Transfer of Interest WikiTags WikiShare
BoatWiki - Forms
This form may have legal and tax implications.
You should
consult with an attorney or professional about any such concerns.
Introduction
The Transfer of Interest form is designed for transfers of ownership where all or part of the equity in a boat is transferred to another party. It serves the same purpose as a Bill of Sale except the Transferor receives no tangible compensation or payment. Although subject to change without notice, this version has proven acceptable to both state registration and federal documentation agencies. Usage of this form can have legal and taxation implications. You should consult with an attorney or tax professional about any such concerns.
Format
The form is provided in Microsoft Word in order to facilitate any changes to its structure or textual content. It is also fielded and tabbable for your convenience. In making any non-fielded alterations, it will be necessary to select the "Unprotect" option from the "Tools" menu of your application. It can thereafter be "Form" protected again to regain the fielding.
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 Names: These should match any supporting title, documentation, or registration
certificates. A separate Transfer of Interest should be used for any variations. This should also apply if the full legal names differ
from that shown on the certificates.
Transferee Names: These should be the full legal names of the Transferees. Any methods of ownership
should also be shown such as Joint Tenants, Tenants by the Entirety, etc.
Consideration Received: There is no tangible or monetary consideration exchanged in a
Transfer of Interest,
therefore it may be stated as "Not
Applicable". Terms of Transfer: This is typical language common to most
transactions. However, there may be circumstances where this should be changed. Consult with
an attorney about any such concerns.
Signature: The form must be executed by all transferors along with the current date signed.
Name and Capacity of Persons Signing: This should 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.
Conclusion
Although some state agencies are more relaxed in their Transfer of Interest requirements, the Coast Guard is very stringent. All applicable fields should, therefore, be completed in precise terms.
Credits and References
3/7/2022 - Initiated by Team BoatWiki.
