Bill of Sale for a Commercial Boat

Are you tinking about entering the commercial fishing industry? If this demanding, yet lucrative line of work is calling your name, there are a few practical matters that you will need to sort out before casting your lines. For starters, you will want to make sure that you have all of the necessary commercial fishing permits before you begin your operation. Next, you will need a boat that can handle the rigors of commercial fishing. In the buying or selling of such a vessel, a bill of sale for a boat will most likely need to be completed.

Bill of Sale for a Boat

Why Do I Require a Bill of Sale for a Boat?

If you are a business owner, you understand the importance of keeping accurate records. Since the purchase or sale of a commercial fishing boat will involve a sizable sum of money, it stands to reason that some form of a receipt is warranted. In many ways, a bill of sale accomplishes this. Furthermore, this document is required by the United States Coast Guard (USCG) if the vessel is within its registry.

While you will often utilize a bill of sale for non-registered vessels and other pleasure craft, what is required by the USCG is a little bit more intensive. The reason for this is that the Coast Guard needs to maintain a degree of accuracy in its database. This ultimately serves the seafaring public as it allows the Coast Guard to better protect our waters. 

What Must be Included in a USCG Bill of Sale?

When filling out your bill of sale for the Coast Guard, you will be prompted to provide some basic information about the vessel and its ownership. This document, officially called a CG-1340 will ask for:

  • The vessel’s name
  • The hull ID number
  • The names and addresses of the sellers
  • The manner of ownership
  • The agreed-upon price.

Your CG-1340 may also ask for some information about the ship’s builder or its former name if it does not have a Hull ID number. You can source this form from the USCG by visiting their website. There, you will find a PDF of this document, which you can print, fill out, and mail back to the appropriate office.

Of course, you can also save considerable time and effort by completing this document online with the Commercial Fishing Permits Center. We offer a streamlined, fillable web form that allows you to write your bill of sale for a boat in just minutes.

bill of sale for a commercial boat

What Boats Require USCG Documentation?

There are a handful of scenarios that will require you to document your vessel with the United States Coast Guard. The most common situation that merits this is when a boat is financed. As boats can be costly, it is not unusual to take out a loan to cover the cost. When this occurs, the lender will often request that the boat be registered as a way to protect their investment. 

If you are traveling on international waters, you are always going to want to have a certificate of documentation. This will allow for some ease in moving in and out of international ports. You will also need to document your vessel if it has a net weight of more than 5 tons. 

Any vessel that is engaging in commercial activities on federal waters will also need to be documented with the United States Coast Guard. This will apply to most commercial fishing operations on United States coastal waters. If you are launching a commercial fishing business, it is prudent to ensure that your vessel’s documentation meets USCG standards. 

How This Benefits the Purchaser

Whether you are buying or selling a commercial vessel, it is in your best interest to have the transaction go smoothly. With a bill of sale, the purchaser will have proof of ownership, which can go a long way to help them in additional paperwork matters. It is also helpful to have a historical knowledge of the vessel being purchased. This way, should an issue occur, the buyer can contact the previous owner for additional information. 

Get Your Documents at the Commercial Fishing Permits Center Today!

Before you can start selling your catch, you will want to make certain that you have all the permits you need. As this can call for a significant amount of paperwork, you may find that working with a private online service such as ours will save you a fair amount of time and effort.

At the Commercial Fishing Permits Center, we offer easy-to-use web forms for USCG documentation matters, as well as commercial fishing licenses and permits in all major regions of the United States. Take a moment to explore our website, or contact one of our helpful customer service representatives by phone or email to learn more.

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