Why You Should Get an Abstract of Title Before You Buy a Vessel

Have you been checking a vessel out but aren’t sure if it’s the right one for you? Does your research tell you that everything is on the “up and up” when it comes to this vessel, but you want to be certain? That makes all the sense in the world. A vessel is an investment, always. No one wants to pay good money for a vessel only to find that it can’t do what they want it to do. So, it behooves you to have as much information as possible before you purchase the vessel. That’s where the Maritime Documentation Center can help. An Abstract of Title from our site can give you all of the info and education you may need to make the best decision. 

What an Abstract of Title Contains 

Essentially, it contains the complete history of the vessel, provided it’s documented under U.S. Coast Guard documentation. So, when you get the abstract, it should contain the chain of ownership for the vessel, what liens and mortgages were placed against the vessel, as well as whether or not those were paid off. This information can be invaluable before you make the final decision about whether or not to purchase a vessel. 

Abstract of Title

Why This Abstract Can Be So Important 

More or less, this form can be so important because it delivers the truth. You don’t have to worry about: “well, is there something it’s missing or leaving out?” When you’re talking to someone about buying their vessel, they may be highly motivated to get you to buy the vessel. Now, most folks are good people, so they’re going to tell you the truth. But, with this abstract, you don’t have to take anyone’s word for anything. Instead, you can know the entire truth before you buy. 

Have Your Eye on a Vessel Overseas? 

As useful as the Abstract can be, it’s only for documented vessels that are in America. Should you be intrigued by a vessel that’s outside of American waters, the right course of action might be the Foreign Vessel Title Search Request/Transcript of Registry form. That can give you basically the same information that the abstract would. It just provides that information about vessels in the United Kingdom, Canada, the Bahamas, the British Virgin Islands, Bermuda, and elsewhere. 

Once You’ve Purchased the Vessel of a Lifetime 

A strong majority of the time, the abstract backs up the information that the owner is telling you about your vessel. For so many vessel owners, the abstract is the first form that they use from our site. That said, it’s rarely the last. Once you’ve gotten your vessel, the next step very well might be to file for your initial documentation. Maybe you want a Preferred Ship’s Mortgage to be able to better finance it. Of course, soon it will be time to renew your documentation as well. You can do all of that at our site. For more: (800) 535-8570.