Selling a Boat is About So Much More Than the Vessel Cost

vessel cost

If you want to sell a boat that you own, then we think it is safe to assume that you already know it comes down to a lot more than someone simply handing over some cash and you giving them the keys in return. Just like the transfer of ownership of everything expensive from a car to a house, selling a boat requires a lot of different paperwork and admin to be undertaken. While it is far from the most exciting part of selling a boat and passing on the onus of boat ownership, it is one of the most essential to perform! But what do you need to know? Here is a rundown of some of the most important documentation that is needed for selling a boat, proving that the process is more than just vessel cost!

Marine Survey

Prior to the sale, you will need to commission a marine survey of your boat from a professional surveyor who will be able to determine the true condition of the vessel and establish its real market value. This can also help to diminish the concerns of any potential buyers. The older and bigger the boat is, the more helpful it is to have the health checks as up-to-date as possible. When selecting a surveyor, it is always best to go with a name that is respected and known within the national or local boating community.

Bill Of Sale

A bill of sale is essentially a document that outlines the exact terms of a financial transaction between a private buyer and seller. It is arguably the most important document in the entire process and needs to include things like a description of the vessel along with the hull identification number, the purchase price, the date of sale, and the signatures of all parties involved in the transaction. A bill of sale is a simple way to protect both parties from any future disputes on the original details of the sale. If the vessel has been registered with the state or US Coast Guard, most of the information should be easily at hand.

vessel cost

Maintenance Records

No matter what type of boat is owned, it is essential to keep detailed records of maintenance that can then be passed on to new owners when a sale takes place. This includes notes on everything from repainting to cleaning to general maintenance and any specific repairs that have taken place over the course of your own and even earlier if the boat was not brand new when you bought it. Just like the marine survey, the bigger the boat, the more important it is to have good maintenance records to hand over.

If you need any help with everything past the point of vessel cost, then a great resource to rely on is the National Documentation Portal. You will find all the information that you could ever need regarding the successful, legal, and appropriate selling of a boat including all the legalities involved in a transfer of ownership. Feel free to contact a member of our team if you still have any lingering questions. We look forward to hearing from you.