A document serves as evidence of transfer of ownership for a vessel and its power unit. This record includes details such as the names and addresses of the buyer and seller, a thorough description of the watercraft (hull identification number, make, model, year), motor specifics (serial number, horsepower), the agreed-upon purchase price, and the date of the transaction. For instance, when an individual purchases a used fishing vessel with an outboard engine from a private seller, this paperwork solidifies the change in ownership.
This record provides several benefits. It protects both parties involved in the transaction by providing a clear and legally sound record of the sale. It aids in the registration and titling process with state agencies, helping to ensure the lawful operation of the craft. Historically, these records have been essential in settling disputes, establishing rightful ownership, and preventing fraudulent activities related to watercraft transfers.
Consequently, proper execution and maintenance of such a document is critical. Understanding the specific requirements for completing this form, and keeping it securely filed, can streamline future transactions or resolve potential ownership challenges.
