Do you want to bring in a new co-owner with your vessel but aren’t sure of the best way to go about it? Does one member of your ownership group want out? These are the kinds of things that happen all of the time when you own a vessel with others. Maybe your ownership group will be the one where everyone all co-owns the boat for the rest of their lives. However, a group that stable is the exception, not the rule. There are some occasions where you’ll want to utilize the USCG Exchange and Transfer form, as well as some times that you want to be wary of doing so.
USCG Exchange and Transfer New Owner
One member of your ownership group has decided to move on from owning the vessel. Whether the separation is amicable or otherwise, here, the Exchange and Transfer form is the right one. That said, it’s also the right form for when you bring someone new into your ownership group as well. If there’s one specific piece of advice we could give about this, it’s not to wait. “We’ll do it tomorrow,” “we’ll take care of it later,” “don’t worry about it” — it’s easy to say those things, especially as boat documentation can seem like a real chore. Taking care of it quickly gives you one less thing to worry about.
When You Sell the Vessel to Something Other Than a Person
This is also the right form if you’re selling your vessel to a corporation, a trust, or any other group of people. You aren’t limited to taking on one individual owner in these forms. We’ve designed these forms in such a way that they’re just as easy to fill out no matter who the other owner is going to be. As they’re mobile-optimized, you can fill them out from practically anywhere, so long as you’re connected to the internet. Additionally, we know that many of you need to get these forms done fast. That’s why we’ve made it possible to rush the processing of many of them, too.
When There’s Still a Mortgage on the Vessel
The one time you want to be careful about using this form is if there’s a mortgage on the vessel. If so, you can’t legally add or remove owners without the permission of the lender (mortgagee). If you don’t get that, then the ownership change cannot happen. Your options are to reach out to the lender or to satisfy the mortgage itself.
Beyond the USCG Exchange and Transfer Form
This is one of the most popular forms at our site. Vessel owners have been using it for years to make sure that they’re always in compliance. However, it’s far from the only form that people use at our site. Even if you’re always the sole, only vessel owner of your boat, you can find all of the forms you need at our site. For more: (800) 535-8570 or fill out our contact form.