Are you looking to get your next vessel but want to make sure that you have as much information as possible? Have you been doing your research yet you are uncertain if you can trust the information you’ve found? This is a problem for all prospective vessel owners. One of the best steps you can take is to get an Abstract of Title. Don’t let the title fool you: there’s nothing “abstract” about this form. With it, you can know the truth about the boat’s past, vessel documentation, and so much more.
The Primary Information of an Abstract of Title
If you go to our site and click on the “Abstract of Title,” you’ll be taken to a page where you’ll be asked to fill in certain information. It’s important to note that if you don’t have some of this information, the form itself will have the rest when you receive it. For example, if you have the vessel’s official number, we’ll give you the rest. That means you’ll receive the vessel’s name, when it was built, where it was built, as well as by who, and much more.
More Vessel Documentation: Truth about Liens and Ownership
In addition to that, the Abstract will have the Bill of Sale. That way, you can confirm, once and for all, that an ownership transfer took place (if, indeed, there was one). Additionally, you’ll know whether or not there are or even were any liens on the vessel. If there were liens on the vessel but they were paid off, you’ll see that. If there were liens on the vessel and they haven’t been paid off, you’ll see that, too. The same goes for Preferred Ship Mortgages, too.
Why This is So Important
Imagine you’ve been communicating with someone about buying their vessel. Maybe you’ve talked to them on the phone, perhaps you’ve only done it online, but they’ve been telling you things like: “sure, there were liens, but they’ve all been paid off. This boat is practically like new! It was built in 2018, I’ve been the sole owner.” Then, you could get an Abstract, and could potentially discover that the boat was built in 2016, there have been multiple owners, and indeed, there are plenty of liens on the vessel that haven’t been paid off. That’s a “worst-case” scenario. It’s also possible you get the Abstract and find that the owner is telling the truth.
Best Way to Get this Form and Others
The point of a document like this is to let you know the truth, one way or the other. Whether you decide to purchase this vessel or any other, you’ll find all of the other forms of documentation you need right at our site. If you need to get your own Preferred Ship’s Mortgage or get it documented period, we can help with all of that and so much more. To see everything that we offer or to talk to one of our professionals, shoot us an email.
