There are several venues, including the selling broker or dealer, from whom specialized closing services, contracts, and forms can be obtained. In order to provide a smooth and easy connection between buyers, sellers, yacht brokers, and yacht services, many boat buyers will turn to specialized companies like YachtCloser. To get your documentation off to a good start, start here.
Department of Motor Vehicles in the State (DMV)
First, find out what paperwork you must provide the buyer by contacting your state’s Department of Motor Vehicles (or the organization in charge of boat sales). On their websites, the majority of agencies provide a checklist.
Sale Bill
A description, hull number, purchase date, price, and both the buyer’s and seller’s signatures must be on the bill of sale. Usually, the seller makes this as a straightforward document, although there are a number of internet car templates that are readily adaptable to boats.
Titles of Boats
Each time a boat changes hands, a new title is produced, and they are issued by the state. Your boat’s title will reflect any outstanding loans, and the buyer won’t be allowed to register the vessel until the loan is paid off. You might need to pay off the debt first, so find out from your lienholder what kind of documentation will be required and how much lead time is required.
Other Documentation
At the last sale, you should also turn in all remaining documentation, including warranty cards and maintenance logs. When the agreement is finalized, be careful to terminate your insurance. Even if you phone a few days after the transaction, some businesses will allow you to date the cancellation back to that day.
Having a boat trailer?
There may be additional papers needed by your state if your boat is on a trailer. The registration process might also need to be handled independently. Once more, this information should be on a checklist that is kept by the state agency that sells boats. Passing papers to finalize a boat sale is little more than a formality if you are prepared and organized. It’s the last step before your final handshake, which is the best part.
Checklist of Documents
The completion of the boat sale requires the following documents.
- Bill of Sale
- Title
- Proof of loan payoff
- Trailer registration
- Trailer title
Courtesy documents:
- Warranty cards
- Maintenance records
After The Sale:
- Cancel insurance
- Remove all ads
NOTE: The list above is meant to serve as a broad overview and might not contain all of the documents relevant to your particular circumstance. Consult the state organization in charge of boat sales in your region for a comprehensive list of regulations.