2 Min read
Published on: July 16, 2024
Transferring ownership of heavy equipment can be straightforward but involves several important steps to ensure the process is legal and clear of any issues. Here's a brief overview of the ease and potential complexities involved:
Always get a detailed bill of sale when you sell or buy equipment. It should include the machine's make, model, serial number, seller's and buyer's information, sale price, and signatures from both parties.
Perform a UCC (Uniform Commercial Code) search to check for existing liens before you sell or purchase. This can be done through your state's Secretary of State website or a UCC search service.
Verify the machine's serial number and ensure it matches the paperwork. Check for signs of tampering, as altered serial numbers can indicate stolen equipment. Ensuring this before you sell can protect you from future disputes.
Inspect the equipment thoroughly. Document its condition with photos and a detailed report. This can protect you from future disputes about its state at the time of purchase.
Purchasing from a reputable dealer like Boom & Bucket can provide an additional layer of security. They ensure equipment is free from liens and legal issues.
Have insurance in place to cover potential losses, including theft. Notify your insurance company of the purchase to update your policy.
Use secure payment methods such as wire transfers, cashier's checks, or certified checks. Be cautious with personal checks and always verify their authenticity.
If the equipment has a title, ensure it's transferred properly. Some states may not require titles for heavy equipment, but having one can provide extra security.
When in doubt, consult with professionals to ensure all aspects of the purchase are handled correctly.