as i have been to dnr on multiple occasions and been sent back home to get some other sort of proper paperwork, i can tell you that the new owner only needs to have signed (NOT notarized) titles (boat and motor) in order to get a new title.
however, if you do not have the title (like the bank has it), you have to get a notarized bill of sale.
the easiest option is the the former, and you can just write out a bill of sale that you both sign that does not need to be notarized.
am aware that the title says you need a notary, but that is not the case, as i got my last boat titled in Feb. with nothing more than signed titles. no bill of sale and nothing notarized.