Join Date: Jun 2011
Location: Andaman Sea
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Re: What Is A Boat Really Worth?
Escrow accounts are mandatory IMO. For a relatively small fee, they insure all funds and documents are accumulated before disbursing. They will also do title searches and properly file for whatever State or Federal title you're looking for. However, ones I've used required me to do my own registration, which you typically have several months to do.
Marine Title in Seattle provides this service. They act as an intermediary between you, the broker and banks or finance companies. They will do the title search before funds change hands and receive funds from the bank to disburse to the owner, other banks and financial institutions who may hold a fiduciary interest in the vessel. Important to understand WHO really owns the property and if there are any outstanding liens as well. These may include Mechanics, Marinas, State tax authorities and sometimes the estates and property interests of spouse or family members. If you finance a vessel and pay off the note, you will also be issued with a "Satisfaction of Mortgage" note. This should kept with your original bill of sale documents. USCG documentation is only part of the ownership documentation process.
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