A boat bill of sale in Indiana must meet specific requirements for the document to be legal. Using a legal template is the fastest and easiest way to ensure your boat’s bill of sale meets state-specific requirements. Keep reading to learn more about an Indiana boat bill of sale and the required information.
Indiana Boat Bill of Sale Requirements
The same state-issued form is offered on the BMV website for vessel sales transactions. Again, you can create your own boat bill of sale instead. As stated above, all bills of sale should list the following:
- The names, contact information, and signature of the buyer and seller
- The hull identification number or HIN
- The make, model, and year of the vessel
- The selling price
- The purchase date
- The notary’s signature and stamp, if there is no title
The Indiana BMV does not carry a penalty of perjury on any of its forms but does take lying on such state-issued forms seriously. It is stated in Indiana Code, section 35-44.1-2-1, that “a person who… makes a false, material statement under oath or affirmation, knowing the statement to be false or not believing it to be true… commits perjury, a Level 6 felony.” The penalty for perjury is prison time of up to two and a half years and/or a $10,000 fine.
After Purchasing a Vessel
- When buying a vessel from a dealership, you must obtain a completed Form ST-108 from the dealer showing that sales tax was paid or a Form ST-108E showing that you are exempt.
- A certificate of title is required to prove ownership of a vessel before selling. If you do not have the certificate of title to prove ownership of your vessel, you must fill out a Watercraft Ownership Affidavit or Form 55100. However, if you own a vessel exempt from titling before July 1, 2016, you will not have to provide a certificate of title to the buyer. Instead, you must provide a Bill of Sale or Form 44237. This includes vessels purchased before January 1, 1986, homemade vessels, or vessels valued under $3,000 when new.
- Both motorized and non-motorized vessels must be registered with the BMV, display decals, and pay applicable taxes and fees. Exemptions to registration include vessels registered in other states or countries that only use Indiana waterways for less than 60 days, lifeboats, human-propelled craft, and vessels docked on Indiana’s portion of Lake Michigan for up to 180 days.
- All vessels that require registration require titling. Within 45 days of the purchase date, you must apply for a certificate of title and registration or risk an administrative penalty. However, new Indiana residents will have 60 days to apply.
- To register and title your vessel, you must go to your local BMV and provide proof of ownership, such as the original certificate of title or a bill of sale, proof of residency and Social Security number, and proof that sales tax was paid such as a Certificate of Gross Retail or Use Tax Paid on the Purchase of a Motor Vehicle or Watercraft, or Form 48842, or proof that you are exempt such as a Certificate of Gross Retail or Use Tax Exemption for the Purchase of a Motor Vehicle or Watercraft, or Form 48841. The BMV will mail a certificate of registration, a registration number, and two decals within 14 days. Your registration should be renewed annually.
- Additional fees include a title fee of $15, a duplicate registration fee of $9.50, the Indiana Department of Natural Resources annual fee of $5, a 7% sales tax, and a watercraft excise tax dependent on your vessel’s class and age. Registration fees are dependent upon the length of your vessel. They are as follows:
- 13 feet or less: $15
- 13 feet up to 26 feet: $18
- 26 feet up to 40 feet: $21
- 40 feet or longer: $24
Indiana Boat Bill of Sale Template
Below, you can download an Indiana boat bill of sale in PDF or Word format:
Does a Boat Bill of Sale Have to be Notarized in Indiana?
Signing in front of a notary is only a requirement in Indiana if the title for the boat can’t be acquired. In most cases, however, the signatures of the buyer and the seller are adequate to make the document legally binding.