The term Bill of Sale for Boat or a Boat Bill of Sale is a document meant for transferring the ownership of a watercraft from one party to another. The watercraft may be non-motorized or motorized. In the bill of sale, it is essential to mention itemized prices of the motors or trailers. After delivering the boat by the seller to the buyer, this document should be properly filled and duly signed by both the parties. At the same time, the funds are made available by the buyer to the seller to complete the transaction.
What is Bill of Sale of a Boat?
When the owner of a boat has made a decision to sell his/her boat, in order to make the transfer of ownership or title successfully, a Bill of Sale is necessary. This is considered as the essential document needed at the time of sale. In fact, a Bill of Sale should be included in the transaction process, irrespective of purchasing or selling a boat either commercially or privately. This Bill of Sale of a Boat will assist the buyer to protect himself from the accusations of fraud. Besides, the document reveals the payment proof in good faith. If any issues arise after the sale, this document acts as a protection to the seller.
Types of Boats or Vessels
There are various types of vessels or boats that can be purchased or sold using a Bill of Sale of a boat, which include Tugboat, Skiff, Sailboat, Rowboat, Powerboat, Yacht, Kayak, Jet Ski, Fishing Boat, Ferry, Canoe and Cabin Cruiser.
Requirements for Selling
Some of the essential information that is needed prior to completing the Bill of Sale of Boat include:
- In the Bill of Sale of the boat, the condition of the boat and its specifications that cover Make, Year, Title Number, Hull ID and Odometer reading, must be written clearly
- In the case of a trailer and/or motor also being purchased/sold in the sale, detailed specifications of these items should be written
- The name and signature of the purchasing party, namely the buyer, should be included
- The name and the signature of the party, namely the seller, offering the item of purchase should be included
- The amount known as Purchase Price to be given from the buyer to the seller in exchange of the vessel must be included
- Finally, as a part of Certificate of Acknowledgement, location like, name of the County and State in which the said transaction is taking place must be included with the date of transaction
In the US, it may be observed that every state requires a seller of a boat or any vehicle to issue bill of sale of the boat or vehicle to the buyer. The requirement is that in six states in the US, the bill of sale for a boat needs to be notarized by a notary public. This process has to be done before the actual transfer of the title of the boat that takes place.