Bill of Sale Protection

by Robert
(uk)

The seller of a boat has no previous Bill of Sale.

Does a new Bill of Sale protect the new buyer from any future financial claims, and could the boat still be seized if these claims are not settled - even if the seller agrees to total responsibility for any such claims prior to the date of sale.

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Proof of Ownership
by: Hastings

A major concern would be to have proof of ownership when buying an item from another person.

Without that, the rightful owner could lay claim to the item and the buyer would be out of pocket for the purchase price, which may or may not be successfully reclaimed from the seller.

If a finance institution (for instance) is still owed money on the boat, they will be the rightful owners until any debt is settled in full. Most finance institutions have clauses that clearly state that property remains theirs until paid in full.

The seller may well agree to total responsibility for any future financial claims, but to enforce such responsibility will be another challenge.

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