A Jet Ski Bill of Sale is a legally binding document that outlines the process of buying and selling a Jet Ski.
This document contains agreements between a buyer and seller and defines the terms of exchange as well as associated costs. In addition, the jet ski bill of sale provides essential information about both parties and the Jet Ski being purchased. The buyer ultimately uses the Jet Ski bill of sale to establish ownership when registering the vehicle.
Why is the Jet Ski Bill of Sale Required?
A Jet Ski bill of sale is required to prove the sale. Since the document establishes ownership, it should also be used in the event of a gift or exchange. This is highly important when transferring the title and registration of the vehicle. The jet ski bill of sale is also an essential record for tax purposes because it documents the purchase price.
The Jet Ski bill of sale can protect both parties from liability because it validates the buyer’s purchase and records the watercraft condition at the point of sale. Therefore, the document legitimizes the buyer’s ownership and ensures the seller is not liable for future damages to the Jet Ski.
What is the “As-is” Sale Condition?
Jet Skis are often sold under an “as-is” sale condition. This means that once the buyer purchases the vehicle, they assume liability for any damages. In most cases, the buyer requests an inspection of the Jet Ski by a certified technician. This inspection informs both parties of the condition of the vehicle at the time of sale. Based on the established condition, the buyer makes an informed choice about whether or not to purchase the vehicle, knowing the seller will not be making further repairs.
It is common for buyers to pay a deposit to the seller pending the inspection results; the sale proceeds if the buyer accepts the reported condition.
Jet Ski Bill of Sale Particulars
A Jet Ski bill of sale needs to be accurate and formal.
Therefore, the document should be thorough and list the following details with accuracy:
Seller and buyer details
Include the name, mailing address, license number, phone number, and email address for both parties in the jet ski bill of sale. This ensures that both the seller and buyer are appropriately identified.
Date of sale
State the date of which the sale occurred, and be sure to include the year.
Jet Ski details
It is essential to give descriptive information about the Jet Ski you are selling. This way, it is obvious what kind of vehicle the seller received should a later dispute arise. For example, include the make, model, and manufacturing year of your Jet Ski. You should also identify the vehicle by listing the registration number and the Hull Identification Number (HIN). The registration number is often displayed with a decal on the front, while the HIN is typically found on a plate on the transom.
Additionally, describe the vehicle’s condition by providing the number of strokes/cylinders, displacement (cc), and odometer reading. Report any damage/defects. Provide the color, the number of persons it can seat, and any other relevant detail that distinguishes the Jet Ski you are selling and the state it is in. Lastly, be sure to identify anything sold alongside the Jet Ski, such as life jackets.
Purchase price & date of payment
The price should be listed numerically with proper units.
Security deposit amount
If the seller provides cash or another form of a security deposit, state the amount.
State the length of time in which the buyer can inspect the Jet Ski to confirm its condition. If the seller rejects the condition, the sale may be voided. Inspection periods are not required when selling a Jet Ski, but this must be mutually agreed upon.
Signatures from the buyer and seller
The document is valid only if it contains signatures from both parties.
Signatures of any witnesses
Witnesses or notarization may be required to legitimize Jet Ski bill of sale forms in some states.
Date of signatures
Finally, be sure to include the exact date each party signed the jet ski bill of sale.
Best Practices for the Seller
As a seller, there are some important steps that you can take to ensure your vehicle is sold for the right price.
Skillfully clean and repair the jet ski
You’ll want to sell your Jet Ski in its best possible condition to maximize your profits. Be sure to follow through with any repairs you may need, as buyers typically do not favor making the fixes themselves. Taking your watercraft for a service by a technician is worth the extra effort. It’s also essential to give the vehicle a deep and comprehensive clean. You can improve the appearance of your Jet Ski by scouring the exterior and buffing scratches.
Decide on a reasonable asking price
Many factors play into determining an appropriate selling price for a Jet Ski. Consider the make/model, the year it was manufactured, and the displacement and mileage. It’s often helpful to compile all the relevant details of your vehicle and look for similar listings and their asking prices. Using the internet and newspapers, you can find the common prices for your specific area.
It’s also important to recognize the market at the time you’re looking to sell, as Jet Skis are frequently sold in the warmer months. You can also have it appraised. Once you determine the market value of your vehicle, raise the price by a few hundred dollars so potential buyers can negotiate without paying lower than what it’s worth.
Display your listing
It’s best to use various tactics to display your Jet Ski and bring awareness to your listing. Simply talking to friends and family can certainly reach an audience through word of mouth. Still, you’ll attract even more attention by posting on multiple sites like Craigslist, eBay, and Facebook Marketplace. You can also station your Jet Ski where the public can see it with a “for sale” sign and contact information.
Create appealing advertisements
Advertisements ensure that potential buyers actually view your listing. You can use online ad services, social media, or your local newspaper to spread the word. Write up an appealing summary of your vehicle, highlighting its important attributes. Include photos from multiple angles that showcase each component of the watercraft. Good lighting and high resolution are key to attracting buyers.
It’s unlikely that a buyer will automatically accept your asking price, so it’s important to be flexible and identify a range of prices you’ll accept. Don’t try to oversell because it may completely scare off buyers, even if you’re willing to accept less. Instead, consider multiple buyers to see who will offer the best price. If you can’t find anyone willing to pay even at your bottom limit, it may be necessary to reevaluate your vehicle’s condition or switch up your advertising tactics.
Close the deal
Once you have found potential buyers, meet with them in a public area to show the vehicle. A buyer will likely want a test ride. Considering that this risks injury or damage to the Jet Ski, be sure to offer life jackets and ask for identification and cash collateral for the price of the vehicle if you let any buyers test ride your Jet Ski. If a potential buyer indicates that they are ready to purchase the vehicle, settle the price for good and answer any of their remaining questions.
From there, complete the jet ski bill of Sale and exchange the buyer’s payment for the Jet Ski and any of the accessories you offered with it. After the buyer has paid for the Jet Ski and the jet ski bill of sale is completed, all that is left is for the new owner to transfer the title and registration. Once this is completed, make sure each party leaves with a copy of the jet ski bill of sale. This ensures both of you have a record of your agreements in the case of future contention. Plus, the buyer will need the document to receive the title.
What is the Jet Ski Bill of Sale Form?
The Jet Ski bill of sale form is a template that can conveniently be accessed online. It will prompt you with all the standard information to ensure that your jet ski bill of sale is complete. Accessing a bill of sale document from a lawyer can carry a hefty price. Our free online templates can easily be printed or downloaded as Word docs or PDFs and edited on your computer by simply typing your information into the blank spaces. They can also be customized once downloaded. Our Jet Ski bill of sale forms are well researched to contain all the required information, so you do not have to spend hours meeting with lawyers.
As a buyer or seller, you can ensure the final sale of Jet Ski is safe and legal by following the advice above to complete a jet ski bill of sale that is thorough and accepted by both parties.
Following are some free downloadable templates for you:
Best Practices for the Buyer
As a buyer, it’s important to make sure you are getting a fair deal and the transaction is completed legally.
The following sections contain important information regarding the Jet Ski sale process for purchasers:
Be aware of registration requirements
Registration for your new Jet Ski will vary by state, but it typically requires an application, the owner’s ID, money for fees (typically under $75), and a jet ski bill of sale. Check with your state’s registration office to find the proper paperwork and fees.
Negotiate the price
Of course, as a buyer, it is in your best interest to pay the lowest reasonable price. The asking price from the seller is likely not the only amount they are willing to accept. The more knowledgeable you become about the condition of the Jet Ski, the easier it will be to negotiate prices based on any slight damages to the vehicle.
Leverage the ‘as-is’ condition
The ‘as-is’ condition means the seller will be exchanging the Jet Ski in its current state without making further repairs. As a buyer, it is important to make sure that the condition of the vehicle is acceptable. Additionally, when you are more aware of minor flaws in the Jet Ski, you can advocate for it to be sold at a lower price.
Use professional services for inspection
When assessing the condition of a Jet Ski, be sure to get a professional inspection. While you may have owned Jet Skis for many years, it is likely that a technician will be more aware of the inner workings of the vehicle and save you from trouble if there is any damage.
Insist on a warranty
As a buyer, you are further protected if you insist the seller provide a warranty. There is always a chance that issues can present themselves in a Jet Ski shortly after purchase, even if they were not discovered during the inspection.
Including witnesses on the jet ski bill of sale further protects both you and the seller in the case of any future legal disputes. Plus, witnesses can help with other aspects of the sale, like completing background checks.
Get the Jet Ski insured after the purchase
Getting your Jet Ski insured is typically not a legal requirement, but it is always a smart choice. Boats are no small investment, and damages can create a significant financial burden without insurance. Also, without liability coverage for your Jet Ski, you may find yourself in some serious legal trouble if anyone sustains injuries relating to your vehicle or if your vehicle damages property.
Check state laws for boating license
Many states classify Jet Skis as a boat. Therefore, a state that requires boating licenses for standard boats will likely require a license for Jet Skis. Sometimes, there are restrictions or license requirements only for certain age groups. Be sure to consult both local and state laws to confirm these requirements.
Frequenty Asked Questions
Is a boating license needed for a Jet Ski?
You will need a boating license for a Jet Ski in states that classify Jet Skis as boats and require licenses for standard boats. Consult state and local laws for specific information about requirements and age restrictions in your area.
How much is Jet Ski insurance?
Jet Ski insurance typically costs between $300 to $500. Your personal price will be based on multiple factors such as your age and driving record, as well as the model of Jet Ski that you own.
How do I know what my Jet Ski is worth?
While it’s ideal to make the most profit when selling your Jet Ski, it is important to be realistic and base your price around what other similar vehicles are being sold for in local and online markets. Raising your asking price slightly above market value can give potential buyers room to negotiate without paying below what it’s worth.