April 7th, 2021

Agreement For The Sale And Purchase Of A Second-Hand Boat

By JEREMY WARNE

In some states, a sales boat invoice may not be necessary to close the sale, but using one is a good idea as it provides proof of the details of the transaction. If the vessel has a title that, in most states, is generally required for vessels longer than 16 feet in length, that title must still be transferred from the seller to the buyer in accordance with state rules. The use of an official boat purchase contract protects both the buyer and the seller and helps to avoid any misunderstanding between the parties. Don`t forget to download the agreement to your own computer before filling out the form. The manufacturer`s original declaration (MSO) or certificate of origin (MCO) delivered to each new vessel contains the fuselage identification number (HIN) and the boat`s serial numbers. The MSO or MCO indicates when the boat was built and handed over to the retailer for resale. You need the MSO if you register or document a new boat. If the boat is financed by a loan, the MSO is transferred to the lender; Otherwise, it will be included in the boat`s papers that will be given to you at the time of purchase. You or the loan company must receive the MSO if you accept the delivery. If this is not the case, contact the boat manufacturer immediately. Without the MSO, you cannot register the boat or meet the insurance requirements.

After filling out the form, print out the corresponding number of copies. Sign both sides. The Consumer Council urges the parties to read the entire agreement before the agreement is signed. You can also print the chord and fill it out on paper. If a trailer is sold with the boat, it is also listed separately with its vehicle identification number (VIN). The agreement is expected to include a separate selling price for the boat, outboard engine and trailer. The agreement should also include all co-sales of accessories or equipment such as electronics, trolling engines, replacement accessories and serial numbers, when available. If you sell the boat, items that are not included in the sale may be included as “excluded” in the sales contract.

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