Congratulations, you have sold your documented boat and perhaps have your eye on a new baby. But first you’re wondering what do I need to do to transfer ownership? As a seller you have two basic responsibilities when selling a documented vessel. First, you need to make sure the boat is free of any and all encumbrances. Many times we find that the owner had paid the loan off years earlier, but the bank or credit union didn’t release the First Preferred Ships Mortgage. Your second obligation is to provide your signature on a Coast Guard Bill of Sale (form cg1340). A note to the wise, over our 20 years in business we have had many calls from buyers that purchased a documented vessel, weeks, months even years (17 years is the record) but never transferred the documentation into their name. Usually it’s because they forgot or got frustrated trying to figure out the process, so it could be in your best interest to file that Bill of Sale yourself and release your potential contingent liability.