If you’re wondering how to create a bill of sale for a boat, you’re in the right place. Properly performing this step in buying or selling a vessel is crucial to ensure the legality and binding nature of the transaction. As the seller, you are responsible for putting together the bill of sale, which must contain vital details related to the boat and the parties involved in the sale. Understanding how to do so correctly will ensure that the process goes smoothly.
Why Create a Bill of Sale for a Boat?
This is a good question and knowing the answer is part of being a responsible boat owner. The bill of sale is a piece of paperwork that proves that you have sold the boat to a new owner. It outlines the parameters of the sale, including price, payment terms and contact details for all parties involved in the transaction. This saves you trouble down the road if there is ever a question about how the sale was processed.
Not all boats need a bill of sale, so keep this in mind too. For example, when you sell boats registered with the small vessel registry, you do not need this document. Instead, you can fill out the relevant form online to complete the sale. Likewise, licensed pleasure boats can be sold, using a simple online template.
How to Complete the Form
When you’re ready to complete the bill of sale form, be sure you have all important information ready. This sentence includes names and contact information for the seller and the buyer, as well as the cost of the vessel and any other details about how it is being paid for. You’ll also need to include data about the boat itself, including the hull identification number, the boat name, the boat’s make and model, and registration number. If you are completing the form online, you can simply fill in the info in the coordinating location and submit it. You can also pay any required fees when you submit the bill of sale online.
It’s a good idea to double check everything before you turn in filled out documentation that relates to your boat. Incomplete paperwork or errors on your paperwork can cause longer wait times for approving the bill of sale. It can also cost you additional fees if you must do the form again. Be sure you have everything in the right location on the form. Then make sure it matches up to all other paperwork that goes with your boat. You should also keep all vessel documentation in a dry, safe location. A place that is easily accessible if you need to get to it.
If you have questions about how to create a bill of sale for a boat, or you want help getting through the steps in the process, we’re here to help you. Contact the Canadian Vessel Registry today and let us get you started.
