documented vessel bill of sale

What Is A Documented Vessel Bill Of Sale?

You are completing the documents to finally buy the boat you have always wanted. Money has traded hands, and you think that all that you have to do is just pick up the boat, and sail out into the ocean. However, there is one more thing to do, and many people overlook it in the immediate rush of a purchase. You have to make sure that your seller has signed over the title of the boat to you, or has provided you with a documented vessel bill of sale. If this is your first purchase, and you are not familiar with boating terms, you may want to know more about what a bill of sale is, and what it means for your vessel.

Buying A Documented Vessel

An important part of national registration of boats is vessel documentation. When you buy a boat, your lender may require that you document the vessel with the US Coast Guard, and you must have the registration if you intend to sail the boat into other waters. This documentation helps to protect you and the lender if anything should happen to the boat, and so you will need to have evidence that you are the new owner of the vessel. This happens when your seller completes a bill of sale and then provides you with a copy. The Bill of Sale is, as the name suggests, evidence that a vessel has been bought and sold through legal channels, and will give your name as the new owner of the boat.

documented vessel bill of sale

Do I Need A Bill Of Sale?

The question of whether you need this documentation will depend upon your choice when it comes to documenting the boat. If, as noted above, your lender requires that the vessel is registered with the Coast Guard as a condition of the loan, then you will have to submit a documentation form to the USCG. Along with all of the other documentation relating to the boat, you must submit the Bill of Sale, which is CG-1340, and this bill must be completed by the seller and contain all of the information about the boat and the seller, as well as yourself. If you do not have this documentation, then you will not be able to register the boat, and that could lead to financial problems with your loan and the purchase cost of the boat.

Find Out More About A Bill Of Sale

If you are in a position where you need a documented vessel bill of sale in order to register the boat in your name, then you will need the help of experienced teams who can manage all of the documents that you will be submitting. We are extremely able in helping our clients to submit documents to the USCG. You can ask us for more information by contacting us through our online form, or you could call us between 8am and 4.30pm on 1 (800) 535-8570 today.