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Inventory Coming In

When you take a Vessel into your inventory there are a couple of possible scenarios…

 

Is the vessel titled –is it a registration only –is it neither titled nor registered?

 

Note: Some states do not title vessels (Use TL-10, Exhibit B, and reference books to verify).

 

 

Titled Vessel

 

Is your customer a listed owner?

Is there more than one owner?

Do you need more than one signature?

 

Is your customer NOT a listed owner?

Do they have Power of Attorney for the listed owner?

*Remember the Power of Attorney must be an original or certified copy*

 

Do you have the most current title?

For a Florida title you can check the DMV website to verify. https://services.flhsmv.gov/MVCheckWeb/

 

Is there a lien shown on the face of the title – if so, has it been satisfied?

 

Has the owner accurately completed the transfer of ownership on the title to the dealership?

 

*If it’s a broker deal, it should be assigned to the buyer and the broker information section should be completed.*

 

Registered Vessel

 

  • Use your resources to verify there is no title associated with the vessel.
    • Do you have a copy of the most current registration?
    • If it’s an out of state registration, is there a place to reassign on it?
    • If there is no place to reassign on the registration a separate Bill of Sale from the owner to the dealership should be provided.

 

 

Not Titled or Registered Vessel

 

Advise your customer to visit a Tax Collector office to obtain a Florida Certificate of Title in their name. Once they receive the title, they can accurately execute the title to the dealership or to the buyer (broker deal).

Inventory Going Out

Titled Vessel

 

  • When you have a buyer for your vessel:
    • Complete the dealer reassignment on the title, transferring ownership to the retail purchaser. (If a broker sale, reassignments are not applicable.)
    • Be sure to accurately and legibly completed form HSMV 82040 (Application for Title) for your buyer to apply for title and registration. Pay special attention to the Identification requirements and submit any necessary proof.
    • If a Power of Attorney is used for any signatures, submit an original or certified copy. We cannot accept photocopies

 

 

Registration Only Vessel

 

If the vessel qualifies as a registration only, you can assign ownership on form HSMV 87244.

 

Be sure to include any supporting documentation (Bill of Sale). We will need to see the chain of ownership.

 

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