Normally, the buyer would request that a licensed technician assess the jet ski. The seller can request a deposit on the watercraft, and the sale will continue pending approval. The buyer agrees that they are buying the jet ski “as-is” and that any repairs or flaws discovered after the date of sale will not be the seller’s responsibility.
The Jet Ski Bill of Sale is a formal document that details the buying and selling of a Jet Ski between two parties negotiating the terms of an agreement to buy/sell a Jet Ski.
Jet Ski Bill of Sale- An Overview
The purpose of the jet ski bill of sale is to act as proof of purchase by the buyer and releases the seller from any obligation after the purchase. It is normally used for private, “as-is” sales between a previous and new owner. Since a broker is not conducting the transaction, it is essential to have this document on record to protect the buyer and the seller.
Inserting a bill of sale into the transaction is common practice for recording and legitimizing the sale with a physically documented record. This record is commonly used to recognize the owner of a watercraft after it has changed ownership. It may also be used for tax purposes to confirm paid purchase price or include a paper trail when transferring title and registration.
If there is a conflict on ownership of the jet ski, the bill of sale helps a lot. This is necessary because if no one holds the title to the jet ski, it will help you transfer ownership from one person to another. Some states require that transactions over $500 be registered, so such a contract should be in writing.
How to Sell a Jet Ski
Selling a jet ski is similar to selling any other mobile home or machinery type. There are a few steps to selling a jet ski.
Clean and tune-up
Before selling a jet ski, make sure it is in excellent shape. Make the necessary adjustments that you have been putting off. It is always appealing to buyers to be able to purchase a jet ski that is ready to use at the time of the purchase. Buyers are will be willing to pay more for a fully working jet ski than one that needs to be repaired.
When the jet ski is ready to purchase, get it valued or agree on an advertising price. Then, advertise your jet ski in online ads or newspaper listings.
Negotiate the price
Buyers will want to bargain for the jet ski. Be willing to collaborate with them in certain ways. Decide your price point and negotiate with the customer who can pay the most. If no one is willing to pay your asking price, consider rethinking the value of the jet ski. Check to see if you are not trying to oversell it. You might also need to advertise elsewhere to get the desired price.
Broadcast your listing
If you have access to a high-traffic area, park the jet ski and post a “for sale” sign along with a visible spec sheet that includes contact details. In addition, purchase advertisement listings in local newspapers or trade magazines to reach a larger audience, online listings such as Facebook Marketplace, Craigslist, eBay, PWC Trader, or Boat Trader are valuable resources. If you need to sell your jet ski quickly, other choices, such as CashForPowerSports.com, specializes in acquiring jet skis. However, this choice is only practical if you are willing to accept less for your vehicle.
Fill out the form
After reaching an agreement with a buyer, it’s time to fill out the Jet Ski Bill of Sale. Before proceeding with the sale, ensure that the title is free of any encumbrances or liens.
The next process is for the buyer to pay the security deposit stated on the bill of sale and for the jet ski to be inspected. A trained technician is usually in charge of the inspection. If the inspection results in a clean bill of health, the deal can be closed.
Finalize the sale
To complete the sale, the buyer will complete the payment outlined in the bill of sale. The seller will then pass the title and registration of the jet ski to the new owner. Keep a copy of the sales bill form in case of any potential conflicts. This document shows that all transactions are final and that the buyer is solely responsible for any difficulties with the jet ski.
Filling out the Form
Filling out a jet ski bill of sale is an easy task when you know what details to fill in.
To complete the bill of sale, you will need the following information.
Seller information– The seller’s information will include the seller’s name, email address, phone number, license number, and residential address, i.e., street address, city, state, and zip code.
Buyer information– The buyer’s information will include the seller’s name, email address, phone number, license number, and residential address, i.e., street address, city, state, and zip code.
Date of sale- The date of sale is the accurate date that the jet ski will be transferred upon completion of payment.
Jet Ski Details
Jet ski or vessel details include information like;
- The make of the jet ski
- The jet ski model
- The year of manufacture
- Hull identification number (The Hull Identification Number is a 12- or 14-character registration number that identifies a specific vessel. The hull serial number is located on the top of the rear platform).
- The jet ski colour
- The number of strokes/cylinders
- Any damages on the jet ski and its condition
- Displacement (cc)
- The odometer reading. Put a tick in one of the following boxes to specify the unit of measurement:
- The jet ski registration number
- Any other relevant information such as engine size, torque, etc.
- Purchase price– The purchase price is the total cost of the jet ski. Fill in the blanks with the monetary selling price of the watercraft in dollars.
- Date of payment– The date of payment is when the buyer is to provide payment. Write the accurate date when the buyer is expected to pay for the jet ski.
- Security deposit amount– Security deposit is the payment made to show that the buyer is committed to completing the transaction. Include the security deposit amount in the document.
- Inspection period– The inspection period is when a technician will be assessing the jet ski. Write the inspection dates in the document.
- Signatures– The buyer and the seller should sign in the spaces allocated for signature to show that they are in agreement with what is in the form.
- Witnesses– Authorize any appointed witnesses to testify to the document’s completion by producing their signatures and written names underneath the buyer and seller’s names.
- Date of signatures– The date on which the buyer and the seller signed the document. Write this date on the allocated spaces.
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Importance of a Jet Ski Bill of Sale
A jet ski bill of sale is vital in many ways. From protection against future issues to proof of ownership, there are several reasons why both the buyer and the seller should consider using a Jet Ski Bill of sale form.
Here are some advantages of signing a jet ski bill of sale from the seller’s perspective:
Proof of transfer– In some cases, a buyer may blame the seller for damages present or caused by the jet ski. The Jet Ski bill of sale form protects the seller from this accusation as it shows that they are no longer owners/responsible for the jet ski. This document can be presented in court containing the dates of the sale.
Save legal expenses– The bill of sale clearly states that the jet ski was sold in an “as is” state to the buyer. Therefore, the seller is not liable to pay for any costs of repairing the jet ski. It also protects the seller from any penalties levied by the buyer for fraudulent sales. In short, it saves the seller from having to pay legal expenses.
No dissatisfied customers in future– It is important for the seller to provide all details to a buyer in the bill of sale agreement. Providing the full details will ensure that there are no dissatisfied customers due to withheld information in the bill of sale.
Here are some advantages of signing a jet ski bill of sale from the buyer’s perspective:
Proof of their ownership– When a buyer is acquiring a jet ski, their primary objective should be obtaining a bill of sale agreement to register the jet ski under their name. This prevents the buyer from having to deal with ownership conflicts since the bill of sale has all the information required to prove that the buyer is the legal owner of the jet ski.
Protection from buying an unlawful jet ski– A bill of sale protects the buyer if the seller is not the valid owner of the jet ski because it requires them to verify the serial number with the manufacturing company and the stolen properties department. There are, however, some possibilities for the seller to present an illegal jet ski as their own.
Safe from unexpected costs of repair– Since the bill of sale requires the seller to provide all the details about the jet ski’s condition, the buyer is safe from unexpected repair costs. By providing all these details, the repair costs for the jet ski can be bargained beforehand.
It helps the authorities reach the owner in case of theft– The bill of sale document will help the relevant authorities reach the jet ski owner once they find the stolen jet ski. The buyer’s contact information provided in the bill of sale will prove that they are the legal owner of the jet ski, and it will be returned to them.
Help locate if it gets lost at sea– If the jet ski gets lost at sea, the bill of sale will help the buyer locate it as it contains information such as the make, colour, registration number, etc.
Protection from unexpected defects– Since a buyer can hire a qualified inspector to examine the boat before the sale, they can make the necessary repairs after purchasing. This protects them from identifying unexpected flaws in the jet ski when they are in the middle of the sea.
Intent of the seller– The sale of the jet ski is on purpose. No contract is considered binding unless the seller attempts to start the sale and makes an offer. As a result, the seller’s intent should be made clear in the contract.
Frequently Asked Questions (FAQs)
Is a jet ski bill of sale legally binding?
Yes. In many cases, the agreement between buyer and seller is legally binding as long as the bill of sale meets the rules required in the state where the sale or transfer occurs.
Does a jet ski bill of sale prove ownership?
Yes. Any sale, gift, or transaction involving a jet ski requires the use of the Jet Ski Bill of Sale. This form acts as the buyer’s proof of purchase.
Who keeps the bill of sale when selling a jet ski?
The buyer and seller should both have a copy of the bill of sale form. It is essential for the consumer to retain the bill of sale and the jet ski title for future registration and licensing purposes. Both parties, however, should preserve them for their records