Transfer of Interest Form
Boat Transfer of Interest form with example and instructions.
The boat Transfer of Interest form is designed for transfers of ownership in situations where there is no actual purchase and sale arrangement. This is a generic version that contains the necessary citations which should satisfy both state boat registration and federal vessel documentation agencies.
Form Examples
An example of the boat Transfer of Interest form is available in Adobe PDF format. This can be easily converted into your favorite word processing application for modification and editing purposes. If your system does not already have this capability, there are a number of free or subscription online internet services available that can provide such an accommodation.
Instructions
Vessel Data - Ensure that all known identification numbers are listed as they
match both the boat itself and any title or registration certificates.
Transferor Name and Address - This should be the full legal
name of the transferor and current physical address. However, corrective
actions may be necessary if the name does not match any related title,
documentation, or registration certificates. Address variations are
usually inconsequential for recording purposes.
Transferee Name and Address - This should be the full legal name of the
transferee. Any methods of ownership
should also be shown such as Joint Tenants, Tenants by the Entirety, etc.
Consideration Received - This is often stated as "One Dollar
and Other Valuable Considerations". It prevents a stated value from being
exposed on any documentation or title records. This can be later established by other means. However, there may be circumstances where
the total dollar value should be stated on the form. The term "Not
Applicable" should be inserted if there is are no considerations.
Terms of Transfer - This is typical language common to most transactions
of this nature. However, there may be circumstances where it should be changed.
These are not of concern with regard to required citations, although if an
attachment is referenced it must accompany the transfer of interest. Consult with your attorney with any concerns
about such terminology .
Signature - The form must be executed by all owners. The current date signed
must also be included.
Name and Capacity of Persons Signing - This must properly identify all signatory parties.
Acknowledgement - The form should be signed in the presence of a Notary Public. In doing so, an
attachment may be used at the notary's discretion. If executed in a foreign country, the form may also need an apostille, especially for vessel documentation
purposes. Although notarization requirements may vary by state, it is an
absolute requirement for vessel documentation purposes
Usage Context
Some state agencies are more relaxed in their Transfer of Interest requirements, although the Coast Guard is very stringent. All applicable citations should, therefore, be stated in precise terms.
Conclusion
This form is generally suitable for most jurisdictions, however, you should check with the respective agency about any such concerns. You may also wish to consult with an attorney about the legal ramifications of utilizing this form.
References and Referrals Comments - Suggestions - Corrections