Some people think that the most difficult part of any shipping transaction is to find a person who’ll sell or a buyer who’ll buy. But the truth is that the most difficult part is to close up the transaction. It’s also tough to conclude the sale. Boat transaction isn’t a simple act. Complications can arise when signing a bill of sale after the buyer pays the agreed amount of money.
In general, the US Coast Guard Bill of Sale is enough to pass title. However, it must be properly completed and executed to become satisfactory. Keep in mind that it’s not effective if it’s not filed with the USCG Office of Documentation. Some buyers would hold it first because they’re planning to resell the vessel. But it’s not advisable. Remember that you can’t prove that you’re the owner of the boat until you register the bill of sale. Upon closing the deal, the seller has to deliver the bill of sale to the buyer. In this way, the buyer can acknowledge it. The buyer can assign someone to take care of the boat and accept the delivery of the bill of sale.
Together with the bill of sale, the first preferred ship’s mortgage must also be filed. But before you agree to anything, make sure that the boat has a clear title. And you must get a certificate form the documentation service. As a buyer, make sure to obtain all written receipts from all parties. Sellers must provide copies of all documents for every party. But they must also keep a complete set of records for themselves. It’s vital that you hire an attorney to review the request for every part during a boat transaction. The lawyer can also help you approve or deny any documentation. As a buyer, you have to review the inventory of goods, equipment and the parts that are to be transferred to the ship. Hire someone who can help you review those things and ensure that they’re all on board.
Boat transaction is different from purchasing a vehicle. That’s because the principal asset can easily disappear if problems or issues arise. Buyers must assure that the title they receive from their sellers is within the legal requirements. They can hire a third-party documentation service to review a transcript of the title coming from the US Coast Guard. Doing so will help them guarantee that the Bill of Sale has been properly executed.