Buying a vessel, boat, yacht or pretty much any type of watercraft is a big deal; it is a thoughtful financial obligation that will require long-term maintenance while you own it. However, there are some measures you can take to avoid paying extra, like keeping your paperwork up to date to avoid incurring in late fees or, even worse, having to pay costly fines. To get all the compulsory information about a boat, you will require an abstract of title vessel. This article will guide you on what it is and how to get it.
What Is a Vessel Abstract of Title?
A vessel abstract of title is a formal document that records all the information that has been submitted to the United States Coast Guard (USCG) for a particular boat. It contains the owner’s boat information, the name of the vessel, the Coast Guard Number, a record of all the liens and mortgages and the changes to the name of the vessel that have been made (if any).
It is important to note that the US Coast Guard only records the information while the vessel is documented within their administration, so long periods of time may not be accounted for in some cases.
What is the Purpose of a Vessel Abstract of Title?
The main purpose of a vessel abstract of title is to let you check if the information that is marked in the boat (like a Hull Identification Number) matches the details you have on the formal document. A discrepancy on those numbers can be evidence of a simple typo, in some cases, or a straightforward fraud on some others.
Furthermore, if the previous owner had an unsettled debt, the lender might have issued a lien against the boat, to inhibit any sales until the statement was satisfied. If that were the case, the unpaid claims would become the responsibility of the new owner, so knowing this information beforehand could help you decide whether you want to buy that boat or not.
You Can Request an Abstract of Title at the Commercial Fishing Permits Center
Although it can be a tedious and lengthy process, requesting a vessel abstract of title is a must if you do not want to get yourself caught in having to pay for something that you were not expecting to. This can be done at the US Coast Guard site by downloading their appropriate form, completing it and then sending it via regular post to their offices in Oklahoma.
A different option is to process all of this online at the Commercial Fishing Permits Center. With our help, you will be able to get your vessel abstract of title online on our fully encrypted site. By only filling some basic details we will be able to assist you with this one, or any other formal document you may need help with.