abstract of title

Every Aspect of US Vessels Abstract of Title in Detail

Interested in acquiring a new boat? The design, color, model, and many other details can be tempting, but what may hide beneath them? An abstract of title can help to unveil and disclose potential deal-breaker issues within the boat.

It’s important to do a little background research on the ship you want to buy. While many sellers are honest people looking for a fair deal, there are some out there who just want to get rid of their problems by passing them on to you. Don’t buy anything at face value and do the right thing to avoid future problems.

abstract of title

The Importance Of The Abstract Of Title

Ships, like many other assets, require important legal procedures and extensive paperwork to operate properly. Even minor details can become a big problem that may restrict your vessel from being active. An abstract of title provides important information regarding the vessel you should know before signing anything.

Yes, applying for an abstract of title does not come free. But if you think about the headaches you can deal with if an unscrupulous boat owner hands you over a vessel with more legal problems than weekend trips, it won’t seem expensive at all. Can you imagine yourself owning a boat that can only float a few inches away from the port because of an unpaid mortgage loan you never asked for?

What Is It And What Information Can I Find?

An abstract of title is the information or record of all the information submitted to the USCG (United States Coast Guard) for a particular vessel. It contains identifying details such as the name of the vessel, coast guard number, hull identification number (HIN), name of the builder, and year and place of fabrication.

The abstract itself also contains the bill of sale, notice of claim of lien, and preferred ship mortgages. You can know if there exist any remaining debts on the vessel before buying it, and then decide if you choose to take your chances on it.

Issues To Keep In Mind

The abstract only lists information provided to the Coast Guard during the time that it documented the boat, so gaps may exist in the timeline. Although you can acquire most of the information regarding the vessel’s history with an abstract, there might be a few things missing.

Another thing to watch after is the claims of lien. The abstract of title may not accurately represent all existing liens on the vessel. There are no title insurance companies nor are there mandatory requirements for recording maritime liens. Always ask for a representation from the seller that the vessel is free and clear of all liens and encumbrances.

Apply For An Abstract Of Title Today

If you already have a potential ship between your sights, why wait any longer? Find out any potential risks concerning the vessel right away. Look for the abstract of title form on our website, complete it, pay the fees and you’re all set. At Vessel Documentation online we’ll take care of dealing with the authorities and we’ll let you know when the abstract is ready.