- 1 How do I protect myself when selling a boat?
- 2 What is a boat closing?
- 3 What is a warranty bill of sale?
- 4 How do you write a bill of sale for a boat?
- 5 What is proof of ownership for a boat?
- 6 What is the best form of payment when selling a boat?
- 7 What if I buy a boat without title?
- 8 Can you sell a boat without a bill of sale?
How do I protect myself when selling a boat?
Here’s how to protect yourself, both before you purchase a boat and after you discover a problem.
- Don’t buy a boat sight unseen!
- Protect yourself with a contract.
- Next, you’ll need to hire a competent marine surveyor.
- Check for open recalls or problems.
- Photograph the boat’s HIN.
- Zipped lips sink ships.
What is a boat closing?
April 16, 2015 by Dirk Schwenk. Once the contract is signed, the most exciting and harrowing part of the purchase of a yacht or ship is the final magic moment when money and ownership change hands — that is the moment we call closing or settlement.
What is a warranty bill of sale?
A warranty bill of sale offers protections for the buyer that a simple receipt does not. This kind of bill of sale clearly details what is being sold and gives a guarantee to the buyer about the seller’s ownership rights. The bill of sale promises that the buyer holds full and clear title to the item sold.
How do you write a bill of sale for a boat?
What information should you include?
- The names, ID information (if required), and contact details for both the buyer and the seller.
- The boat’s information, including VIN, make, model, year, and registration number.
- The price of the boat.
- Conditions of the sale, including any warranties or “as is” status.
What is proof of ownership for a boat?
When you purchase a new boat, you will receive a bill of sale and a manufacturer’s statement of origin (MSO). That is your initial proof of ownership. From there you have 2 routes you can follow in the United States. You can register your boat with the state you live in.
What is the best form of payment when selling a boat?
Make Sure the Customer Actually Pays for Your Boat Cash is king. Checks are great—once they clear. So-called “bank checks” are not as good as gold. All these do is “certify” that the buyer has the check amount on account on the date of issue.
What if I buy a boat without title?
Any boat can be voluntarily titled. Boat titling assures the buyer of a boat that the seller has clear ownership of a boat offered for sale. Some lenders won’t finance a boat without a title, so securing a loan to purchase a boat may be easier if the boat is titled.
Can you sell a boat without a bill of sale?
You will need to see a bill of sale from the owner of the boat to the boatyard, or something that is a proof of title to the boat for the yard selling it. You will need your own proof of ownership in order to register the vessel.