How Much Is Your Boat Worth
This will most likely be the most difficult part of the process. Most owners know, more or less, the value of their boat. In the chance you do not know the value, using www.nadaguides.com can give you a general range of what to look for. Otherwise, a sellers best bet is to look up what the exact make, model, and year of the boat is selling for in your market.
Boat Bill Of Sale Frequently Asked Questions
Can you register a boat with a bill of sale?
Yes, you can register a boat with a bill of sale. But depending on your state, you may need a bill of sale, a title, or both for your vessel to be registered. For example, the state of Arizona only requires a bill of sale to register your boat. But for New Mexico, a title is required.
Make sure you check your state requirements before you register your boat.
Can I buy a boat with just a bill of sale?
Yes, you can buy a boat with just a bill of sale. However the boat has to be undocumented, i.e. there must be no title attached. The bill of sale must provide all the necessary details mentioned earlier so that there is adamant proof the transaction took place. If there is a title attached to the boat, then the title must be transferred to you in order for you to legally be the new owner.
You should also refer to your state laws about boat registrations, as they may require a title for your boat to be registered.
Can you sell a boat without a bill of sale?
Yes, you can sell a boat without a bill of sale, but this isnt advised as it means there would be no proof that the transaction took place and there was a change in ownership. This could lead to legal ramifications for both parties involved in the sale.
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Sign And Notarize The Document
After youve completed the Boat Bill of Sale form and received payment in full, you and the buyer can sign the document according to your states requirements.
Some states require the buyer and seller to sign in the presence of a notary public for the form to be valid. If your state doesnt require boat bills of sale to be notarized, its still a good idea to have another adult witness the sale in case a dispute arises.
After the sale is complete, make a copy of the bill of sale for your records. The buyer should keep the original copy for registration purposes.
What Should Be Included in a Boat Bill of Sale
A Boat Bill of Sale should be as detailed as possible so both parties understand the terms of the agreement before the sale has been made. The information the document should have is the following:
- Names and contact details of both parties
- Boat information
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Q: What Should I Do If I Lose My Registration Or Title
A: If your registration or title certificate is lost, destroyed, or mutilated, you can apply for a duplicate. Just fill out the proper form and mail to the nearest registration office along with a check for the appropriate fee.Please note: Customers are allowed only 3 duplicate decals during a registration cycle.
Q: I Purchased My Boat From A Car Dealer
A: Car dealers that are not registered boat dealers must first title the boat in the car dealer’s name before legally selling the boat. The car dealer must also pay a sales tax to the Department of Revenue before titling the boat. Once the car dealer has applied for and received the title from the state, the sale can be made.
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Buyer Registers The Boat
In most States, the buyer is required to immediately register the boat after the sale has been completed. This is commonly completed by providing the State with the signed bill of sale and title forms along with any registration documents. Depending on the State, there may be a sales tax that is required to be paid at this time. If the seller accepted partial responsibility for it, it still must be paid by the buyer.
Drafting A Boat Bill Of Sale
Those in need of a boat bill of sale have two options. The easiest option is to download a free boat bill of sale online. The second option is to draft one. For the most part, all boat bills of sale follow the same guidelines.
A free, printable boat bill of sale is available online for every state. These templates have all the specific information details required by the state.
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Select The Boat To Sell
You should find this step easy if you have only one boat to sell. However, sometimes, a seller will have to choose between multiple boats to sell.
Identify which boat you are going to sell if you own more than one. Take the time to educate yourself on the value of the boat and which is more profitable.
After you choose which boat to sell, the next decision is what will go along with it. Boats, trailers, life jackets, and fishing equipment can be among the items in question. The buyer will be able to choose whether or not to include these items in the sale.
Manufacturer’s Statement Of Origin
The Manufacturer’s Statement of Origin , or Certificate of Origin , that comes with each new boat contains the boat’s hull identification number and engine serial number. The MSO or MCO shows when the boat was built and transferred to the retail dealer for resale purposes. You will need the MSO when you register or document a new boat. If the boat is financed with a loan, the MSO will be transferred to the lender otherwise, it will be included in the boat’s papers given to you at the time of purchase. You or your loan company should receive the MSO when you take delivery. If not, contact the boat manufacturer at once. Without the MSO you may be unable to register the boat or meet insurance requirements.
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How Do I Protect Myself When Selling A Boat
Even though it seems corny, you cant tell whether youre safe on a boat by its appearance. A contract should be in place to safeguard your interests. Hire a maritime surveyor who can thoroughly inspect your boat and provide you with a report on any issues they find. If there are outstanding issues or recalls, you should find out about them as soon as possible so that you dont incur additional charges down the road. Every item should be photographed to be identified, and many vendors are happy to oblige for the same reason . Finally, when individuals sell boats, they frequently feel pressured to stay quiet about difficulties prevent this by keeping your mouth shut about who it came from and how much less money you spent.
The Boat Bill of Sale is very valuable for several reasons. Any boat owner should take advantage of this by visiting the Maritime Documentation Center and obtaining a copy. After all, your first worry should never be your appearance your safety should always come first. In addition, if youre going to have a Boat Bill of Sale, why not get one from the United States Coast Guard? Dont put it off any longer! Interested parties may contact the Boat Bill of Sale form Application Center by phone at 1-800-535-8570 for additional information and begin the application process.
List The Boat For Sale
You can either list your boat with a broker or sell it yourself. The boat might be best sold through a broker if its price is over $40,000. The broker will price the boat fairly and clean it to make it presentable to prospective buyers.
When the value of your boat is under $40,000, it is best to sell the boat yourself. Brokers generally do not accept boats worth less than this amount.
There are several websites you can use if you decide to sell the boat yourself.
Here are some websites where people can often sell boats and other vessels:
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Boat Bill Of Sale Breakdown
A bill of sale should only begin after the terms of the transactions have been agreed upon. Once the seller has found a buyer and agreed on a price, they can choose which boat bill of sale they will use. A free online template or drafting their own.
Even before securing payment, a seller can begin filling out a bill of sale by using a deposit. A deposit can provide peace of mind for both buyer and seller. The boat may need to get inspected for repairs before full payment. The bill of sale can start to be drafted at this point.
A boat bill of sale starts with the personal information of the seller. The seller will include their name, address, and contact information. Contact information will be either email or phone number, often both.
This section is filled out by the individual purchasing the boat. It includes all the same information that the seller fills out.
The seller fills out the necessary boat information. This section is the specifications of the boat.
Brand, Model, Make
This section may vary depending on the template. The language is what will be different, but the idea is the same. All boat bills of sale will require this information.
Include the company that manufactures the vessel and the model. Sometimes, the type of boat will be required. Indicate if the boat is a dingy, fishing boat, catamaran, etc.
In addition, include the year of the manufacture.
Hull Identification Number
Listing The Boat For Sale
The first question to ask yourself is, Do I need a broker?
Hiring a Broker Generally, if the boat will be selling for more than $40,000, then its best to hire a broker at a local marina. They will not only list it for the fair market value but also clean the boat and make it presentable to potential buyers.
Selling it Yourself If the value is under $40,000 then its advised to sell the boat yourself. Most brokers will not accept a boat lower than this amount.
In either case, if the seller decides to list the boat on their own its best to use the following websites :
Before you even think about listing your boat online or with a broker, its a good idea to clean and brush up your boat, whether thats by making cost-worthy repairs or by hiring a cleaning service to give your boat the best opportunity to sell. First impressions can go a long way.
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Decide What Youre Selling
When an individual decides to sell their boat he or she must decide what will be going along with the boat including, but not limited to, outboard motor, trailer, life jackets, and other gear. Whether or not these items are included will determine the final value of the sales price depending on if its wanted by the buyer.
Q: What Should I Do If I Am Buying Or Selling A Boat
A: In order to execute a boat transaction, the following items are necessary:
- Bill of sale
- 12-character serial number pencil tracing
- Proof of payment of Massachusetts’ sales tax
- A completed application
- Appropriate fees
- Title from seller if applicable
Massachusetts sales tax is now payable online. For more information visit the Department of Revenue website or call 392-6089.
In addition to the previous requirements, if the boat is 14 feet or greater in length and uses a motor either temporarily or permanently, or if it is designed for use with a motor, the certificate of title must be signed over from the seller to the buyer. The buyer then presents this information and documentation to the Massachusetts Environmental Police Registration Bureau to obtain a new registration card and certificate of title.
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What’s A Boat Bill Of Sale
You’ve found someone to buy your old boat, or found a new boat to buy. But before someone new sails off into the sunset, let’s make everything official. A bill of sale is like a receipt, transferring property from seller to buyer. A warranty is kind of an extra promise that what’s being sold is legally the seller’s to part with. So, a vessel bill of sale, with a warranty, is exactly what you think it is.
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Below Are The List Of Boat Bill Of Sale Forms You Can Use
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Do I Need To Hire A Lawyer For My Boat Bill Of Sale
Making a Boat Bill of Sale is usually simple, but you may still need legal advice. It can vary depending on whom you approach, but sometimes an attorney won’t even accept requests to review a document that they did not author. An easier approach would be to request help from attorney services at Rocket Lawyer. With a Premium membership, you have the ability to request guidance from an attorney with relevant experience or pose additional questions related to your Bill of Sale. Rocket Lawyer is here to help.
What Is A Boat Bill Of Sale
A Boat Bill of Sale is a document that legally transfers the ownership of a boat or other watercraft from a seller to a buyer.
You need a Bill of Sale form when buying or selling a boat because it outlines the terms of the sale, prevents disputes, and serves as proof of ownership for the buyer so they can register their new boat.
If the boat has an accompanying trailer, you can record the sale of multiple items on a single bill of sale or an accompanying trailer bill of sale form.
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Can You Sell A Boat Without A Boat Bill Of Sale
Yes, you can. And its not unlikely to happen. There are instances when even the most well-intentioned boat purchasers and sellers find themselves at an impasse because neither side can provide what is often referred to as proof of ownership. The buyer, not the seller, has the burden of proving that the seller previously held the boat and that the seller has the legal right to sell it. How do you establish ownership or the sale of a piece of property? Its all up to you and where you live, of course.
Selling a boat is not a task to be undertaken by the timid. Its one of the most creative ways to persuade someone to buy your product. The baby of many individuals is a boat, but few people retain documents of ownership or sale to pass it on to the next generation. The title yards and marine merchants may need valid evidence that you own the boat if you purchase one without these papers. Even if youve had it for years, they wont accept your word for it.
How To Write A Boat Bill Of Sale
Here is a quick and easy guide to writing a boat bill of sale. Weve included this free template to make things easier for you. This type of bill of sale is roughly broken down into three sections. We will describe each section, as well as the information needed to complete them below:
- Date and Contact Information:
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Estimate Your Boats Worth
For a seller, determining the value of the boat can be difficult. As a result, there is a chance that the boats value wont be as high as you expect.
For an idea of what the boat is worth, you can use thewebsite nadaguides. It is also possible for you to Google the exact model, year, and model number of the boat you are selling to determine its price.
Q: What If My Registration Has Expired
A: You can renew online at www.mass.gov/ole, by mail or visit one of our registration offices.
When registering in person, bring a copy of your old registration . You will be required to complete an application. Please bring with you a check or money order payable to the Commonwealth of Massachusetts. Please include on your check the applicable registration number for our reference. Your registration will be brought up to date to reflect a two year boat, snowmobile or Off-Highway Vehicle registration. OHV/Snowmobile registrations for non-residents will reflect a one year registration. Please note: If your registration has been expired for 48 months or longer, you will not be able to renew it online. Please visit one of our registration offices to process your renewal.
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