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FORM #: CG1340 REV. DATE: 06/12 TITLE: BILL OF SALE LINK: http://www.uscg.mil/hq/cg5/nvdc/forms/cg1340.pdf
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How to fill out cg-1340 bill of sale
How to Fill Out CG-1340 Bill of Sale:
01
Start by entering the date: In the first line of the form, you will find a space to enter the current date. Fill in the date using the correct format (e.g., MM/DD/YYYY).
02
Provide the seller's information: In the next section, you need to input the seller's information. Include their full legal name, address, and phone number in the appropriate spaces provided.
03
Include the buyer's information: Similar to the seller's information, the buyer's details are also required. Fill in the buyer's full legal name, address, and phone number accurately.
04
Describe the vessel: The next part of the form requires you to describe the vessel being sold. Provide essential information such as the vessel's make, year, length, hull identification number (HIN), and registration number (if applicable). Be sure to double-check and ensure the accuracy of this information.
05
Specify the sales price: In this section, you need to state the agreed-upon sales price for the vessel. Write the amount numerically and also spell it out in words to avoid any confusion or discrepancy.
06
Include additional terms and conditions: If there are any additional terms, conditions, or special agreements regarding the sale, this is the place to include them. Write them clearly, concisely, and in a manner that avoids ambiguity.
07
Provide seller's declaration: The seller must sign and date the form to confirm that they have legally owned the vessel and have the authority to sell it. This signature signifies that all information provided in the bill of sale is accurate to the best of the seller's knowledge.
08
Obtain buyer's signature: Similarly, the buyer needs to sign and date the bill of sale to acknowledge their agreement to purchase the vessel under the terms specified. This signature demonstrates that the buyer understands and accepts the responsibility of ownership.
Who Needs CG-1340 Bill of Sale:
01
Vessel sellers: Any individual or entity selling a vessel, whether it's a boat, ship, or any other watercraft, would need to use the CG-1340 bill of sale. This form helps document the transfer of ownership and protects the seller's interests.
02
Vessel buyers: Buyers who are purchasing a vessel need the CG-1340 bill of sale to officially transfer ownership from the seller to themselves. This document serves as proof of purchase and helps establish legal ownership.
03
Coast Guard or state authorities: The CG-1340 bill of sale may also be required by Coast Guard or state authorities for registration, title transfers, or documentation purposes. These authorities may request the bill of sale to ensure the vessel's ownership is properly transferred and recorded.
Note: It is essential to consult with local regulations and requirements as they may vary depending on your specific jurisdiction. Consider seeking legal advice if you have any doubts or questions regarding the CG-1340 bill of sale and its application.
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