguably one of the most important documents that you will create. Different countries require different details, but in general, the bill of sale will include a description of the vessel and hull identification number, the purchase date, the price, and the signatures of both seller and buyer.

Do You Have a Warranty Documentation

A boat warranty is an additional courtesy that can be given as proof that there are no outstanding claims against the vessel.

Keep Your Maintenance Records to Hand Over

No matter what kind of boat is being sold, it is always a good idea to collate a detailed pack of maintenance records for the length that you have been the owner. This includes things like repainting, cleaning, repairs, and any general maintenance that has taken place during your ownership.

selling a documented vessel

Provide Proof Of Loan Repayment

It is possible to sell a boat that still has a loan on it, as long as the buyer is okay with the situation. However, if the loan has been fully paid off, it is always good practice to include a proof of loan repayment document so that your buyer can see there are repayments that are going to be expected from them in their period of ownership.

If you are in need of any more information about what is needed for selling a documented vessel or have further questions, you’ll find all that you need at the National Documentation Portal. Feel free to get in touch with a member of the experienced team and they will be able to guide you through any part of the process that you are struggling with or to clarify anything that you need clarifying before proceeding with your sale.