If you’re interested in selling a US Coast Guard documented vessel, it’s a good idea to familiarize yourself with the process before you get started. Whether you need the money or you’re selling your boat so you can buy a new one, there are some steps you need to follow to ensure that process goes along without a hitch, both for your peace of mind, as well as for legal reasons. This guide will help you navigate the process, from start to finish.
What is a Bill of Sale for a US Coast Guard Documented Vessel?
This is an important question and one you should definitely have an answer for. You can create a bill of sale on paper, but these days, it’s much easier to do so digitally. The bill of sale is a document that goes along with a boat when it’s sold. It contains important information that includes a description of the boat, the hull identification number, names and contact information for all people involved in the sale, and the state registration number (if the boat has one). You may incur penalties if anything is missing on your bill of sale.
Selling a Documented Vessel
Selling your boat isn’t as easy as just finding someone who wants to buy it. Even if your boat is not registered, you will still need a bill of sale. However, if your vessel is registered with the United States Coast Guard, you will also need a Transfer/Exchange form for a legal sale. This alerts the Coast Guard about the sale and updates them on new ownership information. Keep in mind that any outstanding mortgages will have to be cleared before you can sell your boat. It’s important to make sure you follow regulations and guidelines when you sell your boat, which prevents it from taking longer than necessary, but also keeps you from having to pay additional fees or fines. It will also keep you from having to re-document the boat if paperwork is missing or incorrect.
What If You’re Buying a Boat
If you are the boat’s buyer, rather than the seller, there are also some considerations you need to keep in mind before you make the sale. It’s very important to make sure there is an available and accurate Abstract of Title available for the vessel you are considering buying. That’s because this gives you information about ownership, the boat’s history, and all maintenance records for the vessel. This will help you determine if the boat is a good buy or if there are too many problems to make it worth the cost. If there is no Abstract of Title, it’s best to look at other boats. This will likely save you a lot of time, money and hassle.
We know that the process of buying or selling a US Coast Guard documented vessel can be overwhelming and often frustrating. We are here to help you facilitate the process, from start to finish and can answer your questions along the way. Contact the US Vessel Documentation Center today to get started.
