If you’re wondering how to find out who owns a boat that’s been documented, use this link to apply for an Abstract of Title.
What is included in an Abstract of Title?
The current owner’s name, the prior owner’s name, vessel characteristics such as length, make, model, and type, and whether or not the vessel has been abandoned are all examples of information that may be found on a document’s page.
An up-to-date title is required to acquire a boat or transfer ownership of your watercraft. If you are planning to purchase or sell a yacht, you must have all of the necessary information on hand.
A document known as a Certificate of Title is issued by the state where the boat was purchased. If you are looking to acquire a vessel, it would be beneficial to find the papers.
In the shape of a blue or white form, this abstract of title is attached to the USCG paperwork, and it provides information only on the vessel and not the owner. CG-1070, Abstract of Title Form, has three pieces of information:
- The name and address of the owner
- The name and address of the vessel
- A description of the vessel.
Why is an Abstract of Title important?
An abstract of title is important for a boat, just as it is for real estate properties, because it provides a comprehensive historical record of ownership and legal rights associated with the vessel. Here are several reasons why an abstract of title is important for a boat:
- Ownership Verification: It verifies the current owner of the boat and provides a clear chain of ownership, which is crucial for establishing legal ownership and transferring ownership to a new party.
- Liens and Encumbrances: An abstract of title reveals any outstanding liens, mortgages, or other encumbrances on the boat. This information is important for buyers to understand any financial obligations associated with the vessel.
- Legal Rights and Restrictions: It outlines any legal rights and restrictions related to the boat, such as any limitations on where it can be operated, whether it’s involved in any legal disputes, or if it has been subject to any legal actions.
- Title Clearing: If there are any issues or discrepancies in the chain of ownership or encumbrances, an abstract of title can help identify them. Clearing up such issues is essential to ensure a clean title for the boat.
- Insurance and Financing: Many insurance companies and lenders require an abstract of title to assess the boat’s value, history, and potential risks before providing coverage or financing.
- Peace of Mind: For both buyers and sellers, having a clear and accurate abstract of title can provide peace of mind in knowing that all legal and financial aspects related to the boat have been thoroughly examined and documented.
- Legal Compliance: In some jurisdictions, it may be a legal requirement to have an abstract of title when buying or selling a boat to ensure compliance with local laws and regulations.
- Resale Value: Having a clean and well-documented abstract of title can increase the resale value of a boat. Buyers are often willing to pay more for a vessel with a clear and trouble-free ownership history.
- Legal Disputes: In the event of legal disputes, having a comprehensive abstract of title can be invaluable. It serves as evidence of ownership and can help resolve disputes more efficiently.
What if I can’t obtain an Abstract of Title?
Another way to find out who owns a boat/the managing owner is through a Certified Copy of a Certificate of Documentation. Anyone can use this link to obtain a Certified Copy of vessel documentation.
While it will not include ownership information, interested parties can use this link to conduct a vessel documentation search at our site.
What information does a vessel documentation search include?
This search provides information about the vessel such as its name, Hull Identification Number (HIN), Official Number (ON), service information (endorsement and more), tonnage information, build year, and other information. Additionally, this search includes when the vessel’s Certificate of Documentation was issued and when it will expire.
What are the application requirements for a certificate of title because of a transfer by operation of law or order of court?
If you have further questions about American vessel documentation, contact the Vessel Registrar Center at email@example.com or (800) 535-8570 Monday-Friday, 8 AM to 4:30 PM.