Are you in the process of researching a vessel for purchase, and want to make sure you know everything there is to know about the vessel before you buy? Have you been concerned about buying a “lemon,” so to speak, and don’t want that to happen to you? When it comes to your money, your investment, you can’t be too careful. Buying a vessel is a major commitment, (to put it lightly) and “crossing the t’s and dotting the i’s” is just good business. Those are just some of the reasons that so many vessel owners file for a Coast Guard Abstract of Title before they become vessel owners.
What’s in a Coast Guard Abstract of Title
Some vessel owners can bump against the name “Abstract of Title.” For all intents and purposes, “abstract of title” is essentially synonymous with “complete record of the vessel.” So, the abstract of title will have the vessel’s complete chain of ownership, from the very first owner to the most recent one without leaving any owners out. If there were any liens or mortgages placed on the vessel, that will be in there, too. Perhaps most importantly, if there are any liens or mortgages against the vessel, that will be in there as well.
Why This Form is so Important
Put simply, so that you’ll know the entire truth. If the person offering the vessel for sale tells you that they’re the only owner and that it was made last year, then you get the abstract of title and it tells you that the vessel is actually five years old and there were three different owners, odds are you’re going to reexamine if you’re actually going to buy that vessel. Moreover, you’re certainly going to reexamine if this vessel owner is a person you can trust. Really, this form as much as any other we offer protects you and your resources.
What to Do If the Vessel You’re Looking at Isn’t in America
The abstract of title is for vessels in the United States. But, if the vessel you’re looking at is elsewhere, all is not lost. Far from it, in fact. Our “Foreign Vessel Title Search Request/Transcript of Registry” form can get you more or less the same information about vessels that are in Bermuda, the Caymans, the UK, the British Virgin Islands, Canada, and elsewhere as well.
The Forms You’ll Need for After You Buy Your Vessel
We don’t mention anything about in the spirit of “scaring you,” or turning you away from potentially buying a vessel. Instead, we hope that the abstract of title lets you know that the vessel you’re looking at is perfect for your needs, then you buy it and enjoy it to the utmost. To that end, we have all of the vessel documentation forms you’ll need for the course of vessel ownership as well. If you have any questions or would like more assistance, our staff can help at (800) 535-8570 or fill out our contact form.