Iowa Bill of Sale of Watercraft (Sold “As-Is” — No Warranty of Condition)

Iowa Bill of Sale of Watercraft
(Sold “As-Is” — No Warranty of Condition)

STATE OF IOWA, COUNTY OF
BOAT LOCATED IN COUNTY OF , STATE OF IOWA
1. DATE OF SALE AND PARTIES. This Bill of Sale is made and takes effect on (the “Date of Sale”), by and between:
The Date of Sale matters — the title-application, registration, and tax deadlines in your state instructions run from this date.
SELLER — FULL LEGAL NAME STREET ADDRESS CITY, STATE, ZIP COUNTY OF RESIDENCE DRIVER’S LICENSE / ID NO. (OPTIONAL)   |   BUYER — FULL LEGAL NAME STREET ADDRESS CITY, STATE, ZIP COUNTY OF RESIDENCE DRIVER’S LICENSE / ID NO. (OPTIONAL)
Seller and Buyer are each referred to as a “Party” and together as the “Parties.”
2. BOAT / VESSEL, MOTOR, AND TRAILER SOLD. Seller sells, transfers, and conveys to Buyer the following boat or vessel (the “Boat”), together with any outboard motor(s), trailer, and equipment described in this Bill of Sale as included in this sale (collectively with the Boat, the “Sold Assets”):
YEAR MAKE MODEL LENGTH (FT.) HULL ID NO. (HIN) GENERAL BOAT TYPE REG. / DOC. NO. TITLE NO. (IF ANY)
The HIN is the 12-character hull identification number on the transom. If the vessel is documented with the U.S. Coast Guard, also complete U.S. Coast Guard Form CG-1340 (Bill of Sale) for recording at the National Vessel Documentation Center — this Bill of Sale is the parties’ sale contract and does not replace the federal recording form. See the included instructions.
☐ Outboard motor(s) included in this sale (check one): ☐ None ☐ As described below:
MOTOR MAKE MODEL / YEAR SERIAL NO. HORSEPOWER / HOURS
Many states title or register outboard motors separately from the hull — see your state instructions.
☐ Trailer (check one): ☐ None ☐ Included in this sale
TRAILER MAKE MODEL / YEAR TRAILER VIN / SERIAL LICENSE PLATE NO.
Trailers are usually titled and registered by the motor-vehicle agency, not the boating agency — see your state instructions. To sell a trailer apart from the boat, use a motor-vehicle bill of sale for the trailer.
3. ENGINE AND EQUIPMENT DESCRIPTION (OPTIONAL). Engine(s) (inboard): describe make, model, year, type, hours, and serial numbers, if any:

Equipment included in this sale (deck equipment, electronics, navigation equipment, safety equipment, sails and rigging):

4. PURCHASE PRICE AND PAYMENT. The Parties agree to the following consideration (check ONE):
☐ Paid in full. Seller acknowledges receipt of the total purchase price of $ (the “Purchase Price”) from Buyer on or before the Date of Sale.
☐ Down payment and promissory note (seller financing). Seller acknowledges receipt of a down payment of $, and Buyer agrees to pay the remaining balance of $ (together, the “Purchase Price”) according to a separate promissory note signed by Buyer and dated .
☐ Gift. The Sold Assets are transferred as a gift for no monetary consideration. Relationship of Buyer to Seller (if any): .
Gift transfers can change tax and title paperwork — see your state instructions before choosing the gift lane.
Optional price allocation (some states tax, title, or register the boat, motor, and trailer separately — see your state instructions):
BOAT $ MOTOR(S) $ TRAILER $
Seller’s lien (seller financing only). If the seller-financing option is selected, Buyer grants Seller a purchase-money security interest in the Sold Assets to secure payment of the unpaid balance evidenced by the promissory note described above; when Buyer signs this Bill of Sale, it also serves as the security agreement for that security interest under the Uniform Commercial Code (the Parties may also sign a separate security agreement with additional terms). Title to the Boat (or, where the Boat is not titled, ownership of the Sold Assets) transfers to Buyer at delivery. Seller’s lien will be recorded by the method described in the included state instructions — for a titled boat, motor, or trailer, by noting Seller as lienholder on the certificate of title. When the note is paid off, Seller will sign any required lien release and deliver it to Buyer promptly.
5. TRANSFER. For the consideration stated above (or, if the gift option is selected, for no monetary consideration), Seller sells, transfers, and conveys the Sold Assets to Buyer and Buyer’s successors and assigns.
Seller will deliver to Buyer, on the Date of Sale (or on the following date, if the Parties agree: ): (a) possession of the Sold Assets; (b) the certificate(s) of title for the Boat, motor, and trailer, each signed to transfer ownership to Buyer (for any of the Sold Assets that are titled); and (c) all keys, fobs, and registration documents for the Sold Assets in Seller’s possession.
6. WARRANTY OF TITLE. Seller warrants that Seller is the true and lawful owner of the Sold Assets and has the right to sell them; that, except as disclosed in this Bill of Sale, the Sold Assets are free and clear of all liens, security interests, encumbrances, claims, and demands of every kind; and that Seller will warrant and defend title to the Sold Assets to Buyer against every person lawfully claiming them.
☐ Existing liens or encumbrances held by third parties and disclosed by Seller (check one): ☐ None ☐ As follows:
Disclose any existing third-party lien above and pay it off at or before delivery (your state instructions describe the payoff-and-release procedure). Selling the Sold Assets with an undisclosed lien breaches the warranty in this section. A seller-financing lien created by the payment section above is not a defect in title.
7. CONDITION — SOLD “AS IS”. Known defects. Seller discloses the following known defects, if any, in the Sold Assets (list all known defects; write “None” if none; attach another page if needed):

AS-IS DISCLAIMER. EXCEPT FOR THE WARRANTY OF TITLE STATED ABOVE, THE SOLD ASSETS ARE SOLD “AS IS” AND “WITH ALL FAULTS.” SELLER MAKES NO OTHER WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING ANY IMPLIED WARRANTY OF MERCHANTABILITY OR ANY IMPLIED WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. BUYER ACKNOWLEDGES THAT BUYER HAS INSPECTED THE SOLD ASSETS (OR HAS HAD THE OPPORTUNITY TO INSPECT THEM) AND ACCEPTS THEM IN THEIR PRESENT CONDITION.
8. ADDITIONAL TERMS (OPTIONAL). The Parties agree to the following additional terms, if any:

9. GOVERNING LAW. This Bill of Sale is governed by the laws of the State of Iowa, without regard to conflict-of-laws rules.
10. SIGNATURES. The Parties are signing this Bill of Sale on the Date of Sale first written above (or on the date written next to each signature). Every owner listed on the current title or ownership records must sign — additional sellers or buyers sign in the Additional Terms section or on a duplicate original.
Each party should sign two identical originals and keep one. The buyer will need this Bill of Sale — and, where the boat, motor, or trailer is titled, the signed title assignment(s) — to register or title the Sold Assets. See your state instructions.
SIGNATURE OF SELLER PRINTED NAME OF SELLER DATE SIGNED   |   SIGNATURE OF BUYER PRINTED NAME OF BUYER DATE SIGNED
11. NOTARY ACKNOWLEDGMENT (OPTIONAL UNLESS REQUIRED).
Most states do not require a bill of sale to be notarized. A few require notarization of the title-assignment paperwork instead — see your state instructions before skipping this section.
STATE OF IOWA, COUNTY OF .
On , before me, the undersigned notary public, personally appeared , known to me (or proved to me on satisfactory evidence) to be the person whose name is signed above as Seller, and acknowledged to me that they signed this Bill of Sale for the purposes stated in it.
WITNESS my hand and official seal.
NOTARY PUBLIC SIGNATURE   |   My commission expires: [ Notarial seal ]