I Sold my Boat, Now What? | Next Steps

Sold your boat? Don’t forget to do this!

Congratulations on selling your boat! but did you remember to update your address and properly transfer ownership at the DNR? What about removing personal belongings?

What you do next depends on your specific situation and goals. Here are some general steps you might consider:

A Comprehensive Guide to What Comes After Selling Your Boat

I Sold my Boat, Now What? well, you need to consider tax implications and any recurring bills you should be cancelling. Here is our handy list for what to do after selling your vessel:

  1. Transfer Ownership:
    • Make sure to transfer the ownership of the boat to the new owner. This often involves signing over the title and providing any necessary documentation required by your local authorities.
    • Logbook and Maintenance Records: Provide the new owner with a detailed logbook and maintenance records. It’s courteous and helps ensure the boat’s ongoing care.
    • Orientation: Offer to provide the new owner with an orientation of the boat. This can include basic operations, safety procedures, and maintenance tips. Introduce them to the boating community and marina staff.
    • Keep copies of all documents related to the sale, including the bill of sale, title transfer, and any communications.
  2. Cancel Insurance:
  3. Remove Personal Belongings:
    • Take out any personal items or equipment that you want to keep. Check all storage compartments, and don’t forget to remove any required safety equipment.
  4. Remove Registration/Decals:
    • If applicable, remove any registration numbers or decals associated with your boat. Some jurisdictions may require you to return the registration to the relevant authorities. If it is a USCG documented boat, consider the COD and how to transfer ownership here.
  5. Settle Finances:
    • If you had a loan on the boat, ensure that it is paid off and the lien is released. If you still owe money on the boat, the sale proceeds may need to go toward paying off the loan.
  6. Notify Authorities:
    • Check with your local boating authorities or the relevant government agency to see if there are any specific notifications or paperwork required after selling a boat.
  7. Close Marina/Storage Accounts:
    • If your boat was stored at a marina or in a storage facility, close or transfer the storage account as needed.
    • Dispose of Hazardous Materials: Safely dispose of any hazardous materials such as old fuel, oil, and cleaning chemicals. Many marinas have designated disposal areas.
  8. Deal with seller’s remorse.
  9. Update Contact Information:
    • If you provided contact information to the new owner, make sure they have a way to reach you in case there are any questions or issues after the sale.
  10. Consider Tax Implications:
    • Depending on your location and the specifics of the sale, there may be tax implications. Consult with a tax professional to ensure you fulfill any tax obligations related to the sale.
  11. Release the DSC-VHF radio’s MMSI and update any beacons. See more here.
  12. Reflect on Your Next Move:
    • Consider what you want to do next. Do you plan to reinvest in another boat, or is this part of a larger lifestyle change? Take some time to reflect on your goals and how the sale of the boat fits into your overall plans.
    • Upgrade or Downgrade: If you plan to buy another boat, start researching options. Determine your budget and needs to find the right fit. Don’t forget to check the boat-alert.com history report on your next boat before you make an offer on it.

Conclusion | things to do after selling you vessel

Sell or Reuse Equipment: Decide what to do with any remaining boating gear and accessories. You could sell it, donate it, or keep it if you plan to buy another boat in the future.

Invest or Save: Consider investing the proceeds or placing them in a savings account. Consult with a financial advisor if necessary.

Reflect on Your Interests: Think about why you sold the boat and how you want to spend your time. This can help you make decisions about new hobbies or investments.

Join Clubs or Communities: If you still love boating, consider joining a boating club or renting boats occasionally. Alternatively, join new communities related to your current interests.

Remember, these steps are general guidelines, and the specific requirements may vary depending on your location and the terms of the sale. Don’t forget to Celebrate!

Mark the occasion with a small celebration or event to acknowledge the end of this chapter and the beginning of a new one. It’s always a good idea to consult with local authorities and possibly a legal or financial professional to ensure you’ve covered all necessary aspects of the sale.

#sellBoat #buyBoat #taxes #implications #nextSteps

Infographic: Steps after selling my boat
Infographic: Steps after selling my boat

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