Steps on How to Transfer Ownership of Heavy Equipment

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:

Bill of Sale

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.

Lien Search

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.

Serial Number Verification

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.

Inspection and Documentation

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.

Dealer and Auction Purchases

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.

Insurance

Have insurance in place to cover potential losses, including theft. Notify your insurance company of the purchase to update your policy.

Payment Methods

Use secure payment methods such as wire transfers, cashier's checks, or certified checks. Be cautious with personal checks and always verify their authenticity.

Title Transfer

If the equipment has a title, ensure it's transferred properly. Most types of heavy equipment do not have a title but if it has one, transfer it.

Consult Professionals

When in doubt, consult with professionals to ensure all aspects of the purchase are handled correctly.