What To Include In A Boat Bill of Sale
A bill of sale is a legal document that legally transfers ownership of property and sets out the terms of a transaction between private sellers and buyers. A boat bill of sale, which is a document that outlines the terms of a transaction between a private seller and a buyer, is one of the most essential documents to have on hand when you are ready to sell your boat. If you are buying a boat, it is important to have a bill of sale and title. Let's look at the basics of writing a bill of sale for a boat.
Legal requirements: Federal, State, and Local
Each state may have its own requirements regarding a bill for sale of a vessel. They may vary by size, weight, and class (e.g. motorboats versus sailing boats versus nonmotorized) as well as boats below certain lengths/horsepower. No matter what state requirements you may have, a bill of sale can be a good idea. It will protect you legally in the event of any disputes. It also preserves historical records.
Example Boat Bill Of Sale
Boat Trader has provided a sample bill of sale. You can download it and modify as necessary to comply with your local regulations and any state or federal laws and guidelines to suit your needs. The information needed by your state and town should be included in a boat bill of sale. You can find many templates online, but you can also create your own. An attorney can help you prepare a bill.
What a Boat Bill of Sale Should Contain
A boat bill of sale should include a few basic information. This information is essential to ensure that your sale does not become invalid. You may also face problems when you register your boat, obtain your required stickers and decals, and pay the applicable sales taxes and fees. Let's look at some of the essential information you should include on your boat bill of sale.
Basic Vessel Information and Hull ID (HIN).
You will first need to know some information about the boat, including who made it and when. These details include the following:
- Date of Vessel Manufacture
- Number of the boat's hull (or HIN)
- Boat Make and Model (i.e. Boston Whaler Invasion or Sea Ray Sundancer
Information about the engine
If you are selling or buying a motorized vessel, it is likely that you will need to include some information about its engine. This information can include the engine's horsepower and fuel type as well as its size/displacement. All powerboat sales (i.e. We recommend that you include the following information in your bill of sale regarding the engine(s).
- Make, model and serial # of the engine
- Engine Manufacture Date
- Engine Horsepower (or an equivalent)
- Engine Size/Displacement (often expressed in liters, cubic centimeters, or cubic inches depending on the size of the engine)
Information & Accessories for Trailers
The bill of sale should also include any equipment that was purchased in the transaction. A lot of used boats come with a trailer so you'll need to add the information about that trailer. While the requirements for a trailer vary from one state to another, most trailers have a unique VIN (or serial number) on their manufacturer plates. The following information should be included on a boat bill:
- Trailer Brand, Model and Serial #
- Date of Trailer Manufacture
- Trailer Width and Length
- Trailer Capacity (found on the trailer’s capacity plate, usually attached to the trailer's forward left side)
- Trailer Axles are trailers with more than one axle - i.e. tandem trailers - may require special permits)
Transaction Details and Date
The bill of sale should include a description of the boat, including its type, purchase date, agreed-upon price, and signatures of both the buyer and seller. You should also include contact information, such as. Both the buyer and seller should have their contact information (e.g., address and phone number).
Ask for help from the pros - boat brokers & dealers
You can also bring your boat to a professional boat dealership to see if they offer a trade in amount or sell it on consignment. You could also partner with a yacht broker who will help you sell your boat to a private buyer. Yacht brokers typically get 10% of the sale price. This may seem high, especially if you consider the time and effort they save, as well as the possibility of getting a higher boat price.
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