The easiest way to ensure you have all the information you need about your boat is to get an abstract of title from the United States Coast Guard. This document contains a comprehensive history of your vessel, including any liens or other information that may have an impact on its own, as well as other relevant details. You must have this knowledge to safeguard both yourself and your investment.
As the owner of a boat in the United States, you are aware of the significance of possessing a Coast Guard Abstract of Title. However, were you aware that it is the most suitable option for your boat? Here are some reasons why obtaining an Abstract of Title from the United States Coast Guard is the best option for you and your boat.
It Ensures That Your Boat Is Registered With the United States Coast Guard
If you are the owner of a boat in the United States, you are required by law to have your vessel registered with the United States Coast Guard. This is ensured by using a US Coast Guard Abstract of Title. What exactly is an Abstract of Title for the US Coast Guard? It is a legal document verifying that you are your boat’s owner and that it has been registered with the US Coast Guard. You are legally entitled to get a Certificate of Documentation and any other official papers associated with your boat. It also shows ownership if you ever decide to sell or otherwise dispose of your boat in the future. In addition, you may use it to establish your identity for things like applying for a driver’s license or a passport.
It Provides Proof of Ownership of the Boat
If this is your first boat purchase, you may be unsure what paperwork you’ll need to provide to the buyer to verify your ownership. You will need to get an official US Coast Guard Abstract of Title produced if your boat is registered in a state different from where you reside. An Abstract of Title is a document that verifies ownership by tracing the history of registrations and transfers beginning with the original title document (including any liens).
There is a complete history of the boat and its title, including the names of every person who has ever had a lien on it and the names of the original buyer and sale. It is valid in all 50 states since the US Coast Guard issues it. The issuing organization will check every owner’s name and contact details to confirm honesty. If you ever want to sell or give away your boat, you’ll need to get an Abstract of the title from the United States Coast Guard.
It Establishes Priority of Ownership In Case Of A Legal Dispute
When shopping for a boat, few people consider the possibility of a legal issue arising about who owns the vessel. You and your investment are safeguarded by an Abstract of Title issued by the United States Coast Guard, which details the title’s history and establishes precedence in case of a legal dispute. A Bill of Sale detailing the transaction’s parties, the vessel’s location, and the purchase price must be provided by the vendor when a boat is sold.
The buyer then mails this information to the relevant state agency with a cheque or money order for the total amount plus sales tax (if applicable). The state department in charge of documenting boat transactions will check its database to make sure the boat hasn’t been reported stolen, and if everything checks up, the new owner will get an Abstract of Title (s). It gives first-time boat buyers peace of mind and protects them from dishonest vendors who may try to transfer ownership without really selling their vessel.
An Abstract of Title Shows All Transactions and Changes in Ownership History for The Vessel
There are a variety of situations in which knowing the ship’s past may be helpful. Perhaps you’re considering using the boat as collateral for a loan, and you’d want to make sure it hasn’t been repossessed in the past, or perhaps you want to make sure there are no existing liens on the boat. You may like to have an idea of what to expect. Whatever your reason, an Abstract of Title from the United States Coast Guard is an indispensable tool that details the ship’s history from the northern seas shipyard to the berth in your port.
You’ll be able to see who owns the boat and whether they owe any money by looking into the boat’s sales, mortgages, and liens from when it was constructed to the current day. You may research the ship’s history thanks to the names and addresses of the ship’s past owners that are included in the logbook.
If you need an Abstract of Title from the United States Coast Guard, Maritime Documentation Center is your best bet. We’ve been there for our customers whenever they need us for many years. We stand by our dedication to quality and client service. Contact us today at 800-535-8570 for more information.