Are you considering buying a boat without ownership in Ontario? Has the perfect opportunity for a vessel fallen into your lap and you don’t want to let it go? The truth is that for all of the registration and documentation in the world, at the end of the day, the sale of a vessel is between two vessel owners. Someone attempting to purchase a vessel without any papers is one of those scenarios that many vessel owners think will never happen, yet happens all of the time. Below are some things to keep in mind should such an opportunity present itself to you.
How This Often Occurs
Many times we’ve heard this from someone who just had an opportunity to “fall into their lap,” so to speak. Maybe their neighbor has to move out of their home quickly and doesn’t have the time or inclination to put their vessel on the market and sell it. So, they just want to sell it by a handshake deal. Or, perhaps you know someone that has many vessels and has your eye on one yet the person who would sell it to you has none of the paperwork a vessel typically needs. These are just some of the scenarios where a person might try to buy a vessel without any ownership papers.
What to Do When You Buy the Boat
When this occurs, many vessel owners take the first step and draw up some paperwork for the vessel. Specifically, they make a bill of sale. As you may know, we don’t have such forms at our site (because there is no set governmental “bill of sale” form). But, you can make one yourself, you and the vessel owners. Include everyone’s contact information, the date, any identifying numbers of the vessel itself, its make/model/year, and any other seemingly pertinent information. Both of you should sign and date this bill of sale as well.
A Choice to Make Depending on the Vessel
From there, the next step is often to figure out exactly how you’re going to document the vessel. If you’re going to use it just to have a good time, then you’re probably going to want to get a pleasure craft license for it. However, if you plan on using this vessel to make money or in some other form of commercial capacity, then you’ll probably want to document the vessel instead.
Beyond Buying a Boat Without Ownership in Ontario
While this is a scenario that may occur more often than many boat owners may think, it’s far from the most common way that vessel owners find their way to our site. Instead, they come here because they just purchased a vessel and need either a pleasure craft license or documentation. Alternatively, many others arrive at our site because they aren’t sure which of those is right for their particular situation. Here, you can find all of the vessel documentation you might need, regardless of how you found your vessel.