"Owner of Record..." The BoS is a legal Record.
Once the Bill of Sale is signed by both parties, the boat is no longer the seller's problem. If there is an incident, you may be asked a few questions but after showing the BoS you should be left alone. If the investigating officer doesn't grasp this, a judge will.
I suggested above, that you retain the original registration document because there are a lot of people who do not grasp this. The vessel is legally not registered until the new owner gets the chore done. Not giving the buyer the legal document removes any chance for a claim that the sale was not final yet, or still subject to sea-trial.
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