If a boat is owned by two unmarried persons, what is the best way to legally transfer the title to one of them. Thanks
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Related issues:
Is the boat documented or only state reg? Is there a lien/loan on the boat? Is cash changing hands? Most likely going to be a Bill of Sale from one to the other transferring their 1/2 interest in the boat. Specifics will depend on answers to the above.
Is the boat documented or only state reg? Is there a lien/loan on the boat? Is cash changing hands? Most likely going to be a Bill of Sale from one to the other transferring their 1/2 interest in the boat. Specifics will depend on answers to the above.
The legal way will involve
some money. For one dollar and other good and valuable considerations one party sells their interest in a property to another party. Then a change in the ownership on the title is made. Check with the state office that handles the registration.
some money. For one dollar and other good and valuable considerations one party sells their interest in a property to another party. Then a change in the ownership on the title is made. Check with the state office that handles the registration.
There are a couple of ways to do it.
Your lawyer can prepare a "Deed of Gift" for the half-interest in the vessel, transferring it to the other owner...or a Bill of Sale that transfers one party's interest to the other "for the sum of $1 and other considerations." Use the CG Bill of Sale form...send it when you renew the documentation. Because ownership is changing, you'll prob'ly have to re-document instead of just renewing it though.
Your lawyer can prepare a "Deed of Gift" for the half-interest in the vessel, transferring it to the other owner...or a Bill of Sale that transfers one party's interest to the other "for the sum of $1 and other considerations." Use the CG Bill of Sale form...send it when you renew the documentation. Because ownership is changing, you'll prob'ly have to re-document instead of just renewing it though.
Yep, Peggy hit it on the head
as always. USCG BOS is the best thing and the quotes above re "for $1 and other good and valuable consideration" are fine for the sales price. And, have the seller give you the $1, yes even make a copy of it. Not sure about the doc/re-doc issue because of change of ownership. Check with USGC beforehand. Their turn-around time can be painfully slow. (If your home state is NC, the state has nothing to do with it. Some other states require dual doc/reg so double check that too.) BUT: You didn't answer whether there is a lien/loan on the boat. If there is one, you have other more complicated issues. Lender is unlikely to let the selling party off the note and therefore you can't redocument with the CG. Talk to the lender beforehand and/or plan to refinance in your name only.
as always. USCG BOS is the best thing and the quotes above re "for $1 and other good and valuable consideration" are fine for the sales price. And, have the seller give you the $1, yes even make a copy of it. Not sure about the doc/re-doc issue because of change of ownership. Check with USGC beforehand. Their turn-around time can be painfully slow. (If your home state is NC, the state has nothing to do with it. Some other states require dual doc/reg so double check that too.) BUT: You didn't answer whether there is a lien/loan on the boat. If there is one, you have other more complicated issues. Lender is unlikely to let the selling party off the note and therefore you can't redocument with the CG. Talk to the lender beforehand and/or plan to refinance in your name only.
$8 for the title change and very fast.
We just purchased a documented vessel. It was $8 for the bill of sale and $84 for the name/port change. I would assume that it is going to be quick and easy. They are actually very quick on these type of issues. If you have any questions, just call or email. They will respond within a day or two.
We just purchased a documented vessel. It was $8 for the bill of sale and $84 for the name/port change. I would assume that it is going to be quick and easy. They are actually very quick on these type of issues. If you have any questions, just call or email. They will respond within a day or two.
And don't forget the tax
The transfer of ownership is likely to cause you to incur sales or use tax on the value of the property transferred. And $1.00 as that value won't cut it. Because it's documented, it may take awhile for the state taxing authority to catch up with the transaction, but they will.
The transfer of ownership is likely to cause you to incur sales or use tax on the value of the property transferred. And $1.00 as that value won't cut it. Because it's documented, it may take awhile for the state taxing authority to catch up with the transaction, but they will.
depends
If the two owners are going seperate ways, and one gets the boat, simply sign and date a bill of sale, and the title ($1 + other considerations etc works, but states like it better if you have a higher sum) and let the other handle everything when renewal etc comes up, make sure the person that gives up the boat gets a valid reciept and photocopy of bill of sale. If you live in a property tax state, it's best to get it changed over completely as soon as possible though. I the parties are remaining as is, and transfer is simply for whatever purpose then do as suggested in other posts. I drove a truck for years that was legally my ex girlfriends, and had a boat for two years that was my other girlfriends, when they were sold the new owners had no trouble getting everything transfered to their name. ken.
If the two owners are going seperate ways, and one gets the boat, simply sign and date a bill of sale, and the title ($1 + other considerations etc works, but states like it better if you have a higher sum) and let the other handle everything when renewal etc comes up, make sure the person that gives up the boat gets a valid reciept and photocopy of bill of sale. If you live in a property tax state, it's best to get it changed over completely as soon as possible though. I the parties are remaining as is, and transfer is simply for whatever purpose then do as suggested in other posts. I drove a truck for years that was legally my ex girlfriends, and had a boat for two years that was my other girlfriends, when they were sold the new owners had no trouble getting everything transfered to their name. ken.
I doubt any sales tax would be incured.
I doubt that there would be any sales tax incured with this type of a transaction. In many states this would not even become a blip on the states radar because the transaction will never pass by their noses. Even if they do, the owners have paid any taxes at some point in time.
I doubt that there would be any sales tax incured with this type of a transaction. In many states this would not even become a blip on the states radar because the transaction will never pass by their noses. Even if they do, the owners have paid any taxes at some point in time.
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