A written instrument that documents the transfer of ownership of a vessel from a seller to a buyer. It typically includes details such as the names and addresses of both parties, a description of the watercraft (including hull identification number, make, and model), the date of the transaction, and the agreed-upon sale price. As an example, a document stating that John Doe sells a 20-foot Bayliner boat to Jane Smith for $10,000 on July 14, 2024, would constitute such an instrument.
The employment of this instrument offers significant advantages. It provides legal proof of ownership, which is essential for registration, titling, and insurance purposes. Furthermore, it serves as a record of the transaction, potentially mitigating disputes between the buyer and seller. Historically, such documentation has been crucial in establishing clear chains of title and resolving ownership ambiguities in maritime commerce and recreational boating.
The subsequent sections will delve into specific aspects of this instrument, including required content, state-specific regulations, and best practices for drafting and executing a legally sound document.
