The Essentials of Boat Ownership Transfer

Do you take great pride in being the owner of a vessel registered with the United States Coast Guard? In such cases, the boat ownership transfer process can seem to be a difficult one. But there’s no need to panic since we’re here to assist you! In order to make the transition go as smoothly as possible, here are some of the most important things you need to be aware of. You can prevent potential complications and ensure that both you and the new owner are satisfied with the transfer if you understand the procedure and take the essential measures. A few crucial steps must be taken to ensure the process goes off. Here are some valuable hints to assist you!

Make Sure The Title Is Clear And Free Of Liens For The Boat Ownership Transfer

It’s essential to check that the boat’s title is clear of any encumbrances before attempting to register it. If you have a lien on your vessel, not even the government can take it away from you. Check the title at the department of motor vehicles or the county clerk’s office to see if there are any liens on your boat. A boat ownership transfer process cannot go through while liens are still outstanding. You may accomplish this by settling your debts or by retaining legal representation. 

A clear title is essential, but that’s not all you should check. Additionally, you need to verify that the vessel you’re interested in purchasing has the necessary paperwork for you to claim ownership. Ensure that the title is the original and includes all attachments, such as the transfer documentation and authentic licensing and registration paperwork from all states where the vehicle was registered before it was delivered.

Notify Both State And Federal Agencies Of The Sale/Transfer 

Notifying the DMV of a boat ownership transfer is likely mandatory in your state. In addition, most jurisdictions need this data to be documented in writing and submitted to the DMV promptly after the transaction (usually about 30 days). Everyone wishing to transfer their share of the boat’s ownership must complete a title transfer application and pay the applicable fee. More paperwork proving there are no outstanding boat liens must be supplied to the DMV in several jurisdictions (a lien is just another type of legal claim against the boat). 

Get in touch with any parties who may still have a claim to your boat’s title and have them sign away any lingering interest they may have. The information you provide will be used to contact you, and your signature will prove that you willingly give this information. You will get a letter from the NVDC with further instructions and the necessary paperwork. 

Document Everything! 

It’s essential to keep track of any communication you have with any parties involved in the transfer. This will make sure that there are no surprises or misunderstandings down the road. A bill of sale is a document that lists the purchase price, the seller’s name, the buyer’s name, and address, and the date of the transaction. You probably won’t have much of a say in what’s written on the bill of sale if you’re inheriting the boat or purchasing it from a relative, but if you’re buying from a stranger, you may want to get as much information as possible. 

Bring your passport, Social Security card, insurance proof, driver’s license, registration and current registration documentation, and a crew roster if the boat is foreign-owned (if more than three people are aboard). If any maintenance is required, it will be completed throughout the registration process’ inspection time, according to archives.gov.

Boat Ownership Transfer

Transfer Funds Appropriately

Though it may seem like a no-brainer, this is rather crucial to do correctly. In the absence of such preparation, you risk being audited or overpaying your taxes. You may locate a reputable lawyer with expertise in these transactions, or you can use an internet service. It may take some time, but the bank will assist you for free. Get started on this right away, so you’re ready for action when the time comes. In other words, if you want to retain the yacht under your name rather than in a bank, you’d better have a decent credit score. They will check your credit report to ensure you have no outstanding boat loans or house mortgages. 

You can rest assured that your vessel’s records are in good hands when you contact the Maritime Documentation Center. They have been handling boat ownership transfer processes for over a decade and will ensure you have all the necessary documentation. With their help, you can get your new boat up to speed. Call them today at 800-535-8570.