When you have a boat, you can go boating with your family and friends. It’s one of the best ways to have a proper work and life balance. So start sailing and reconnecting with the most important people in your life. Go boating for a day or the entire week on the water together. But before you do so, make sure that your big boat has proper documentation. It’s especially true if your boat is over five net tons. Although it can involve fees when applying for a US Coast Guard documentation, it offers tons of benefits especially if you’re sailing in foreign waters.
When you document your vessel, the US Coast Guard maintains the information of the vessels’s ownership and lien throughout its lifetime. It records this information on an abstract of title that can be available to anyone who wishes to access it. That said, a buyer, a lender or a lien-holder can request it to review the complete history of the boat.
The abstract of title has the record of the first owner of the documented boat. It also contains information about information on any lien or claim of lien filed against it. Now, if you’re selling the boat, you can easily establish your ownership of the vessel and lien record for the entire history of the documentation.
With that in mind, a buyer will have a level of comfort that a state title can provide. Bear in mind that the future buyer can’t access the title records. If you’re getting a loan to finance your boat purchase, the lender prefers applicants who can provide an abstract of title or vessel documentation, which is a requirement for the loan. To obtain a preferred marine mortgage, you need a US Coast Guard documentation. This documentation is the highest level of maritime lien priority.
What are the requirements you need to obtain a USCG documentation?
Before you can get documentation from the US Coast Guard, you need to satisfy its requirements first. The basic requirements would include demonstration ownership of the vessel and US citizenship. Foreigners can’t apply for a USCG documentation. A corporation can only apply for it if it’s incorporated in the US and the majority of the shareholders are US citizens. If you need any help in applying for a Coast Guard documentation, you may use our services or call our team at (866) 981-8783 for assistance.