A declaration for the sale of a marine vehicle in UAE is a type of document that relays information regarding a marine vehicle’s purchase and sale. While it’s also used as sufficient proof of ownership, it’s also a form that’s required by UAE authorities for a boat or ship’s registration. A declaration of the sale of a marine vehicle in UAE lists down all the important information like the previous registration details, information regarding the seller and the buyer, as well as the model and make of the marine vehicle.
What are the uses of a declaration of a marine vehicle sale in UAE?
A declaration of the sale of a marine vehicle in UAE is utilized strictly for the purchase and sale of a boat, may it be brand new or used. The sale may be initiated by a private citizen in UAE or a dealership. if the sale will be including a motor or a trailer, then you would want to have that information added in the declaration.
The document will be able to provide protection to the parties of the transaction should there be issues in the future. Issues can include boat being stolen or damaged. Given that a lot of transactions involve cash payments, evidence that the item has been paid for with property documentation will safeguard the buyer of a stolen good. Buyer will have the proof of payment when there are also questions of ownership later on.
As it is smart to have a property insured, you can use the declaration for the sale of a marine vehicle in UAE to prove you actually own the boat to be insured.
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What are the do’s and don’ts related to boat sale/purchase and declaration of boat sale?
Here are the crucial points to remember for a smooth transaction and protect your investment:
- If you’re the seller, provide the buyer with a notarized declaration of sale of the marine vehicle in UAE only after you’ve received the payment in full and the transaction has been completed. A declaration of sale of a boat or any marine vehicle in UAE states specifically that you’ve already been compensated for the entire value of the property. It can be difficult for you, as the seller, to collect the outstanding amounts when you’ve given already the written evidence for ownership.
- It is essential for you to get the right name and address of the parties involved in the sale and purchase. If there are questions that emerge, you will need to have the contact information of that company or person directly.
- The document should cover the transfer of a vessel, the engine, as well as any listed component. If you want a trailer to be included in the transaction, then a separate declaration of sale should be completed.
- If you’re the buyer, then request a demo ride or sea trial of the boat. This is a must when purchasing a boat, most especially when it is used or secondhand. This is equivalent of test driving a car. It will allow you on getting a hands-on feel and understanding regarding the capacity of the marine vehicle.
- The declaration of sale for a vessel in UAE should assume the purchase price of the boat will be fully paid upon the sale date. Should the buyer plan on making a certain portion of the boat’s value as down payment and only pay the remaining due amount over a certain period of time, don’t use a declaration of sale. What will be best to utilize is a contract of sale of a marine vehicle and have it notarized by a public notary in Dubai. You should also have a promissory note drafted and signed.
- Sign several copies of a declaration of sale or at least two for you and the other party of the transaction.
- In UAE, it is important to have a declaration of sale for any party to be notarized by a public notary in Dubai or anywhere in the country. There must be two male witnesses for the signing of the declaration. Remember that the declaration should never be signed unless you’re in the presence of a public notary.
- In order to complete the process of transferring the title of the boat, both the buyer and the seller need to send certified true copies of the declaration of sale to regulatory authorities in UAE governing boat titling. Consult with a property attorney for the country’s rules to determine where the titling will be required.
- Different emirates in UAE have specific rules regarding the placement of the registration numbers, as well as decals that are associated with them. Check with the authorities and followed the regulations.
- If you’re the seller, you need to remember to cancel the boat’s insurance upon the transfer’s completion.
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To know more about the notarization of the declaration of sale of marine vehicles in UAE, call us here in Notary Public Dubai today!
Hassan Humaid Al Suwaidi is a UAE Citizen and the founder of the firm HHS Lawyers. He has a vast experience of 20 years of dealing with high-value and complex notary requirements. Hassan has been involved in some of the largest legal settlements in the UAE and is commended for his ability to attain the most favourable outcomes for his clients.