Boat Bill of Sale
Boat Bill of Sale
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When you decide to sell your boat, you'll need a boat bill of sale. This is one of many documents necessary to ensure that your boat transfer goes smoothly. It is a legal requirement to include a bill of sale in the transaction, whether you are buying or selling a boat. A bill of sale protects the buyer by demonstrating that they paid in good faith and protects the seller from any issues that may arise following the sale.
To complete your Boat bill of sale, you will need the following information:
Specifics regarding the boat, such as its make, year, title number, Hull ID, and odometer reading, should be included in the bill of sale. In the event a trailer and/or motor are also being purchased/sold, please include the details of those items, if any.
Name and signature of the buyer.
Details of the seller include the seller's name and signature.
The price to be paid by the buyer to the seller to purchase the vessel.
Name the county and state in which the transaction took place on the Certificate of Acknowledgement
Most likely, this will be the most challenging step. A boat's value is typically more or less known to its owner. If you're unsure of the value, you can find a good general idea by using www.nadaguides.com. Otherwise, the most prudent course of action for a seller is to research the current market price for the specific make, model, and year of the boat they intend to sell.
Ultimately the most important question you have to ask yourself is whether you require the services of a broker.
When selling a boat for more than $40,000, it is best to hire a broker from a local marina. In addition to listing the boat at fair market value, they will clean it and present it to a potential buyer.
If the boat is worth less than $40,000, it's recommended that you sell it yourself. Brokers are unlikely to take on boats below this value.
It is best to use the following websites (5) if the seller decides to list their boat themselves:
BoatTrader.com
Boats.com
Yachtworld.com
SailboatsforSale.com
eBay.com
You should clean and polish up your boat before you think about listing it online or with a broker, either by making cost-worthy repairs or hiring a cleaning service to give your boat the best chance of selling.
Boats located in remote areas can be difficult to show to prospective buyers. You would have to skiff potential buyers to and from your boat every time someone would like to see its exterior if your boat is moored. In order to give buyers the best possible feeling of what it's like to be on your boat on the water, consider having your boat stationed at a dock that's easy to access.
You can park your boat on land if docking is not an option. This is the cheapest and most convenient way to see the harbor. Placed on a trailer or a stand, it is inexpensive and convenient.
To complete the sale, both the buyer and seller must sign a boat bill of sale form (Download). Additionally, the contract can be used to record the sale of the outboard motor and trailer. The seller should provide some copies of them to each party, while the buyer needs one for registering with the state.
During closing, the parties should:
Receive payment from the buyer.
The seller must provide the buyer with the title (signed over to the buyer) and any state registration paperwork.
A buyer and seller must agree on which party will be liable for sales tax (%). A buyer and seller split this responsibility in most cases.
Upon completion of the sale, the buyer in most states is required to register the boat immediately. Typically, this is accomplished by submitting the bill of sale and title forms along with the registration paperwork to the State. A sales tax may be required to be paid at this time depending on your state. However, the buyer must still pay it even if the seller accepted responsibility for part of it.
The following are the components that should be duly completed. Be sure to read through all sections before filling them out’
LOCATION OF THE SALE ( County, state, and date)
THE PARTIES ( Name and address of buyer and seller)
THE EXCHANGE ( The method of payment)
BOAT/MOTOR(S)/TRAILER DESCRIPTION. ( Details of the property)
VALUES. ( Agreed upon sale price)
TAXES.
BUYER AND SELLER CONDITIONS.
AUTHORIZATION. ( Required signatures of buyer and seller)