When buying or selling vessels, both sides need a reliable way to secure their interests and record the transaction. The simplest and fastest way to do so is by using a boat bill of sale form. This document must include essential details about the people signing the deal and the boat itself.
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Table of Contents
Check Boat Bill of Sale Forms By State
What Is a Boat Bill of Sale?
A boat bill of sale form is a legal document used to record the transition of ownership over a vessel from one party to another. Citizens aren’t always obliged to use the bill of sale template; some states allow buying and selling boats without using this document. However, securing a transaction with a bill of sale is a decent way to avoid legal disputes and prove your right to hold an asset.
To create a boat bill of sale, you don’t need to contact local authorities or legal counselors. These documents can be printed out and filled by hand. What’s more, the negotiating sides are responsible for designing a proper bill of sale themselves. If they fail to include necessary details, the document won’t be considered legally valid. It’s vital to ensure that your bill of sale follows the state’s and the county’s regulations on selling a respective type of property.
If you aren’t sure where to obtain a template of a boat bill of sale, consider checking out our database. We provide a wide array of downloadable and printable documents in PDF. You can filter out needed solutions by property type and by state. If none of the available forms suits your requirements, use our form builder to design a custom document. Mind that you don’t have to register to access the website – it’s available free of charge for all visitors.
How to Purchase or Sell a Boat with a Bill of Sale?
Here’s the sequence of actions you’ll need to go through when dealing with watercraft bills of sale:
- Decide which parts of the vessel will be sold. It’s not uncommon to sell boats without engines, trailers, and other gear, such as lifejackets. The seller should consider all these elements since they can significantly affect the boat’s final value.
- Put a value on your watercraft. Properly evaluating the cost of your vessel may seem easy, but it’s, in fact, the most difficult part of the process. If you have no understanding of the market, consider searching for models similar to yours. Look for the same model, make, and year of production to discover what price you should charge.
- List your vessel for sale. Prior to placing a lot on popular trading websites, make sure to clean the boat and make all necessary repairs. At this stage, you might also consider reaching out to a broker. If the estimated price of your boat is less than 40,000 USD, very few brokers will take the lot. You’ll most likely need to deal with cheaper watercraft yourself.
- Provide potential buyers with an overview of the boat. The best way to display the vessel is in a dock, where buyers can get a complete overview of its exterior and interior. However, there may be situations when you’ll need to present the lot on land. In this case, consider using a trailer or a stand.
- Complete the negotiation. At this stage, the sides should sign a boat bill of sale form to record the transaction. Although the bill is not necessarily required in all states, signing it is a good idea. The document can protect you from a legal debate in the future and prove that you are the owner of the craft. Mind that valuable items that are not necessarily supplied with the boat (trailers or motors) must be listed separately.
- Transfer the funds. Bills of sale allow using any type of payment, from cash to bank checks, so the sides can choose any preferred method. After the seller receives the funds, he or she signs the title and registration documents over to the buyer to finish the deal. The parties must also decide who will be responsible for paying the sales tax.
- Register the vessel. The new owner of the boat is obliged to register it with the respective authorities immediately after the purchase. This is where you’ll need the bill of sale, as the state wouldn’t recognize the transition of ownership if this document wasn’t signed.
Why Utilize Bills of Sale for Selling and Buying Vessels?
Bills of sale are extremely helpful for resolving legal disputes. Banks and courts consider these documents as valid proofs of ownership. For instance, a bill of sale confirming that you possess a certain asset (a vessel, in this case) can help you receive a loan. Bills of sale protect the rights of both parties though clarifying the transaction’s terms and confirming the transfer of the ownership. Boat bills of sale guarantee that the sides are familiar with the condition of the vessel being sold, thus preventing fraud.