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View Full Version : What do I need to do to sell my boat? (paperwork wise)


Going, going, maybe gone!
06-08-2002, 06:53 PM
I have the titles for the boat & trailer, is there anything else I need to have in order to sell it aside from a buyer? Thanks, I'm keeping my fingers crossed!

Dave S
06-08-2002, 09:12 PM
I would also type up a "Bill of Sale" to give the new owner listing description and year of boat, motor, and trailer along with respective serial numbers. I would show on the Bill of Sale the agreed upon purchase price which the new buyer will need when licensing. Also list your name, address and phone number as the Seller.

Calif Bill
06-08-2002, 10:49 PM
In calif you send in a notice to the DMV. A release of liability. Shows you sold the boat, and if the other person gets in an accident and has not registered it in his name, you are out of the suit loop.
Bill

WestCoaster
06-09-2002, 06:59 AM
The two titles signed over to the purchaser are all that you need legally. The Bill of Sale will help the new owner deal with DMV with regard to the "purchase" price and what Use Tax to assess. The County Assessor's office will receive a notice of transfer of ownership from DMV and send a Property Tax statement to the new owner for the Luxury taxes assessed based on the "purchase" price. Some people disagree with the concept of multiple taxation, since the full purchase price was taxed at the first sale of this boat. With this in mind, many people place a "purchase" price value on the Bill of Sale that reflects a credible nominal value, but much lower than the actual cost, so as to not incur as much Use Tax. I do not advocate that practice, but just mention that many buyers will ask you "fudge" the purchase price on a Bill of Sale. The REG 138 Release of Liability is submitted by you, the seller, to show that you have released all interest in the vessel and trailer. Subsequent events pertaining to those vehicles, would then be directed to the new owner.