What is an affidavit of vessel purchase and resale form?

Definition & Meaning

An affidavit of vessel purchase and resale form is a legal document used to declare the purchase and resale of a vessel when standard proof of ownership, such as a Bill of Sale or title, is unavailable. This form is particularly useful in situations where the seller may have lost the title or is unable to provide it for other reasons. The affidavit serves as an alternative means to document the transaction, allowing the buyer to register the vessel with the appropriate authorities.

The affidavit must be completed by the seller, who attests that they acquired the vessel from the last registered owner. This declaration is crucial for establishing a chain of ownership, which is necessary for the buyer to obtain legal registration and title for the vessel.

How to Use the Affidavit of Vessel Purchase and Resale

Using the affidavit of vessel purchase and resale involves several steps to ensure that the document serves its intended purpose. Buyers and sellers should follow these guidelines:

• Gather Necessary Information: Collect details about the vessel, including its make, model, year, and hull identification number (HIN).
• Complete the Form: The seller must fill out the affidavit with accurate information about the vessel and the transaction.
• Notarization: The seller must sign the affidavit in the presence of a notary public, who will verify the identity of the seller and witness the signature.
• Provide to Buyer: Once notarized, the seller should provide the completed affidavit to the buyer, who will use it for registration purposes.

How to Fill Out the Affidavit of Vessel Purchase and Resale

Filling out the affidavit of vessel purchase and resale requires attention to detail to ensure accuracy and completeness. Here are the key components to include:

• Seller Information: Include the full name, address, and contact information of the seller.
• Buyer Information: Provide the full name, address, and contact information of the buyer.
• Vessel Details: Clearly state the vessel's make, model, year, and hull identification number (HIN).
• Purchase Details: Specify the date of purchase and the purchase price.
• Seller's Declaration: The seller must affirm that they acquired the vessel from the last registered owner and that they are legally allowed to sell it.

Steps to Complete the Affidavit of Vessel Purchase and Resale

Completing the affidavit involves a series of steps to ensure compliance with legal requirements:

1. Obtain the Form: Acquire the affidavit form, which can often be found on state department websites or through legal document services.
2. Fill in the Details: Input all required information accurately, ensuring there are no errors.
3. Review the Document: Both parties should review the completed affidavit for accuracy.
4. Notarization: The seller must sign the affidavit in front of a notary public.
5. Distribute Copies: Provide copies of the notarized affidavit to both the buyer and seller for their records.

Important Terms Related to the Affidavit of Vessel Purchase and Resale

Understanding key terms associated with the affidavit can help clarify its use:

• Bill of Sale: A document that serves as proof of the sale of the vessel, typically including details of the transaction.
• Title: A legal document that establishes ownership of the vessel.
• Notary Public: An official authorized to witness signatures and verify the authenticity of legal documents.
• Hull Identification Number (HIN): A unique identifier assigned to each vessel, essential for registration.

Legal Use of the Affidavit of Vessel Purchase and Resale

The affidavit of vessel purchase and resale is legally recognized in many states as a valid form of ownership documentation. It provides a means for buyers to register their vessels when traditional proof of ownership is not available. However, it is important to note that:

• State Variations: The legal requirements for using this affidavit can vary by state, so it is essential to check local regulations.
• Enforcement: If the affidavit is found to contain false information, the seller may face legal repercussions, including fines or criminal charges.

Who Typically Uses the Affidavit of Vessel Purchase and Resale

This affidavit is commonly used by individuals involved in the buying and selling of used vessels, particularly in the following scenarios:

• Private Sellers: Individuals selling their personal boats or outboard motors.
• Dealerships: Businesses that sell used vessels may use this affidavit when a title is not available.
• Buyers Without Title: Buyers who cannot obtain a title from the seller due to loss or other issues.

Examples of Using the Affidavit of Vessel Purchase and Resale

Real-world scenarios illustrate the practical application of the affidavit:

• Scenario One: A buyer purchases a used boat from a private seller who lost the title. The buyer requests an affidavit, which the seller completes and notarizes, allowing the buyer to register the boat.
• Scenario Two: A dealership acquires a vessel without a title from a previous owner. The dealership uses the affidavit to document the resale to a new buyer, ensuring compliance with state registration laws.