Whats Process (paperwork) of selling a Sailboat

kmart

kmart

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Jan 1, 2012
87
Pearson 10M Fall River, MA
Ok.. so due to relocating to a landlocked area.. I need to sell my Pearson 10M.
Plan to do try and do it myself. no broker.

Have not really listed it yet, but through my network a few people have expressed interest.

So my question is once I have a buyer... whats paperwork is needed to properly complete the sale
1'st. Sale will take place in Massachusetts. Boat is USCG Registered. No State Registration.

Do I just sign back of Title and hand t over (Like a car)
Need to write up a Bill of Sale I assume.

Payments. Do I just take bank check and turn over keys... or do you collect in advance and deposit. Then have it clear before you hand over title.
Sorry for all the nube questions... I've never sold boat before.

Thanks
K
 
capta

capta

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Jun 4, 2009
4,920
Pearson 530 Admiralty Bay, Bequia SVG
Not much like selling a car. If the new owner wants to document the boat you will need to get an official bill of sale through the USCG web site and follow the directions. No personal checks. Go with the buyer to his bank for cash or a bank draft or have him wire the money to your account. Do not turn over the keys or bill of sale until you have the money in your bank account or in hand. A broker is used if it is a large sum because the broker has an escrow account, which keeps the payment and papers safe until everything is correct. It is wholly the responsibility of the buyer to register the boat, but make sure he does so or you will be legally responsible for any debts the boat incurs after you have sold it.
 
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FastOlson

FastOlson

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Apr 8, 2010
2,102
Ericson Yachts Olson 34 28400 Portland OR
I would guess that, like our state, yours has a way to formally notify the boating registration agency of the date of sale and ID info for the new owner. As already stated you want to have a record of the transaction so that any legal transgressions by the new owner will not come back on you. In this respect it is just like selling a motor vehicle.
 
D

dlochner

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Jan 11, 2014
12,857
Sabre 362 113 Fair Haven, NY
Check with your State DMV about the registration and title. Even though the boat has a USCG Documentation, most states still require a state registration and require the sales tax to have been paid on the sale when you bought the boat.

Next go to the USCG Documentation website, the information on transferring documentation is there and how to end documentation. The new owner may not want to document the boat and you'll need to cancel the documentation.
 
kmart

kmart

.
Jan 1, 2012
87
Pearson 10M Fall River, MA
Well it is taxacusettes. The did track me down and paid state taxes. But in MA if your uscg registared...your nor required to registar with state.

But i will chech with rmv. And derigistar with uscg.

Once i have an acceptable offer in hand.
 
nightowle

nightowle

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Aug 28, 2006
578
Bavaria 35E seattle
Look for a Marine Title company to handle the escrow of funds and all transfer docs for you. In Seattle most boaters, dealers and brokers use Pacific Maritime Title. The buyer pays most of the closing costs, the seller a lesser amount. It would only come to a few hundred bucks. I think even an out of state title company can handle it for you. But make sure you're looking for a Marine/Maritime Title company not a title company for real estate.
 
Sailfanatic

Sailfanatic

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Jul 19, 2013
388
Pearson 31-2 Boston
So I recently sold my boat in MA via Craigslist. If the boat is clean and shows well, you should have multiple offers quickly.

My boat was not documented so I had a MA title, I assume that you would not. You need a copy of the USCG US-1340,

When you are ready to sell the boat:
1. Customize a version of the standard YBAA Purchase and Sale Agreement as needed. You can find a copy of this form via Google, I get the form into Adobe Acrobat Pro so I can edit the heck out of it. If necessary, put it to paper and mark it up. In it you allow for an Acceptance period, escrow, other terms as you wish and fit your circumstance. If there is a broker involved, he/she will prepare this document for you. This document provides wording for all the pitfalls of a sale process, and in particular is explicit there are no warranties or guarantees. Dont edit that part!
2. If documented, draft your copy of the USCG US-1340, but dont sign it.


I took a handshake and $100 for deposit and gave a one week acceptance period ( the boat was in the water and the buyer was eager to go sailing). The agreement dies at the end of the Acceptance Period unless the buyer accepts the boat in writing, at which moment you want all the money less any escrow, if you need to escrow anything. Otherwise, both parties move on.

When you get all the money (less an escrow if any), usually at the end of the Acceptance Period,
1. Sign the MA title or the CG-1340 and give it to the buyer.

and you no longer own the boat.

If there's an escrow you wait til the end of the escrow period for the resolution of the escrow amount.
 
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Sailfanatic

Sailfanatic

.
Jul 19, 2013
388
Pearson 31-2 Boston
PS if your boat had a MA title, you would need to get a registration cancellation form off the RMV website, complete it and send it in to terminate the registration. That will turn off future renewL fees and the annual excuse tax.
 
sail sfbay

sail sfbay

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Feb 21, 2013
4,638
Hunter 46 Point Richmond, CA
kmart said:
........once I have a buyer... whats paperwork is needed to properly complete the sale
1'st.................Boat is USCG Registered. No State Registration. Do I just sign back of Title and hand t over (Like a car)
Need to write up a Bill of Sale I assume...........Do I just take bank check and turn over keys... or do you collect in advance and deposit. Then have it clear before you hand over title..........
Just did this last week on a boat purchase. Since your boat is USCG registered then have the buyer sign and you notarize the USCG Bill of Sale CG-1340 form. No title to sign over like a car. Buyer can then either document the boat with the USCG with USCG Application for Certificate of Documentation Form 1258 or register with the state. USCG Bill of Sale CG-1340 form is your bill of sale. Deposit the buyers check OR have the buyer wire transfer the funds to your account, which I did, then turn over the keys. Once the buyer and seller sign the bill of sale then buyer is obligated to pay for the boat, less any deposit.
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