Transferring the ownership of a documented vessel can be a complicated process, especially if you are a first-time boat owner that doesn’t know where to start. There are a few things you will need for the process, and all of them will be explained in this article. The first of them, however, will be the Transfer of Ownership form, so read on if you want to find out how to complete it and what documents you will need to attach!
Form CG-1258
When it comes to a boat, to be able to transfer the ownership, other than the form, you will need to gather several supporting documents. To begin with, the vessel title paperwork will be a requisite. Other than that, a duplicate of the bill of sale or some kind of document to prove the transaction (like a gift letter if you were gifted one, for example) will be needed.
All of the vessels registered with the United States Coast Guard (USCG) can be legally transferred to a new owner, regardless of the type of craft. Both owners (current and prior) need to fill out a new registration card (the form itself, which is called CG-1258). Once this has been signed, it is recommended to keep a copy of your application and supporting documentation, to keep as a future reference. If you didn’t get to do it, you can always request an “official file copy” of your transaction, which will provide you with each form you completed.
When Do You Need this Form?
The Transfer of Ownership form, also called CG-1258, is submitted by the new owner. Sellers can submit this application if they have the required personal information of the transferee. The certificate of documentation, which acknowledges your registration with the USCG, doesn’t have to be current in order for the transfer of ownership to be processed. The bill of sale we mentioned before is called CG-1340 and it needs to be notarized after the transfer is completed.
Keep in mind that this document will be used in different situations:
When purchasing or transferring a vessel. When an outstanding mortgage is active, the lender should complete satisfaction with the mortgage. The vessel cannot be transferred with an outstanding mortgage or lien.
To add or remove a spouse to the Certificate of Documentation after a marriage, passing, or divorce.
To transfer documentation into a trust or corporation.
To make any changes to the vessel’s endorsement status or owner’s name.
Getting USCG Documentation for You
Whether you need the Transfer of ownership form or any other type of boat documentation, Vessel Documentation Online has got you covered. We are a private service that offers the possibility of processing all of your watercraft paperwork completely online. In addition to that, your details are kept confidential given that our platform is SSL-encrypted. Finally, having someone from our experienced staff overlooking the forms you submitted can prevent you from making any mistakes that would delay the obtaining of your documentation. Contact us today and let us do the rest!