When you’re ready to sell a boat, there are a lot of things to consider to be sure it’s done properly for both parties involved. In addition to providing details about the boat and high-quality images to go with it, you need to have all of the relevant paperwork in order. That includes the USCG bill of sale. To make the sale of your boat simpler and easier, being prepared is important. Keep reading to find out everything you need to know.
What is a Bill of Sale?
This is the document that records the details of the sale of a boat between the private seller and the buyer of the vessel. It’s a legal piece of paper that transfers ownership from you to the person who is purchasing your boat. This is probably the most important document to have ready when you sell your boat. Why?
Because it records the sale and ensures that you are no longer listed as the owner. Each state has its own regulations around the bill of sale, so be sure you are familiar with the guidelines when drafting a bill of sale.
You can certainly create your own boat bill of sale, but there are quite a few templates online as well. You can also have a lawyer draft a bill of sale document for you. No matter who creates the document, it must include certain information to be considered valid. That includes the following:
- Description of the boat
- Hull identification number (HIN)
- Sale date
- Price of the boat
- Signatures of the buyer and seller
You also have the option of using a yacht broker to help facilitate the sale of your boat. This person will get a percentage of the sale of the boat, usually around 10%, but can be invaluable if you aren’t sure how the process works and want to make sure you get it done correctly. A yacht broker may also be able to get a higher price for your boat, which benefits you in the long run.
Other Documents to Include with the Bill of Sale
While the bill of sale is likely the most important document necessary when you sell your boat, it’s not the only one. There are several others that are also part of the selling process. They may include any or all of the following:
- Boat survey results
- Warranty information
- Trailer title
- Boat title
- Proof of ownership
- Certificate of seaworthiness
- Maintenance records
- Verification of pricing
- Invoices and receipts
- Insurance documents
Having the proper paperwork for your boat is important, especially if you are ever boarded by the Coast Guard. Without the right documentation, you could face fines or seizure of your vessel. It can deter a potential buyer if the paperwork isn’t in order, so be sure to have it all ready to go as soon as you put your boat up for sale.
The Commercial Fishing Permit Center is here with more information and can help you get through the process of selling your boat. Contact us today with all of your questions regarding a USCG Bill of Sale or any other aspect.