What happens when I sell my documented vessel?

What happens when I sell my documented vessel?

Once the sale is finalized, the previous owner should complete a vessel bill of sale. 

This document should include the names, contact details, and ID information (if necessary) of all parties, be they buyers or sellers. 

Additionally, the boat’s price should be included, as well as any information about the vessel. That vessel information could include the vessel’s registration number, VIN, make, model, year, and so forth. Beyond that, any conditions of the sale, be they “as is” status, any warranties or similar, should be included as well. 

The new owner of the vessel should complete a “Transfer/Exchange” form, which can be found at our site here. 

Should there be an outstanding mortgage on the vessel, the lender/mortgagee may complete a Satisfaction of Mortgage. This document can be found on our site here. 

A vessel cannot be removed from documentation with an outstanding mortgage. Per Code of Federal Regulations, “a Certificate of Documentation issued to a vessel which is the subject of an outstanding mortgage… may not be exchanged for a cause… without the consent of the mortgagee.” 

What Happens When I Sell My Documented Vessel?