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What is a bill of sale boat template?
A bill of sale boat template is a standard legal document that confirms the transfer of ownership of a boat from one party to another. This is a simple document that serves as legal proof of transaction, confirming the price has been duly paid and the title has been transferred accordingly. A bill of sale boat template would be suitable for selling both commercial and recreational boats.
The parties involved in a bill of sale template for a boat are a seller and a buyer. A seller is an owner of a boat and has a full legal title. A buyer is a person who wishes to purchase a boat and is ready to pay an agreed purchase price in exchange. Both parties could be individuals, businesses, or organizations. This document is suitable for the sale-purchase of boats within the U.S.
A bill of sale template for boat shall not be confused with a boat lease agreement. Under a lease agreement, an owner of a boat provides to the other person a temporary right to use a boat in exchange for regular payments. Once the lease expires, a lessee shall return a boat back to the possession of its owner.
A bill of sale boat template has a simple structure:
- details of the parties;
- description of a boat;
- purchase price;
- delivery date and address;
- seller’s warranties; and
- applicable laws.
This document serves a triple purpose. First, the document plays a crucial role in the title registration or when applying for the insurance. Second, a boat bill of sale template serves as valid proof of a buyer’s ownership over a boat. Finally, the document ensures clarity of legal arrangement between the parties and helps to avoid disputes.
How to draft a boat bill of sale template?
To make a legally enforceable boat bill of sale template, include in the text of a document the clauses below:
Details of the Parties
The text of a bill of sale template must include:
- full names of a seller and a buyer;
- mailing or corresponding address of each party; and
- contact email and phone number;
If either party is a legal entity, the full name of its representative signing the document should also be included.
Description of the Boat
Every bill of sale for a boat template shall lay out a detailed description of a boat, including:
- type, make, and color;
- year of manufacturing;
- hull identification number (HIN);
- engine type and serial number; and
- boat hour meter reading (aka odometer details for a car).
Purchase Price and Payment Terms
One of the essential elements of every bill of sale template is a purchase price. A purchase price is a fixed monetary consideration a buyer pays in exchange for a boat’s ownership. A price provided in the text of a document shall exclude all applicable sales tax.
Apart from that, the text of a template shall explicitly state that by the fact of its signing, a seller acknowledges the receipt of the purchase price in full.
Seller’s and Buyer’s Warranties
Warranties act as a written reassurance of certain facts or circumstances by one party to another.
In the case of a buyer, a buyer warrants a seller that:
- the full and complete examination of the boat has been performed, and
- the boat in a satisfactory condition.
In the case of a seller, a seller warrants a buyer that:
- the full purchase price has been duly paid;
- the boat is being sold “as is.”
- the seller does not guarantee the fitness of a boat for any particular purpose.
Delivery Terms
Every bill of sale for boat template must define the terms of a boat delivery to buyer. In particular, the delivery terms include:
- date and time of the delivery;
- location of the delivery; and
- liability for the delay in the delivery (e.g., a buyer may charge late fees in case of a delay).
Applicable Law
Finally, a boat bill of sale template should include the name of the state the laws of which shall apply to this agreement. There is no particular rule regarding which state to select. Thus, the parties may choose:
- a state where a seller is based;
- a state where the buyer is based; or
- a state where a boat is moored, etc.
How to customize a bill of sale boat template at FasterDraft?
To get a fully customized legal document template, follow the instructions provided below:
- Click the “Create Document” button.
- Answer simple questions in the form.
- Select a template format—bill of sale template Word or PDF.
- Make a payment.
- Download and use your personalized legal document template.