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What Is a Boat Bill of Sale?
When you’ve decided to sell your boat, a boat bill of sale is one of the many important documents you’ll need to complete the transfer of title. A bill of sale must be included in any transaction involving a boa, whether you’re buying or selling one. A bill of sale protects the buyer from accusations of fraud by demonstrating that payment was made in good faith, and it also protects the seller in the event that any complications occur after the sale. A bill of sale is a legal document that proves that an item has been transferred from the seller to the buyer. It’s similar to a retail receipt, but with far greater legal weight. Larger purchases, such as vehicles, machines, appliances, and boats, are frequently made using them. A bill of sale can be used as proof of ownership for the buyer because it documents the transfer of ownership. The bill of sale can be used to transfer the boat’s title, update the registration, and add insurance for the buyer.
Informations That Should be Included In a Boat Bill of Sale:
You should also be familiar with the various details that should be included in a boat bill of sale. The following are some of the most crucial details included in a boat bill of sale, a bill of sale for a boat, jet ski, or other watercraft vessel must include the following information:
How To Write a Boat Bill of Sale?
A bill of sale for a boat or other watercraft is a legal document that transfers ownership of a boat or other watercraft from a seller to a buyer. When purchasing or selling a boat, you’ll need a bill of sale form since it spells out the terms of the sale, prevents disputes, and gives the buyer proof of ownership so they can register their new boat. You can either record the sale of numerous things on a single bill of sale (for example, a boat, motor, and trailer) or an accompanying trailer bill of sale form if the boat has an accompanying trailer. Before you can submit a boat bill of sale, you need to know how to write a bill of sale, listed down below can help you to get started on writing your boat bill of sale.
Step 1: Print a bill of sale for a boat.
A free boat bill of sale template is required first. Prepare ahead of time by downloading and inspecting the bill of sale to determine which details are required to execute the transaction. You can also download our free templates that is available and ready for you to fill out.
Step 2: Check to see if your boat is ready to sell.
- Organize your paperwork:
When you’re ready to sell your yacht, double-check that each component has a title and registration (boat, motor, and trailer). Most states require this information for the sale, and it also informs the buyer that you are the owner and that the vessel has no liens (unpaid debts). If you don’t have a title for your boat, make sure you have a previous bill of sale or purchase agreement to prove you own it. A prospective buyer may also request documents of any maintenance work performed on the yacht in order to verify its condition.
- Clean your boat and take pictures of it:
Cleaning the inside and outside of your boat, as well as making any necessary repairs or touch-ups, is a smart idea. This will assist you in attracting more potential buyers and putting your boat on the market at the best possible price. A potential buyer will want to view photos of your yacht, and listings with several shots taken from various angles receive more attention on internet markets. Before attempting to sell your watercraft, take many images that highlight the attributes of your boat in good lighting.
Step 3: Choose a buyer
- Decide whether you want to sell privately or for a profit:
If your boat is a higher-priced watercraft, you may want to engage a broker or dealer to assist you sell it. Selling your boat privately allows you to control the process and avoid fees and commissions, but it can be time-consuming.
- Calculate the market value:
You can use a price-checker tool or simply search for nearby listings of a comparable make and model to get an estimate of the market value of your boat. Keep in mind that market value is influenced by factors such as condition, age, and demand. Before you list, decide on an asking price and the lowest offer you’ll accept.
- List your yacht on the internet:
There are a number of websites that assist individual boat sellers in finding purchasers. To reach a larger audience, consider putting multiple listings on sites like Boat Trader, The Hull Truth, and Craigslist. Try YachtWorld for high-end and specialty boats like yachts and sailboats. You should provide a thorough description of the condition and features of your boat, as well as any accompanying motor, trailer, or accessories, in addition to numerous clear images.
Make sure your post has the necessary information:
- Year, make, and model
- Repairs or enhancements to the condition
- Sale conditions (cash-only, delivery available, etc.)
You should mention a guarantee on the boat if you’re willing to provide one. Otherwise, phrases like “as-is” or “sale final” should be included in the listing description.
Step 4: Complete the boat, motor, and trailer information.
Fill out the bill of sale with information on the boat, such as the year, make, model, HIN (hull identification number), dimensions, and so on. The HIN for your boat is normally located on the right side of the transom (rear of the boat).
Include information on the outboard motor, such as the serial number, model, and horsepower, which can be found on a plate attached to the engine.
Details about the trailer, such as the VIN and weight, are normally found on a sticker or plaque mounted to the frame.
You can include extra information about the condition of these components in the notes section of your boat bill of sale form.
Step 5: Enter the selling price and method of payment.
The buyer and seller should agree on a price and payment mechanism before meeting to finalize the transaction. When the customer registers their new boat, they will be required to pay sales tax; however, you may choose to divide or cover the expense of sales tax by deducting the necessary taxes from the selling price.
Fill out your relationship to the recipient and the total worth of the boat and other things included in the transfer if the boat is a gift.
Step 6: Fill in the buyer’s and seller’s information.
Arrange for a face-to-face meeting once the buyer and seller have agreed on all of the transaction’s terms. It’s a good idea to have both parties present identification to ensure that the personal information on the form is correct and to prevent fraud.
Step 7: Notarize and sign the paper
You and the buyer can sign the document according to your state’s laws after you’ve finished the boat bill of sale form and received full payment.
For the form to be legal, several states require the buyer and seller to sign in front of a notary public. Even if your state doesn’t require notarization of boat bills of sale, it’s always a good practice to have another adult witness the transaction in case of a disagreement.
Make a copy of the bill of sale for your records after the sale is completed. The original copy should be kept by the buyer for registration purposes.
What happens if I purchase a boat without a title?
Any boat can be titled willingly. The buyer of a boat is assured via boat titling that the seller has clear ownership of the boat for sale. Because some lenders will not finance a boat without a title, getting a loan to buy a boat may be easier if it is titled.
Is it possible to sell a boat without having a bill of sale?
You’ll need to see a bill of sale from the boat’s owner to the yard selling it, or proof of title to the boat from the yard selling it. To register the watercraft, you’ll need your own evidence of ownership.
In some states, does a boat bill of sale have to be notarized?
In some states, a boat bill of sale is necessary, however it is not required to be notarized or witnessed. The names of the sellers and buyers, as well as their contact information and signatures, must appear on each vessel bill of sale. The year the vehicle was built or the model year, make, and model.