Buying a boat can be an exciting prospect and you want to do everything you can to find the right vessel. Selling a boat can also be exciting, especially if you plan to turn around and buy something new with the proceeds. In either case, the process can be a bit overwhelming and stressful, not to mention time-consuming. Conducting a US Coast Guard vessel search is a good idea for both buyers and sellers, so keep reading for some tips to make the process go smoothly for you.
What is a US Coast Guard Vessel Search?
A vessel search on the official online portal is a fantastic way to find out quite a bit of valuable information about a given boat. The database contains a wealth of information, including ownership records, documentation history, specs, and information about compliance with the appropriate regulations. Finding this information makes a boat transaction much simpler for both the buyer and the seller.
Do a Comprehensive Search
Before buying or selling a boat, your first step should be to conduct a thorough vessel search. You can find the information you need using the boat’s name or official number, which will give you access to everything you need to know about it. Before moving ahead with a transaction, examine the documentation closely so you know exactly what you’re getting into with the vessel.
Verify Ownership
Another important tip is to ensure that the name of the seller matches the name on the paperwork. Ownership records are required to be up to date, so if something doesn’t line up, you may be better off looking at another boat.
Check for Encumbrances
An encumbrance is anything that could interfere with a successful transaction. That includes liens and mortgages that have not been satisfied. The presence of an encumbrance can delay the sale or a boat, so check for them before you get too far in the buying process.
Look at the Documents
It’s a good idea to carefully review all documents pertaining to the vessel. That way you can check for potential errors or discrepancies that could hinder the sale of the boat. A clear and detailed documentation history is what you want to find.
Verify Compliance with Federal Regulations
If a boat isn’t in compliance with the laws, it might be best to stay away. That includes environmental, safety and documentation rules. Sellers should be sure their vessel is in compliance before they list it for sale, and buyers should make sure a boat is compliant before buying it.
Prepare for Transfer of Ownership
Transfer of ownership should happen immediately after a sale is made. This is a legal requirement, as ownership records must be accurate and up to date at all times. Being prepared for this step before the transaction is completed ensures compliance and the efficient completion of the process.
If you have questions or want to know more about how and why to conduct a US Coast Guard vessel search, the US Vessel Documentation Center is here to help. Contact us today.
