Close The Deal: Boat Registrations Titles And More
Here’s an overview of the paperwork you’ll need to complete any boat sale.
Whether youre selling your family canoe, a large poweryacht, or something in between, finalizing the transfer of ownership will require some paperwork. Make sure you find out exactly what you will need ahead of time so you dont hold up the final sale. Notarizing all paperwork is not always required, but its always a good idea.
What Should Be Included
Information pertaining to the following subjects is needed prior to completing your Boat bill of sale:
- Boat Details The boats condition and specifics which include the Make, Year, Title Number, Hull ID, and Odometer reading are to be inscribed in the bill of sale. If there is a trailer and/or a motor also being bought/sold in the sale, including the specifics of those items.
- Buyers Details The Name and Signature of the purchasing party.
- Seller Details The Name and Signature of the party offering an item of purchase.
- Purchase Price The amount to be given from the buyer to the seller in exchange for the vessel.
- Location In the Certificate of Acknowledgement, name the County and State in which the transaction takes place.
I Just Bought A Used Pleasure Craft How Do I Transfer The Licence To My Name
Modifications to the Small Vessel Regulations, s. 103 have changed the Pleasure Craft Licensing process:
- 103. A pleasure craft that is the subject of a transfer of ownership may be operated until the day on which the new owner of the pleasure craft receives a transferred licence, up to a maximum of 90 days from the day of the transfer of ownership, if documents are carried on board confirming the name and address of the new owner and the date of the transfer of ownership.
To transfer a Canadian licensed pleasure craft to your name, you have two options in submitting your request – You can request a request for the transfer of the pleasure craft licence number online through the Pleasure Craft Electronic Licensing System , or you can submit your “Application for a Pleasure Craft Licence” form, by post.
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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.
What Is A Boat Bill Of Sale Used For
A boat bill of sale is used strictly for the buying or selling of a boat. It can be used for the sale of new or used vessel. It can even be used for a handmade boat. The boat may be sold by a dealership or a private citizen. If the sale includes a trailer or motor, youll want to include that information in the document as well.
A sale form of this nature protects both the parties of any future issues, such as the boat being stolen and for the purposes of registration. Given many transactions are made in cash, proof that the item was paid for in good faith with proper documentation protects a buyer of stolen goods. The buyer has proof of payment in full, should there be any question later on.
Every state has a process for the registration of boats. Some states require that the owner who is registering the boat have proof of purchase that lists several things, including the selling price and hull ID number.
Aside from the two most common reasons that the involved parties should keep a copy of the document, there are many other circumstances where it could come in handy. If insurance is required for boats in your state, its likely that youll need legal documents to prove that you own the boat.
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Dos & Donts Checklist
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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How To Sell A Boat: The Complete Guide
The process of selling your boat privately can be a daunting task. If youre interested in learning about the ins-and-outs of selling, then look no further! The experts at Boat Trader have compiled an extensive list of suggestions to ensure a quick sale. If youve done this before and are ready to list your boat for sale right away, then Boat Traders private sellers page is where you may want to navigate.
We begin with some basic steps to understand before you strike a deal with a buyer. It is best to review and understand each of these steps prior to listing your boat for sale. Think of it as studying for an exam. You want to know each of the steps very well prior to meeting with potential buyers. So, lets get started! Here are the seven steps to selling your boat online.
Above: Boat Traders Lenny Rudow walks through the steps to sell your boat online in this helpful video.
Interacting With Potential Buyers And Navigating Sea Trials
Now that your boat has been listed for sale online, it is time to show it off to potential buyers!
Follow our seven tips to make sure that you start on the right page, and finish the chapter to enable you to move onto a new one. Here are seven things to consider when interacting with potential boat buyers.
- Play Fair be honest and up-front before you meet with the seller
- Preparation is Key Be sure you know your boat inside and out before chatting with potential buyers
- Communicate Quickly with Buyers Be responsive, polite, and friendly
- Be a Good Salesperson Engage the buyer in conversation about what they want in a boat
- Negotiation Tactics Be ready to go back and forth a few times with potential buyers
- Set Your Rock-Bottom Sale Price Have your absolute bottom sales price calculated before interacting with buyers
How well you communicate with buyers, and your professionalism will go a long way in ensuring a quick sale. Also, ensuring that your vessel is clean and tidy, especially amidst a pandemic, will be important in building trust with potential buyers.
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Q: What If I Am In A Boating Accident Or My Boat Is Stolen
A: The operator of a vessel is required to submit a written report to the Massachusetts Environmental Police, Boating and Recreational Vehicle Safety Bureau whenever an accident results in: The death of a person. The disappearance of a person under circumstances which suggest any possibility of death or injury. Any injury requiring medical attention. Property damage exceeding $500.
Accidents resulting in death or serious injury must be reported within 48 hours. Other accident reports must be submitted within five days
If a boat is lost, stolen, abandoned, or destroyed, the owner must notify the Massachusetts Environmental Police in writing within 15 days.
The Big Strip And Clean
Even the best kept, ship-shape Bristol condition vessel needs a good going over before being offered for sale. And while most of us keep our boats neat and clean, we all have personal stuff on them, and we don’t scour every corner every week.
Empty the boat
This is more difficult if you’re using the boat while you sell it, but an empty boat shows and photographs so much better than a boat full of gear and clutter. Keep all the equipment that goes with the boat on board and stowed, but get all the extra water toys, clothes, gear, and personal items off.
Clean and wax the hull and topsides
A good compound and wax job makes an older boat bright and brings a mirror finish and sparkle to a newer one. Nothing makes a boat stand more out than the shimmer of water reflecting on polished and clean gel coat.
Polish the stainless
Stainless looks good, but you’d be surprised how much better it looks right after a polishing. It doesn’t take long and it makes a big impression.
Fix all the trim you can
Bent stanchions and loose rub rails are something that will pull the buyer out of that “wow” you got from the compound and wax job. Fix dings and chips in gel coat if possible.
Open everything up …
Fix the broken things
If something is broken, do your best to fix it. Everything which doesnt work may require explanation, and too many problems may cost you a sale or a big adjustment in price. If you know the port running light is out and the bilge pump doesn’t work, that wont show well.
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Registering Your Pleasure Craft
The Canadian Register of Vessels is a title system that keeps track of the owners of vessels. It contains information on each vessel such as ownership and vessel characteristics, e.g. tonnage, construction material and type. When you register, you receive an official number for your vessel, as well as a unique name. It also provides certain benefits, such as the right to fly the Canadian flag.
If you intend to use your vessel as security for a marine mortgage, you are required to register your vessel.
Registration is optional for all pleasure craft, regardless of tonnage and length, as per the Canada Shipping Act, 2001.
There are costs associated with registering. However, the registration is good for as long as you own the vessel. You must carry registration documents on board the vessel at all times, together with any other ownership documents, to help avoid delays clearing U.S. or Canada customs, or in case of a fine.
Transport Canada provides this registration service. For frequently asked questions on registration, please visit the Vessel Registration Office Web site.
Registering your small commercial vessel:
If your vessel is no more than 15 gross tonnage, you may register it in either the Small Vessel Register or the Canadian Register of Vessels. If your vessel is more than 15 gross tonnage, or if you want to register a mortgage, you must register it in the Canadian Register of Vessels.
Licensed vessels:
- it is sold to someone else or, if it is not sold
I Am Selling My Pleasure Craft How Do I Transfer The Licence
When you sell your pleasure craft, keep a copy of your bill of sale in case someone later questions the ownership of the vessel. Provide the new owner with a signed bill of sale.
The new owner will then have to transfer the pleasure craft licence by either submitting his request for a transfer of a Pleasure Craft Licence along with the required supporting documentation online through the Pleasure Craft Electronic Licensing System , or by sending a completed Form 84-0172E, Application for Pleasure Craft Licence * and the necessary documents by mail to the Pleasure Craft Licensing Centre.
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Selling Your Boat Yourself
If you cant get a broker or dealership to sell your boat, sell it yourself.
Selling a boat yourself is no fun as it is like a full-time job.
The main things you have to do when selling your boat is to advertise, show it and then sell it.
If your boat has flaws that buyers can use to negotiate a price reduction, beat them to it by saying upfront that you ask that price because of so and so.
You also have to organize sea trials and show the boats capabilities.
You need to learn to weed out time-wasters who are not serious about buying.
Some boaters feel uncomfortable showing their boat if it has shortcomings. But its better to be honest about the true state of the boat and hope you can find a buyer who can love it as you do.
When you find the ideal buyer, all that will matter is the joy and happiness they will derive from owning the boat.
Remember that the decision to buy a boat is emotional, not logical or economic. So do your best to portray your boat as worth the price and hope for the best.
How To Sell Your Boat
Selling your boat is a big decision, but if youve already got your next new boat picked out , in many cases youll have to part with the old one. Unfortunately, selling a boat can sometimes be a long processbut there are some tricks to follow to help speed up the sale. You say you want to know how to sell a boat quickly, and for top dollar?
Here are the basic steps to follow when selling your boat:
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How Long Does It Take To Sell A Used Boat
Typically, the higher the price, the longer it takes. Figure 8-12 weeks as a baseline. Time of year can also be a factor. There are typically more consumers looking to buy boats in the spring, summer and fall months, but during those times, there is also typically an elevated number of boat listings on the market. That said, your best bet is to list your boat on a website with an audience of potential boat buyers like Boat Trader or boats.com.
Determine The Market Value Of The Boat
The biggest mistake that can make or mar the sale of your boat is to either price is too high or too low. And the reason many boaters fall into this trap is that they dont do basic market research.
Too low, you will lose money and too high you will drive prospective buyers away.
Thankfully, there is a wealth of resources online and offline to help you identify the best price for your boat.
Use the following resources when pricing your boat:
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Is A Private Sale Right For You
The standard broker commission on yacht sales is 10% of the selling price. It’s tempting to sell the boat yourself before you call a broker just to see what’s out there, and there’s nothing wrong with that approach.
Smaller boats can be sold in local markets and are ideal for private sales. Larger boats, blue water cruisers, or custom boats with limited production may be a better choice to list with a broker since the market is no longer local. Just attracting buyers from out of town isn’t enough reason, consider whether you need the reach of print advertising or brokerage websites like YachtWorld.com.
But if your transaction is simple – for example, it involves no banks or financing – and you can reach the right market, you can do it yourself.
If you want to check whether you can sell your boat for free, you should really check out my other article on selling your boat without paying a cent. There, I’ll share some tips and techniques I’ve gained over many years of selling boats.
