Buying a boat is an exciting experience, and selling one can be too. When you sell your boat to someone else, though, it’s important that the process is legal, simple, and transparent for both parties. There are many reasons for this—including avoiding identity theft or other scams and ensuring that your buyer has the proper documentation to apply for registration of their new purchase from Transport Canada, so it’s best not to mess around with this step. Here’s a simple guide to getting your bill of sale for a boat process correctly.
How To Get Started: Bill of Sale Boat
A “Bill of Sale” is a legal document that establishes proof of ownership. It is NOT a title, registration, or receipt. A Bill of Sale cannot be used as proof that you are the owner of a boat; only the original certificate or title will do that.
Be sure to check our site for assistance and clear instructions for your Transport Canada vessel registration. You can speed up the registration process, as applying is easy and completely safe.
Write A Legally Valid Contract For The Boat.
A bill of sale is a legally binding contract that details the sale of a boat as well as its condition. It is important to verify that it contains the following elements in order to avoid trouble in the future:
- The names of each party involved in the transaction.
- A description of the boat’s make, model, year, and type (e.g., sailboat).
- A list of all equipment and accessories included with the purchase (e.g., life jackets).
- You’ll also need to take care when writing this document so you can avoid confusion about who owns what after you’ve completed your transaction.
Additionally, remember these points in your to-do list when doing the boat transaction.
- Make two copies of the contract.
- Be sure that all of the information is identical on both copies, including the signatures.
- Keep one copy in a safe place for your records, and give one copy to the buyer.
Meet with the potential buyer and take down contact information.
To start the sale process, you’ll need to meet with the potential buyer and take down their contact information. This is also a great time to inspect the boat for any damage that may not have been obvious or visible at first glance. It also never hurts to ask the other person if there’s any particular detail you should be aware of.
Bring your boat documentation (boat title, registration, bill of sale) and give them a copy to keep for themselves. You will likely receive payment upon delivery of the boat—so make sure you have enough cash on hand!
Have the buyer inspect the boat.
Look for obvious defects, such as damage to the hull, missing equipment or gear, or corrosion.
Look for hidden defects that could be dangerous or cause the boat to sink. For example:
- Leaks in fuel tanks and lines
- Corroded plumbing system
- Deteriorated wiring connections or insulation
- Loose or damaged deck fittings (hatch covers)
- Sign both copies of the contract.
To complete the process of selling your boat in Canada, you must sign both copies of the contract. Make sure to date your signatures and make sure they are witnessed by a notary or a similar authority.
A clear bill of sale is helpful in selling a boat.
A clear bill of sale is helpful in selling and buying a boat. A clear bill of sale is a written document that indicates the seller, the price, and any other relevant details about the transaction. It also shows that you are aware of all applicable laws and regulations regarding this type of transaction. At the National Vessel Registry Center, we can help you locate and complete the forms and documents that you need to update your records with Transport Canada.
A good bill of sale for a boat will provide an official record for both parties involved in the transaction that supports their version of events and gives them evidence if there are any legal disputes or other difficulties down the road. If a dispute arises later on, having documentation from your bank’s records shows that funds were released into your account by the buyer before launch day; this serves as evidence against any claims by either party for non-payment or fraud on behalf of the other party involved in selling boats.
Taking All Of This Into Account…
The Bill of Sale for a boat is a contract that grants ownership of the vessel from one party to another. A clear Bill of Sale will ensure that there is no confusion about the details of the sale and ownership. The steps involved in writing such an agreement are simple and easy to follow, thus making it an important document when buying or selling your boat. Should you face any sort of trouble when dealing with the paperwork and forms, feel free to contact us at any time. A member of our staff will get in contact with you to provide assistance.