I’m getting ready to sale my boat. It was previously documented with the coast guard when my late husband and I bought it in Texas. Then by us here in Oklahoma. It’s been over 9 years since we kept up with documenting it. Talked to the Lake Of The Ozarks Coast Guard office in Missouri and they will look up info on boat.
I still have a loan on boat but will pay it off when the new buyers buy it.
My question is: What all do I need to have or do for the sale?
—
Spanki & {Russ 12-8-1949/9-6-2010 R.I.P Butch}
s/v Spanki 1993 Catalina 36 #1224
"Don't worry, Be happy""Sail your life away"
Spanki-
I reviewed my paperwork from a few years back and here's what I found we needed from the previous owner so we could buy and Document the boat under our name.
1) First, you need to have a current USCG Documentation. (I assume after letting it expire, your boat was never registered in a state) Hopefully the Coast Guard has on file, all the origional documents that supported the Documentation under you and and your husband's name. If so, for a fee, they can renew the documentation. When you sell the boat, complete the questions on the back of the USGC Documentation form.
2) The new owner will need to have a document stating the mortgage has been paid off from the bank the loan was made from.
3) You will have to provide the buyer with a Bill of Sale referencing the Documentation Number and Hull Number.
4) The new owner will need to submit the above and pay a fee to obtain their Documentation from the USCG. Note that once a Documentation Number is issued to a boat, it remains with the boat through all the owners.
5) The buyer will have to pay a state sales tax for the state they live in. (Not your concern)
If the new buyer does not wish to Document the boat under their name, and go the route of paying annual state registration fees, I think they would need:
1) A Bill of Sale from you referencing the hull number and price sold.
2) For the new buyer to create a state registration, they may need have a transfer of Title Document. (At least Massachusetts requires this, and I suspect all states do). I don't know if a current USCG Documentation would fullfill this or you would have to Title the boat in your state (typically via the Dept of Motor Vehicles), so it could facilitate the transfer of ownership.
3) Verification that the loan has been paid and that there are no liens against the boat. (A smart buyer would ask for this.)
Keep copies of all of your documents.
I'm not 100% sure the above is accurate, but at least it should put you on the right track
It really shouldn't be this complicated, but it is.
Good luck
Paul
Paul & Wendy Keyser
"First Light"
Rye NH
2005 C36 MKII #2257
Wing, M35B
As recent buyer (1st post ;-)
You will provide a payoff quote from your bank to the buyer, they will pay finds directly to your bank (bank check, wire, etc) - balance to you (or not if you are underwater). Or you can pay it off now and when you catch up on registration also file the release of lein paperwork
You will need CG doc. to sign over to the new buyer - you can get this from USCG website.
Buyer can get any loan/lien info the CG for $25