How To Sell A Boat??

[TSCTSC]

May I know what paperwork would be needed to be done or signed to sell a boat/trailer/motor? Thanks!

[eyepatrol]

Title, lien release card(s) if any, any owners manuals is helpful for the transaction, and a bill of sale would also be a good idea. I'd also make sure you get a certified check or cashier's check from whomever you sell it to, to be on the safe side. That's what I had available when I sold my boat last year.

[TSCTSC]

Where can I get a bill of sale and how should it look like?

[Cliff Wagenbach]

You can write out your own bill of sale.

Be sure that it contains such info. as make,year,model, serial numbers of boat, motor, and trailer, sale price.

Have two copies. One for you to keep and one for the buyer.

Make sure that both you and the buyer sign and date both copies.

As stated you will need the transfer card to sell the boat and trailer.

If you do not have them, you and the buyer will have to go to the local lic. office with some type of proof that you own the boat to get it transfered into their name.

Cliff

[straydog]

I've bought a couple boats and trailers with just a hand writen bill of sale and there was no questions asked.

[moderation]

If your boat is less than so many feet ( 16-17?) you don’t have a title just a small wallet card. You do have a title for any trailer though. The dnr has a transfer of ownership form on their HSOforum. Go to regs. & permits then lic. & vehicle registration then watercraft go to bottom of the page and you’ll see the form you can click on and print.

[eyepatrol]

Yep, what Cliff said. On the bill of sale I also typed in the major additional items involved in the sale such as locators, etc. and also typed in what damages or defects there may have been such that the buyer can't come back at some later date with a claim.

[Down Deep]

Make sure you write on your bill of sale " Upon reciept of paymen of $******.** boat, motor, trailer (decribed with make and serial number) and all included equipment (listed) is sold as is and with no warranty either implied or stipulated."

This simple sentence can save you alot of grief if the buyer should decide to take you to court for any reason.

[TSCTSC]

Thanks, Guys! Now it is a toss up between a dealer trade in and selling it myself as the price difference is not much.

[Pherris]

I am not an accountant or a tax adviser. With that said one thing to consider between trading it in and selling it yourself is the sales tax issue. If you sell it yourself and buy a boat from a dealer you have to pay sales tax on the full purchase price for the boat from the dealer. If you trade it in you can reduce the "taxable amount" to what the difference is between the trade and the boat you are purchasing. An example would be if you were buying a $20,000 boat from a dealer you would have to pay sales tax on the full 20K. If you get $5,000 for your trade in you would pay sales tax on the difference so $15,000. Another consideration if you are buying a new boat is does the dealer you work with offer consignment sales for a fee? I have found that you get more for your boat if you sell it on your own or through a dealer consignment program. The Del will usually charge a fee of about 3-5% but you have more control over sale price. Dealers do have better traffic and the boat may sell faster. Depending on the amounts it may or may not make a difference. For the deal I am doing it will save me a couple thousand having the dealer sell it and applying the sale price to my new boat lowering my tax liability then if I sold it on my own. I will get less for my boat then if I sold it on my own but not enough to make up what I will save doing it through the consignment process. Another thing is that if the dealer sells your boat they have to deal with any issues that may arise as opposed to having to work it out with a private party yourself. Hope what ever you decide it works out and good luck with your new boat.

[TSCTSC]

Thanks Pherris for the post. This is my exact dilemma. I am getting only a little more by selling by myself although the cash amount is larger. But I have like 2-3K of stuff on my boat that I could salvage and put on my new boat if I traded it in. This would save me that amount of money if I had to buy them all again. It really complicates the economic considerations and I guess it really boils down to how much I am willing to forego to avoid all that hassle. What would you say?

[TSCTSC]

Hmm...Consignment sounds like a good option too. Can you tell me how I should go about setting one up? Thanks

[TSCTSC]

Also where can I get a sample bill of sale?