Much like purchasing a home or vehicle, making the choice to buy a watercraft isn’t a cheap endeavor, but it can be exciting and fun. If you’ve made the decision to join the boating community with your own watercraft, there are steps to take to make sure you’re getting what you want, as well as the value for your money that you expect. It’s important to do research before you buy and to ensure that you have all the relevant paperwork to make the purchase legal. The USCG abstract of title is something that is handy for anyone looking to buy a second-hand boat. Here’s why.
What is a Coast Guard Abstract of Title?
The United States Coast Guard Abstract of Title includes all approved documentation associated with the boat. That includes the hull identification number and material inspection certificate. It also includes any other paperwork that has been filed with the USCG. The abstract of title isn’t the same thing as a boat’s history.
That’s because it only includes documents that have been filed with the USCG and doesn’t include state or foreign registration if it wasn’t filed. While the abstract of title is not the same as the boat’s history, it may include some of the information related to its life line and ownership.
Why Use the Abstract of Title?
Purchasing a boat is a big decision that can cost quite a bit of money. Not only will you need to be ready for the financial obligation at the outset, but it’s also a long-term investment as you’ll have to pay to maintain the vessel for as long as you own it. That includes keeping track of all relevant paperwork and any fees that accompany it. By exploring the boat’s abstract of title, you can find out important information about the vessel, via the documentation filed with the United States Coast Guard.
Not only does this give you information about the boat itself, but it also proves the legalities of the vessel with its prior owner. It’s also a good idea to make sure all state and foreign documentation is present and accounted for before you sign on the dotted line and make the boat yours.
Checking for Liens
In the same way that you check a property for any liens that can hinder the purchase of it, you will do the same for a boat you’re considering buying. If there is a lien filed against the vessel, it can get in the way of purchasing it while the matter is resolved. Those liens can become your responsibility if you buy the boat and you’d be obligated to clear those liens, even if you had nothing to do with them in the first place.
Here at the US Vessel Documentation Center, we are committed to making it possible to find the USCG abstract of title for a boat you are considering buying. Contact us today with your questions and we can help you facilitate the process, each step of the way.
