While most yacht owners are aware of USCG Certificates of Documentation, only a minority are aware of where they may get a copy of the real USCG Abstract of Title. There are various reasons why having a valid title on your boat is important. If you own a USCG vessel, you must regularly maintain your paperwork via the Maritime Documentation Center (MDC).
From ensuring that your vessel has not been stolen since you purchased it to determining whether or not you have changed ownership of your vessel, some of the documents you’ll need from MDC are an Application for Vessel Documentation, an Application for Certificate of Number, and a Certificate of Number. There are various options for submitting a request for these papers or reserving them. Examples include submitting an API (Application for Permit Issuance), submitting a permit application online, and requesting a reservation.
To Ensure All Liens Against Your Vessel Are Included And Have Been Cleared
This means that lien-holders may try to attach themselves to your new yacht when you buy it. Some people who have liens on your yacht may be genuine businesses. They might also be owing money to your ship but aren’t authorized. As a buyer, you should ask for an abstract of the title, including information on lien holders that may not be contained in the title.
Because no one else has a stake in your vessel until it is formally registered, you may do this before you do. You’ll also be able to finish your transaction without worrying about any claims from other parties. Transferring ownership of your vessel might be challenging if you have liens on it. These issues may be addressed by submitting a USCG Abstract of Title request to the marine documentation center.
With USCG Abstract of Title, You Can Protect Yourself from Possible Fraud or Theft
It’s a pain to keep track of all the USCG paperwork. As you presumably already know, we’re all at risk of being scammed or robbed. If someone comes up with the money, how would you handle it? Because you don’t want to pay for someone else’s errors, you want to ensure that all the paperwork and USCG documentation are in order.
A certificate of title would be the ideal form of evidence of ownership if ever required. Also, it’s a technique for you to safeguard yourself from potential theft or fraud. Stop someone from claiming ownership of your vessel or demanding payment for what you already own. When it comes to determining which firms may legally ask for money related to your art, you’ll never be in a situation where you’re unclear about which organizations can and cannot.
The Maritime Documentation Center Provides Fast and Accurate Service
When you own a vessel operated by the United States Coast Guard (USCG), it’s critical to keep things running smoothly. For example, if you want to sell your vessel or if it has been involved in an accident or incident, a USCG abstract of title will nearly always be necessary for these situations. Obtaining an abstract might be a good idea if any changes have happened that would impact the status of your vessel (such as a sale, a change of ownership, or a change in the vessel’s functioning).
Additionally, an abstract offers a comprehensive history of the vessel. In most cases, the maritime documentation center can offer accurate and timely service within 24 hours. The marine documentation center, which covers a wide variety of services, is known for providing quick and precise service. In addition, they will offer you a readable copy of the originals while the originals are being processed.
To Ensure All Liens Against Your Vessel Are Included And Have Been Cleared
The former owner often will sign over the title when you buy or acquire a boat. All liens on the yacht have been transferred to your name due to this transaction. However, if you owe money on your boat and haven’t paid it, your title will reflect a lien.
Law enforcement may also have a lien on the property, which might be rather considerable. When purchasing a boat, lien difficulties may be quite harmful according to americanboating.org. There’s a significant likelihood that if you buy a boat with liens on it, your title will reflect that. You might be held liable for the debt if the liens on your property aren’t listed or aren’t declared as paid off.
The Abstract Of Titles will cross-check the information on your ownership paperwork against the USCG database. There should be no issues if all of your information is current. If you don’t have all of your information up to date, you may face delays in processing or even have your rights questioned. A serious threat exists here. If you possess a vessel of any complexity, you should always request an abstract of title from the MDC via the USCG. Call us at (800) 535-8570 if you have any questions.