You finally were able to purchase the boat of your dreams. With current inflation and all of the different regulations instaurated, keeping your vessel up to date is not as simple as it used to be. Find out about the necessary documentation, in particular about the vessels’ abstract of title in this beginner’s guide.
Abstract of Title: a Definition
According to the United States Coast Guard (USCG), an abstract of title is A record kept by the Coast Guard at the National Vessel Documentation Center that summarizes the history of a vessel while documented including all ownership, conveyances, interest, liens, and encumbrances that affect title.
To put it in simpler words: an abstract of title is a record of the title history of a property, or, in this particular case, a boat. It is crucial for purchasers as they can ensure their provenance is valid and that the title is clear.
So an abstract for a boat is pretty much the same as an abstract you would get before buying a house. You would do some research on the home to learn if there are any liens on the property that could prevent you from buying it. In the case of the vessel, you can know if the boat has been filed with any claims and, if you decide to proceed with the transaction, they can become your responsibility as the new owner of the boat. The abstract intends to prevent you from having to pay off any liens, or, if you do it, to make it a conscious decision.
Where Can I Get an Abstract of Title for my Boat?
Generally, it is recommended to just go to the official sources and obtain the needed forms from there. However, all of the information can sometimes be hard to access. Do not worry though, we have got you covered. At the Maritime Documentation Center, we simplified the process into only filling out a form. You will only need to supply certain information about the boat such as the official documentation number, the use you give to it, and some personal details about yourself such as your name and phone number.
We Can Help You With a Bill of Sale And Any Other Form
The boat abstract of title is just one of the many different vessel documentation that can be obtained at our very own site. Whether you are buying or selling, conducting the proper research for the boat you want to own, or just updating your boat documentation, everything can be done at our site. Just go back to the home page and fill out the form you need. If there is anything else we can assist you with, our friendly staff will be happy to help you.