The pandemic left us with tough times to come and now it is time to start facing them. For that reason, boat owners may have incurred bank loans to pay for their vessels. This article will explain everything you need to know about the United States Coast Guard (USCG) Satisfaction of Mortgage.
USCG Satisfaction of Mortgage Explained
Regardless of your obligations with the USCG, maintaining your yacht involves plenty of requirements. One of the main concerns is knowing if you can pay off your mortgage. If you own a boat, you will most likely be required to have a certificate of ownership and a vessel registration.
Once you get your initial Certificate of Documentation (COD) you will get into the US Coast Guard record and, therefore, they will track the liens and mortgages against your vessel. While they increase or you pay them off, the Coast Guard will note it, so when you intend to sell your vessel to someone new, they will need to go through the documentation process. If you want that to happen, you need a form, for them to know that you have satisfied any liens or mortgages on the vessel. And that is where the USCG Satisfaction of Mortgage form comes into place.
What Information Do I Need to Get my USCG Satisfaction of Mortgage?
Having the USCG Satisfaction of Mortgage documentation will definitely make the new vessel owner’s life easier, as without this certificate they will not be able to document the vessel by themselves. Apart from that, you may risk yourself paying a costly fine issued by the Coast Guard. This type of fine can be as much as $10.000, so the $145 you have to pay to get this form on our site seems like nothing.
The Maritime Documentation Center will ask you for the vessel name, official number, instrument type, name and address of the grantor, name, and address of the grantee, amount, and signature. Once you have provided all of the required information and paid the mentioned fees, our friendly staff will take care of the rest.
You Can Get the USCG Satisfaction of Mortgage at Our Site!
So you now know. If you want to have your USCG Satisfaction of Mortgage, the Maritime Documentation Center can help you out. This is not, however, the only document we can help you with. Certificates of Documentation, Renewal, Change of address, or the MARAD small vessel waiver are just some of the many forms you can get at our site.
You will only need to check on the left side of our home page, where we state all of the forms. Choose it, complete it online on our SSL-encrypted platform and let us do the rest. You will get your documentation in no time!