Specialized closing services, contracts and forms can be used from a variety of sources such as the selling broker or dealer. Many boat buyers will use a specialist company like YachtCloser who provides a simple, seamless connection between buyers, sellers, yacht brokers and yacht services. Start here to get your paperwork off to the right start.
First of all, check with your state Department of Motor Vehicles (or whatever agency controls boat sales) to find out what documentation you need to give the buyer. Most agencies have a checklist on their website.
The bill of sale must include a description and hull number, purchase date, price, and the signature of both buyer and seller. Usually, the seller creates this as a simple document, but there are several automobile templates available online that can be easily adapted for boats.
Titles are issued by state, and a new one is created every time a boat changes hands. If you have an outstanding loan on your boat, the title will include that information and the buyer won’t be able to register the boat until the loan is cleared. Check with your lienholder to see what sort of paperwork will be provided and how much lead time is needed; you may have to pay off the loan first.
Warranty cards, maintenance records, and any other paperwork should also be handed over at the final sale. And once the deal is final, make sure you cancel your insurance. Some companies will let you date the cancellation back to the actual day of sale, even if you call a few days later.
If your boat is on a trailer, your state may require separate paperwork. You may also have to handle the registration separately. Again, the state agency that handles boat sales should have a checklist with this information. With a bit of planning and organization, passing papers to complete a boat sale is only slightly more than a formality. Best of all, it is the last step before your final handshake.
Boat Sales Documents Required To Complete The Boat Sale.
Bill of Sale
Proof of loan payoff
After The Sale:
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