Our Buyer page contains Coast Guard vessel documentation information,
state level boat registration guidelines, buyer related articles, and
other items of special interest for buyers. It also serves as a gateway to our complete
selection of buyer services, vessel forms, boating databases, and
ownership guides.
Please
contact us for
additional information on how you can benefit from this exclusive
gathering of vessel documentation and boat registration resources. You
may also wish to
bookmark
this page to stay current on frequent updates and revisions.
●
Free Advisory Service
- A free online service for buyers seeking information about Coast Guard
vessel documentation or state level boat registration.
● Owner Services - Check out our complete array of low cost
self-service packages for Coast Guard
vessel documentation, preferred mortgages, and state
level boat titling or registration.
● Vessel Forms - A
complete gathering of Coast Guard vessel documentation, state level
boat registration, and boat trailer forms designed especially for
buyers.
● Abstract of Title Kit -
Everything you need to order, interpret, and summarize a U.S. Coast Guard
abstract of title. Includes a decoding list, summary worksheet, and a free
subscription to our Vessel Abstracting Handbook.
●
Boat Registration Summary - A state-by-state overview of boat,
trailer, and registration requirements. Includes information about boat
loan perfection methods, taxes, inspections, notaries, boat dealers, and
yacht brokers.
● Buyer FAQs -
Visit our database of answers to frequently asked questions we receive
from buyers about vessel documentation, boat titling, and vessel
transactions.
● Buyer Awareness - Important
information that every prospective buyer should consider before
finalizing a boat transaction.
● Coast Guard Documentation
- Visit our federal page for information, articles, and
resources pertaining to U.S. Coast Guard vessel documentation.
● Sale By Owner - An article about
the growing trend for direct seller to buyer boat sales and how our services
can help to facilitate these kinds of transactions.
● Floating Homes
- The differences in house boats, floating homes, and house barges with
respect to state level titling and Coast Guard vessel documentation.
● Charter
& Timeshare Programs - Insights into the pros and
cons of placing your vessel into a bareboat charter or timeshare
program.
●
State Titling vs. Vessel Documentation - Things to consider when
deciding on whether you should document your vessel with the U.S. Coast
guard or title it on the state level.
● Surveyors Report
- Elements of a marine survey to look for with regard to the
surveyor's findings as they are related to vessel identification
numbers.
● Vehicle vs.
Vessel Titling - An interesting article that explores the
differences between vehicle and vessel titling. It also highlights the
importance of choosing the best titling or registration method.
● Vessel Database
- Our Database page contains an extensive listing of searchable
databases which will be particularly useful for buyers. It includes
vessel documentation record searches, state level databases, and
numerous other marine database resources.
● Vessel Markings
- A short primer on the appropriate exterior markings such as the
vessel's name, hailing port, and registration numbers. Applies to Coast Guard documented vessels
and state registered boats.
● Vessel Descriptions
- An article about the importance of proper vessel descriptions on
vessel titles, registrations, and other transactional instruments.
● Vessel
Research Guide - Guidelines for researching Coast Guard
vessel documentation records, state level boat records, foreign registry
records, and ownership
records.
The words "caveat emptor" represent what is arguably one of the
most important concepts a buyer should bear in mind when purchasing a
vessel. This Latin phrase, which means "let the buyer beware",
is further defined in legal terms as "an axiom or principle in
commerce that the buyer alone is responsible for assessing the quality of
a purchase before buying". In the marine industry, this is true not
only as it pertains to a vessels condition, but also as it relates to
the quality its title.
Although the value of a vessel often exceeds that
of an average home, there are some major differences in the way vessel
sales transactions are implemented. Title insurance for vessels is a relatively new
concept within the marine industry and is currently unproven. In most
cases the buyer must rely solely on the sellers representation that the
vessel's title is true and unencumbered. Accordingly, the buyer becomes
subject to the sellers good faith in rectifying any title deficiencies
that may be encountered subsequent to the closing.
As an offset to these
conditions, a buyer should be diligent in gathering as much information
as possible about the seller. This way you will know where to turn in
the unlikely event there are some hidden liens or title deficiencies
which may become evident after the closing. On or before closing, the
seller should be required to execute an explicit title warranty
statement regarding any existing liens, encumbrances, or adverse title
conditions.
It is also prudent for a
buyer to investigate the title's condition as opposed to simply relying
on the seller's representations. There are various methods of doing this
depending on whether the vessel is documented with the Coast Guard,
state titled, or foreign registered. Information, guidelines, and
resources for researching vessel titles on the federal, state, and
foreign levels is available from our web site.
With respect to vessel liens and encumbrances, it is natural to think
only in terms of an owners indebtedness to a lien-holder. However, in
the event of a settlement, the lien-holder actually incurs a converse obligation to
the debtor in the same amount as the original debt. In order to fulfill
this obligation, the lien-holder must offset, in a timely manner, any
recorded claims it may have filed against the vessel. Furthermore, there
are certain state and federal regulations that require lien-holders to
implement this within a defined period of time. This regulatory period
usually ranges from ten to fifteen days.
There are also some very practical reasons for getting releases of interest
issued promptly. A good case in point pertains to debt settlements that
arise in conjunction with vessel sales transactions. In these
situations, the closing is precipitated upon paying off any underlying
liens or encumbrances.On settling these claims, any subsequent titling or documentation
recordings can not be completed until
the respective releases have been filed. Lien-holders, who
fail to do this within a reasonable time, can inflict damages upon the
affected parties. This usually results from a buyer's inability
to operate or encumber the vessel until proper titling, registration, or documentation
can be attained.
One
of the more important aspects of a surveyor's report pertains to the
vessel's description. Although often underrated, this can be as vital to
the buyer and marine lender as the vessel's underlying condition. In
addition to the exact specifications, any identification numbers that are
affixed to the vessel must be clearly stated. Such items
all serve to link the vessel itself with those documents
which evidence ownership and
a lender's security interest.
Although it represents an additional effort on behalf of the
surveyor, it is an excellent practice to incorporate stencils or
"rubbings" and photographs of all identification
numbers into the survey
report. This will help eliminate even the remotest possibility of drafting
errors. These are often required anyway whenever
conflicts arise over previous deficiencies. Furthermore, the surveyor
should always rely on self-observations rather than the existing ship's
papers in defining the vessel's specifications. In selecting the right
surveyor, a prudent buyer should make sure these services are provided.
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to improve our awareness of your vessel documentation, vessel titling,
and vessel transaction needs.
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