Are you looking for a Jet Ski or Waverunner Bill of Sale template? Water sports are a way of life for the ones who love to splash in both – deep and shallow waters. While you can experience this thrill in rented boats, jet-skis, and wave runners on beaches, you can only imagine how luxurious it would be to own them and take them out whenever you wish to.
However, the watercraft you buy run a risk of being stolen and are very expensive. Therefore, you should always obtain a Watercraft Bill of Sale when purchasing one.
A Bill of Sale is a written legal document that contains all the information about the transfer of ownership of the watercraft. All the details of the prior owner and the new owner are documented into this document, along with the condition of the watercraft that is being transacted.
The Bill of Sale comes in handy if someone is contesting for the ownership of your jet-ski or Waverunner. This is crucial because if no one holds the title of watercraft, the Bill of Sale agreement will help you transfer ownership from one individual to another. Such a contract is in written form because most states require the sales or purchase of value greater than 500 dollars to be recorded.
What are the components of a Jet Ski, Waverunner or Watercraft Bill of Sale Agreement?
A simple bill of sale agreement requires the information of the buyer, details of the seller, and a record of the condition of the vehicle on sale. Here are the main components:
- The current owner of the boat that is being sold.
- The person who intends to buy the boat that is being sold.
- Vessel Information. Details of the manufacturer, model, the registration number, the Hull ID of the boat and watercraft.
- Motor Information. The horsepower and fuel currently offered by the motor.
- If the boat is sold along with guarantee or it is “as is.”
- Date of Transfer of Ownership.
When do you need a Jet Ski, Waverunner or Watercraft Bill of Sale?
The local Department of Motor Vehicles often requires proof of purchase if you want to get the title of the watercraft transferred to your name. You can find the written proof of the following in a Bill of Sale:
- A business transaction actually occurred. A Bill of Sale is an agreement entered upon by two parties, which states that a transaction has legally occurred between two individuals, and the ownership of the boat involved has been transferred with the will of both parties.
- The seller is the actual owner boat or any other recreational watercraft. You should check the seller information, their background, and experience with watercraft before confirming whether they are the verified owners of the product at the sale.
- The sale of the watercraft is intentional. No contract is considered valid until and unless the seller is intentionally trying to initiate the sale and has put forward an offer. So, the intent of the seller should be clear in the contract.
- Details of the boat that is being sold, such as the year of manufacture, model, serial number, its unique markings, etc.
- What is the condition of the boat at the time of transfer, whether it is sold “as is” or has certain faults.
The buyer can benefit from a bill of sale when someone questions their ownership rights on the watercraft. All they have to do is, they can present the document to the concerned authorities and escape all the trouble.
For the seller, a copy of the Bill of Sale is beneficial, too, as now they will not be liable to any damages or injuries caused by the vessel. So, if anyone claims damages from them because they do not know that the ownership has been transferred, sellers can present the transfer of sale agreement. Now, the new owner can be put under surveillance for having misguided the victim.
What are the consequences of not having a Bill of Sale Agreement?
The proof of the purchase of the boat can protect the buyer as well as the seller from the following consequences:
- If someone questions them regarding the damage caused by the vehicle after the ownership has been transferred, owners do not have to go through the hassle of proving in the court of law that they are no longer the owners. They can present the court with the Bill of Sale agreement, which has the dates of transfer clearly mentioned in it.
- They will save a whole lot of legal expenses and more, which are required to prove that the liability of the boat no longer rests with them. The Bill of Sale agreement states that the seller has sold the boat in the “as is” condition with the knowledge of the buyer. So, now the buyer cannot claim any costs they incur in the repair of the vessel. Moreover, if the buyer tries to levy any penalties on the seller for improper or fraudulent sales, the seller can escape them with the help of the Bill of Sale agreement too.
- In some cases, the purchaser is left dissatisfied with the purchase because the details were not disclosed to them. Therefore, a seller is obliged to disclose every detail to the buyer when preparing the Bill of Sale agreement so that there are no disgruntled customers in the future.
- The primary object of the buyer when they purchase the boat should be to obtain a Bill of Sale agreement so that they can get their watercraft registered under their name. Once that is done, the buyer doesn’t have to deal with any legal matters relating ownership of the vessel because the Bill of Sale contains all the information required to prove that they are the rightful owners of the vessel who have paid in full.
- A bill of sale agreement would protect the buyer if the seller were not the true owner of the vessel, too, because it requires them to check the serial number of the vessel with the manufacturer and the Stolen Properties department. Now, there are little loopholes left for the seller to present an unlawful property as their own.
- The buyer can also stay safe from the unexpected costs for repairing the defects in the boat because the Bill of Sale agreement requires the seller to disclose all the information there is about its condition. So, all the costs involved in the repairs can be negotiated beforehand.
- If the boat is stolen in the future by some malicious minds, the Bill of Sale agreement will prove that the buyer is the true owner of the boat, and if found, the boat will belong to them. The details of the buyer on the agreement will help the authorities reach the owner.
- Since a buyer can hire a professional inspector to inspect the boat before the sale, they can make the required repairs after making the purchase. This protects them from discovering unexpected defects in the vessel in the middle of the waters.
- The Bill of Sale will also help you locate the vessel in case it was lost in the sea.
Now that you have all the knowledge regarding the importance of the Jet Ski, Waverunner or Watercraft Bill of Sale do not forget to obtain one when entering the transaction.
JET SKI Bill of Sale Template
Waverunner Bill of Sale Template