There are a number of valid reasons why you would consider selling your boat. Maybe you simply no longer have the free time necessary to properly enjoy your boat. Perhaps you have to move to a new location that is unfortunately not on the water? Or, the occasion is a more exciting one, and you have the opportunity to upgrade your vessel to something larger? Regardless of the circumstances, selling your boat can allow you to recoup some of your investment while giving another boat owner the opportunity to enjoy the vessel. If you happen to be on the precipice of such a transaction, you are going to want to know a bit about completing the paperwork for selling a boat.
Owning a boat is a luxury. In reality, boats are expensive–both to purchase and maintain–making the cost of entry fairly prohibitive. Because of this, however, there is a robust secondary market for vessels in Canada. Shrewd buyers can find great deals on used boats, and boat owners can often net a decent return when selling their watercraft. To learn more about how you can successfully complete the sale of your vessel, read on.
How To Best Sell Your Boat
If you are selling your boat, maybe you are doing so with a seller in mind. A friend or co-worker has perhaps expressed interest, and if your boat has just been collecting dust in storage, it is probably no big deal to you to unload it. If you do not already have a buyer, however, you may find yourself needing to do a bit of advertising.
The good news is, there are no shortage of digital platforms available to advertise your listing, and many of them are free. Facebook marketplace or Craigslist can be good options for getting the word out there. You will also want to make your boat look as appealing as possible. Make sure you take quality, high-resolution photographs of your vessel, both inside and out. Use catchy phrasing and marketing copy to play up your boat’s better qualities. Also, set a firm price, but don’t be afraid to negotiate, if need be.
Completing the Paperwork for Selling a Boat
If you have located a buyer and agreed upon a price, you are nearly ready to turn over the keys. You will, however, need to complete some minor paperwork first. If your vessel carries a Pleasure Craft License (PCL), you will need to sign it over to the new owner. You should also draw up a fairly detailed bill of sale. This will serve as a receipt of sorts, and it should include the price and the contact information for yourself and the buyer.
If your boat is registered, you can use our online forms to complete a Transfer of Ownership. Simply locate the correct option from our easy-to-read navigation, and you will be led to a fillable online form that you can use to process your sale with Transport Canada. If you would like to learn more, or if you have any questions, please feel free to contact us by phone or email.