A vessel bill of sale is a legal document that basically proves the sale of a vessel between two parties. This document includes important information about the vessel, such as its model and year, as well as the names and contact information of the buyer and seller. Remember, only a copy of a bill of sale will prove you own your Canadian vessel. Don’t get ownership confused with registration or licensing.
If you’re looking to purchase or sell a boat, you should know what a boat bill of sale is and what it involves. We’ll go over the most vital components of a bill of sale in this blog post, as well as some helpful pointers regarding why it is important to have this vessel bill of sale. You don’t want to be concerned about papers after going through the entire process of buying a boat in Canada. We’ve helped a lot of people, such as yourself, stay in compliance with the authorities, no matter what kind of vessel you have or how you plan to use it.
What is a Vessel Bill of Sale?
- A vessel bill of sale is a legal document that transfers the ownership of a boat from one party to another. A vessel bill of sale can be used in many ways, including:
- Protecting you if your boat is damaged or stolen while it’s in the possession of someone else.
- Protecting you if the boat is stolen while it’s in your possession.
- Ensuring that you are paid for your work on another person’s boat (you may use a vessel bill of sale as proof)
To complete the sale, both parties usually sign this paperwork. Both parties would be exposed in the future without a formally completed boat bill of sale. Furthermore, the boat cannot be properly registered.
The Vessel Bill of Sale Form Is Necessary When Selling a Boat
A bill of sale form is a legal document that transfers ownership of a boat. It’s one of the first things you should obtain when buying or selling a boat. Without it, you can encounter many problems.
Here’s why:
You’re required to have one in order to get issued with an official title transfer at the provincial registry office (or other appropriate office) in your province or territory. A bill of sale can also be used as proof that you own your vessel and are entitled to sell it. Without proof that you own your vessel, no one will want to buy it from you, and there will likely be issues if someone does want to buy it from you. If there are problems with any part of the transaction related to the sale or purchase of a vessel (e.g., fraudulent activity during financing), having an official document like this may help resolve them.
Do you want to be protected in case your boat is not what you thought it was? Use a bill of sale.
A Bill of Sale describes the boat, its condition, and price. It is an important step in creating a legal record of ownership and serves several functions:
- It helps establish proof of ownership (in case there’s ever any doubt);
- It ensures that both parties have agreed on what they’re buying or selling; &
- It allows either party to cancel their purchase or sale at any time before it has been finalized—but doing so could mean losing all funds paid toward the transaction so far!
How can you protect yourself when buying or selling a boat?
When buying or selling a vessel, it’s important to protect yourself. A bill of sale is used to protect both the buyer and seller. It shows that everything about the transaction is legal and binding, which will make it easier for you to resell your boat in the future if necessary.
A bill of sale can also be used as proof that ownership of the vessel has been transferred from one party to another. This means that if anything happens while using your vessel (e.g., theft), then you’ll have proof that it was not yours at that time. Or as we stated earlier, having a vessel bill of sale will certainly help clarify any other type of fraudulent activity (knock on wood).
Summing up…
In Canada, when buying a boat, you’ll be required to fill out different forms. Fortunately, you can speed up the process if you go through the National Vessel Registry Center to complete registration or licensing. While licensing, a boat operator card (PCOC), and registration tie into ownership, they cannot be used to show proof that you’re a boat owner. Only your bill of sale can satisfy this requirement for a Canadian vessel.
Be sure to follow us to stay up-to-date on the latest in boat sales. Learn more on the National Vessel Registry Center website in order to keep up with the latest vessel news.
