ABSTRACT
OF TITLE: USCG file history of a documented boat's ownership
and lien information.
FULL
SETTLEMENT SERVICE: BoatUS will coordinate
between buyer and seller. This includes lien searches,
processing seller's loan payoffs, preparing necessary papers for ownership
transfer, file for USCG documentation and hold deposits (if requested).
After a buyer or seller has requested our service, we will fax,
e-mail or phone for the following:
• Purchase
agreement (we have blank forms if needed)
• Seller's
ownership papers
Upon receipt of the
above information we will:
• Verify
seller's ownership information
• Obtain
loan payoff information
• Hold
deposit check (if requested)
• Prepare
bills of sale
• Prepare
papers necessary for seller's current loan payoff
• Instructions
for final payment to seller
Time necessary
for a boat closing usually takes 3 weeks, however you must close
within 30 days. Please contact
us ASAP, especially during the boating
season.
After
documents for the seller are reviewed and the buyer's check is
received and reviewed, we will then direct payoff to the bank/seller.
If requested we will file USCG documentation; otherwise all original
documents will be forwarded to the new owner.
Guidelines:
• Buyer,
seller and boat must be in the Continental US.
• Current
state title and registration or USCG documentation must be in sellers
name.
• Service
limited to transactions between individuals. No dealer or broker involved.
• Recreational
boats only.
• Funds
will be disbursed by cashier checks. No wiring of funds.
• If
the buyer is financing the boat, you will not need our Settlement
Service.
To
initiate your BoatUS Settlement Service complete the worksheet
and email or fax to our office. One of our staff will contact you within
24-48 hours during regular business hours Monday - Friday.
