Why choose a Documentation/Titling Company?
When buying a vessel you not only have to determine the vessels condition, but you must also determine the quality of it’s title by making sure it is true and unencumbered or free of liens. However, assessing the condition of a vessel’s title or its respective lien, not to mention re-documentation & titling to the prospective owner, is not always an easy task to accomplish. There are various steps that need to be taken.
• Abstract of Title
The abstract of title on a documented vessel confirms the information recorded with the US Coast Guard about the vessel, tells you exactly who the registered owner is and gives an up to date report on any recorded liens and mortgages.
• Transcript of Registry
For non-US flagged vessels this provides the same information as a US Abstract of Title.
• Bills of Sale
The Title/Documentation Company will help to create proper Bill of Sale instruments. This is the document which will transfer the title of vessel from the seller to the prospective owner and is always required for closing and by the new vessel registry of your choice. It is the seller’s responsibility to provide the Bills of Sale at closing. The Title/Documentation Company will also insure these are executed properly according to the current and prospective registry regulations.
• Vessel re-documentation
The Title/Documentation Company will take care of transferring the Title/Documentation for vessels that have been previously documented and for status changes in an existing Certificate of Title/Documentation. Such changes include revisions to the owner's name, vessel's name, operating endorsements, hailing port, and specifications.
Buyers and Sellers should take every credible precaution to verify the vessel’s title and lien status before handing over the purchase funds at closing.
It only makes good sense to ensure that the title is not only recordable but defensible against the claims of others. Therefore, the cost of a professional Title/Documentation Company shall prove to be a wise investment for those who are unfamiliar with the logistics of vessel titling. A professional Title/Documentation Company may well provide optimal protection for cautious Buyers and Sellers who wish to make their transaction run smoothly.
We recommend you get in touch with ASAP Marine Documentation & Registration. Visit ASAP Marine