In many different cases, you will find yourself filling out forms in relation to your vessel’s registration. While some of them will be to register the vessel in the first place once you acquire it, others will be to let go of it. This is when the process for a pleasure craft transfer of ownership will come in handy. Let’s talk about when you might need to make use of this for,.
Pleasure Craft Transfer of Ownership
The purpose of this form is to officially transfer the registration, ownership, and property of the pleasure craft in question to another person, company, or entity, whether that means a full or partial claim. Yes, this form is designed to target a variety of different processes, which is why the form itself can be a source of confusion to those approaching it for the first time. Our team is always here to help you tackle any of the situations in which you need a pleasure craft transfer of ownership, but here’s a brief guide on what the form itself will be useful for.
Selling the Vessel
The most common use of this form will be sales, for part of the process of selling your vessel will be to go through the transfer of ownership itself. This will officialize in the eyes of the national vessel registry that the vessel in question is no longer yours and is being passed along to a new owner. You probably think that the sale alone is enough to make the new ownership official, but in reality, there needs to be an administrative process that ratifies this in the eyes of the government and the relevant boating agencies. The transfer of ownership should be carried out by the previous owner, so if you are the one selling your vessel, then this process is up to you.
Cases of Shared Ownership
Whenever vessels are owned by more than one person, there exists the possibility that at some point the ownership arrangements will have to change in order to remove someone from the joint venture. Part of divorce arrangements, for example, will include determining who will get ownership of a vessel they both own, of course. However, this sort of pleasure craft transfer of ownership can also apply to business partnerships, as well as other instances of shared assets. In these cases, even if an old owner is remaining on the license, it will be necessary to undergo a process to transfer boat ownership.
National Vessel Registration
Whether you are registering a new vessel or transferring one, we can help you with everything related to your boat registration. Our job here at the National Vessel Registry Center is to make every maritime process easy for you, whether it is for new registration, a transfer, or a change in ownership. All these forms and more are readily available on our website for you to fill out. If you have any questions, don’t hesitate to reach out to us by calling +1 (800) 419-9569 or email us at info@canadianvesselregistry.ca.
