Documents given when you purchase a vessel

Purchasing a vessel is a huge decision to make. Therefore, it is prudent to have a checklist of the main factors that you will experience when purchasing a boat and this will help to ensure you meet all necessary requirements when buying your yacht or ship. The checklist for the purchase of a vessel can seem endless and can be a stressful and very time-consuming process to perform without the assistance of a professional consultancy firm.

For more information on the documents required to purchase of vessel, or to find out how we can assist you with your vessel purchasing needs, please Contact Us.

Documents for purchasing a vessel

Not only is the purchase of a vessel a very important decision for the buyer, but the financial commitment will usually be a long-term investment. It is therefore advised to seek professional guidance when purchasing a vessel to ensure you have all the correct documents in place in order to speed up the process and meet legal and industry requirements.

When you buy a yacht or ship, it is essential to know the range of necessary documentation that will be required from you once the decision to buy a specific boat is finalized. Purchasing a vessel in the first instance will require documentation about the buyer including financial statements.

Once the vessel is purchased, it is vital to obtain all the relevant documents, not only to prove that you have purchased the vessel and you are now the legal owner, but also to enable you to obtain marine insurance and to register the vessel.

The main documents that you will typically receive when you purchase a vessel will include the following:

  • Vessel sale contract signed by vessel owner/dealer and the purchaser
  • Closing statement (this includes the costs and funds incurred by the purchaser)
  • Invoice and relevant receipts for the purchase of the vessel
  • Vessel registration document
  • Vessel warranties
  • Manuals for the operation of the vessel and operation of vessel equipment
  • Service bills (vessel repairs or servicing of vessel equipment)