If you are the owner of a boat owned by the US Coast Guard, you are aware of the significance of maintaining your vessel’s documentation. The amount of time necessary to acquire an abstract of title for a vessel is a topic of inquiry for many owners. In the following blog post, we will explain the procedure in detail and provide you with an anticipated completion time frame. It is essential to keep in mind that the difficulty of your situation may cause this time frame to shift in some way. You may be a USCG boat owner curious about the requirements necessary to acquire an abstract of title for their vessel. Although the procedure might be slightly different depending on the state in which you live, some requirements are universally necessary. Having this information at your disposal in advance can assist in making the process run more efficiently. Here is the information that you require.
You Must Be the Legal Owner of The Vessel
Ensure to be the ship’s legal owner to charter it (or, at the very least, an authorized representative). This indicates that you must have the appropriate papers, such as the bill of sale or title that is officially issued. A bill of sale for any autos involved in the transaction is also necessary. For a third-party refinance of your boat, the bank must also grant the third-request party authorization. In other words, if you have a purchase bill of sale from a prior owner who is ready to transfer ownership upon the vessel’s delivery, and if that agreement contains a section titled “Assignment of Title,” then the procedure will be more straightforward for you to complete.
The Vessel Must Have a Hull Identification Number (HIN)
When it comes to titling, boats that do not have a hull identification number, also known as a HIN, are not allowed. When a vessel is registered with the state, the United States Coast Guard will assign it a unique and identifiable number. This number is called the HIN. Nevertheless, the application and acquisition of a HIN for your vessel may take a somewhat different course of action depending on the state in which you make your primary residence. According to defense.gov, if you have just acquired a new vessel, the HIN will have been installed on it before your purchase. You may apply for the HIN by contacting the local office of the Department of Natural Resources or the title office of your state; alternatively, you can register your vessel with your state, as is necessary.
There Is a Processing Fee Associated with Obtaining a Vessel Abstract of Title.
If you have never had to get a Vessel Abstract of Title before, the process may seem like a mystery to you. This is particularly true if you have never had to do it before. It’s possible that you’re confused about where you should go or who you should speak to. The good news is that the procedure is relatively easy and uncomplicated; nevertheless, there are a few conditions that you will need to complete to receive an abstract of title for a vessel. From beginning to end, the whole procedure takes around one month, with new acquisitions being the sole exception to this rule. If you seek to acquire an abstract for a vessel that is already in existence, the process will take more time since the state agency responsible for maintaining such records will need to fulfill your request. The application cost is usually paid in full when the application is submitted; however, the processing charge might vary from state to state.
The Vessel Must Have Been Registered with Such
A title must be procured from either the United States Coast Guard (USCG) or the Nevada Department of Business and Professional Regulation (NVDB) for it to be regarded as legitimate and immune to dispute by the Internal Revenue Service (IRS) (National Vessel Documentation Bureau). Unfortunately, many registered boats do not own a title, which may create significant difficulties for prospective buyers. The boats you are searching for also need to have “documentation” under the law to be legal. The majority of vessels that operate inside the United States must have their documentation on file with the United States Coast Guard (USCG). This stipulates that boats whose owners have insurance will have a record of ownership, which will contain information about the vessel and details of its travels. The information will be kept for a certain amount of time.
Call the specialists at the U.S. Vessel Documentation Center for a free vessel abstract of title quotation if you’re interested in transferring a boat but need assistance obtaining the proper paperwork. We have identified dozens of boats throughout the years and can assist in discovering your boat’s papers or get you started on your hunt! Call us immediately at (800) 340-7580 to begin searching for your vessel’s documentation.
